GOOD For Business
GOOD For Business is a regular roundup of some of the most pertinent global stories from the world of Purpose.
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By introducing paid for blue ticks on Twitter, Elon Musk controversially began the move to monetise authenticity, and now Meta has followed suit. The impact of paid verification on social media will be seismic division and inequality. Paying for the privilege of authentication undermines the very thing it’s trying to achieve, authenticity. And in doing so undermines equal access to social media. Critically, it also undermines the concept of community – which is demonstrated by its poor reception and declining usership on the platform. Brands need to be very careful how they use their privilege of ‘paying for authenticity’, and must ensure they don’t undermine their community, contributing to even greater division and inequality in society.
This week, The LSE Grantham Research Institute announced that climate litigation lowers the share prices of fossil fuel companies. Could this be the moment those companies finally take appropriate action? Large-scale companies can shoulder fines and it does not affect them longer-term, however targeting share prices has a much more drastic impact. This is quickly becoming a key lever of change. CSR and Purpose have existed at opposite ends of the spectrum until now. CSR was created to protect stakeholder value and Purpose focuses on the positive impact on society and the planet, within and beyond a company’s operations. Those businesses that demonstrate their commitment to being more purposeful are not only having a positive impact on the planet and people, but also creating more value and business resilience for their shareholders. Business leaders need to be very conscious of the risk of not embracing a more purposeful approach to their shareholder value.
Oatly, the renowned Swedish oat milk brand, has garnered attention and acclaim for their provocative approach that has always been firmly rooted in their Purpose. Their latest ad campaign is no different, offering free advertising space to any of their dairy competitors that will reveal their climate impact information.By asking for transparency on sustainability, and asking brands to take responsibility they are leading the way for brands to take responsibility for their impact on the planet.
Oatly are a best in class example of using Purpose effectively, to connect with audiences and stand out from the crowd. Their bold and unapologetic marketing and communications style lands because it’s authentic. By staying true to their values, and using tongue-in-cheek humour to do so, they consistently bring sustainability to the forefront of consumers’ minds.
Posted by Katie Daley
