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Consumer Loyalty Is Driven By ‘Trust’

Consumer Loyalty Is Driven By ‘Trust’
Consumer Loyalty Is Driven By ‘#Trust’ One of my most favorite things to say is that people hire brands that they know, like, and trust. Think about it. How do you feel about your insurance man, or the guy who sold you your last car? In all of our lives, there is a salesman that we feel connected to, or a brand that is familiar to us. Making a purchase isn’t just something that we do, it is something that we experience. Managing Brand Equity: Capitalizing on the Value of a Brand Name  When it comes to business and sales, we start to look at things from a different perspective. How do we get our customers to know, like, and trust us? In a recent report, Havas Media ranked the world’s most meaningful brands. Topping the list were companies like IKEA, Google, #Nestle, Danone, Leroy-Merlin, Samsung, Microsoft, Sony, and Unilever. Major brands to be sure, but what is it exactly that makes them so meaningful? Which brands ranked the highest? Ikea Google Nestle Danone Leroy-Merlin Samsung Microsoft Sony Unilever Bimbo Garrett Moon 90% of Americans more likely to trust brands that back #social causes If your brand doesn’t support social causes, it’s missing out on a huge audience. Consumers don’t just like when companies incorporate social good into their business models — they’ve come to expect it, whether it’s through #corporate social responsibility (CSR), cause marketing or “good” content. In fact, 90% of Americans say they’re more likely to trust and stay loyal to companies that actively try to make a difference. #Customer Loyalty: How to Earn It, How to Keep It  Studies also show that 88% of consumers would buy a product with a social or environmental benefit, and a surprising 84% would tell friends and family about a company’s CSR efforts. Brands can tap into this consumer base through original content and social media. After all, 64% of millennials use social media to address companies about social and environmental issues, and 36% of consumers say they mainly share content to promote the causes they care about. But your company needs to be genuine. Don’t underestimate your consumers’ intelligence by simply jumping on this bandwagon. “Causewashing” is a serious issue, and odds are your consumers will smell it a mile away. Matt Petronzio Google Beats Apple Apple is out, Google is in. Google has usurped Apple—leader for three years in a row—on the 2014 BrandZ Top 100 Most Valuable Global Brand ranking, out today. It has grown 40 percent since last year and has a #brand value of $159 billion. So why and how did Google bump Apple? “It’s a story about two hugely #successful technology companies,” said Oscar Yuan, VP at Millward Brown Optimor. “Apple’s been known for earth-shattering, category-creating, revolutionary products. And I would say just recently Apple’s innovations have been more evolutionary than revolutionary. I think that may have played a little bit in the drop from first to second,” he said. “Google has been doing just the opposite—they’ve been organizing the world’s information and putting it at your fingertips. Even to things as aggressive as GoogleX—they are making WiFi available globally by putting satellites tied to balloons over the earth. [That kind of innovation] does enormous things for the brand—it’s seen as a making-dreams-come-true-type company, and that certainly helps their brand value,” Yuan said. Jennifer Rooney Related Posts: CSR How to Build Brand Value of Businesses? Does Your Company Have What it Takes to be a...
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Does your company have what it takes to be a leader-1

Does your company have what it takes to be a leader-1
What it takes to be a Leader What is #Corporate Social Responsibility? High performance is generally measured against key business imperatives including #competitive advantage, #sales, #talent management, #operational efficiency, #return on investment and profitability. It is no longer adequate for a corporation to revel in economic prosperity in isolation from those agents impacted by its actions. Today, a new element of leadership is making an intense difference in weighing  business performance: Corporate Social Responsibility. The late 1990s and the early 2000s saw an uptake in businesses giving proceeds or providing volunteers to causes related to their brands. Some called it “corporate social responsibility”; others called it “corporate #philanthropy” or “#corporate citizenship.” Regardless of its title, it was a way for business to increase visibility while raising funds for good. The spotlight is on both increasing the firm’s bottom line and being a good corporate citizen. Keeping abreast of global trends and remaining committed to financial obligations to deliver both private and public benefits have compelled organizations to restructure their frameworks, rules, and business models. Where does the roots of CSR lie? Although the #roots of CSR lie in altruistic activities (such as donations, charity, relief work, etc.) of corporations, globally, the concept of CSR has evolved and now embraces all allied concepts such as triple bottom line, corporate citizenship, philanthropy, #strategic philanthropy, #shared value, #corporate sustainability and business responsibility. You might be wondering what is “Triple bottom line?” (abbreviated as TBL or 3BL) – The term coined by John Elkington in 1994,  incorporates the notion of sustainability into business decisions. The TBL is an #accounting framework with three dimensions: social, environmental (or ecological) and financial. “A plethora of research points to a majority of stakeholders agreeing that CSR is a ‘must do’,” and  67% of consumers say they are more likely to buy products and services from a company if they know it supported good causes. Smart Corporations: As a key component in business #strategy and execution, CSR is playing a crucial role in helping organizations to be seen as leaders. Smart corporations are allocating increasing internal resources to CSR investments that include clear objectives and furnish measurable social outcomes. India is a country of multitude contradictions. On the one hand, it has grown to be one of the major economies in the world, and an increasingly important player in the emerging global order, on the other hand, it is still home to the largest number of people living in absolute poverty (even if the proportion of poor people has decreased) and the largest number of malnourished children. This is the sad state of uneven distribution of the benefits of growth which many believe, is the root cause of social unrest. Companies too have been the target of those disconcerted by this lop-sided development and as a result, their contributions to society are under severe scrutiny. Many companies have been astute to sense this development, and have responded proactively while others have done so only when advocated. What it takes to be a Leader-2...
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CSR – An Image or Ethos

CSR – An Image or Ethos
CSR – An Image or Ethos A company’s sense of responsibility towards the community and environment in which it functions is known as corporate social responsibility.The object of social responsibilities of business has become the hot topic for discussion. Let’s not forget that really big companies are into the process of service benefiting economically backward population. It is widely accepted that accountability to owners is too narrow a concept for today’s business and that there is no reason why owner’s interests should take precedence over the interest of other claimants-employees, consumer community and the society at large. Responsibilies of Business Concerns: There is no definition of the concept of social responsibility which is valid for all business concerns and for all times. This is because responsibilities of business should be related to the changing societal expectations, which is dependent upon the social, cultural, political and other environmental forces, which are dynamic too. Business responsibility to the society goes beyond simply assuming the profit-making role. It implies that the management has to protect and improve the welfare of the society as a whole along with its own interest. What is the primary objective of a business? One common misunderstanding about the concept of social responsibility has to be clarified here. It does not challenge the primary objectives of business. It does not say that “to make profit is to sin.”Profiteering is different from profit making. Selfish interest is different from self-interest. Social responsibility is against profiteering and selfish business behavior. But profit making and self interest should be the basic elements of corporate responsibilities. Economic concerns and social concerns need not be viewed as opposite ends. They are complementary to each other. They are consistent with one another. Thus the nature and content of business responsibilities depend upon societal expectations placed on organizations which include invariably the economic performances and legal obligations, and go beyond them. How far it goes beyond depends on the economic, social and political environment in which the business and society operates. Arguments against social responsibility: The arguments against social responsibility are based on the belief that the society assigns a strictly economic role to the organizations and the concept dilutes the primary purpose of the business. Business should mind its business and business persons don’t have the right attitude to serve the society. Let it be the responsibility of government and social service organizations. Business has already enough economic and social power and no more concentration of power is necessary to business circles. Service to society is undoubtedly an important objective of business. It can render service to society by providing quality goods and services to the community; it can provide adequate opportunities to the members of the society; provide goods and services at reasonable price. Another important aspect would be to ensure control of pollution towards air, water and soil. Showing concern for the well -being of other constituencies of the society is a good gesture that helps the business to earn goodwill and support of the society as a...
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Code of Ethics

Code of Ethics
Institutionalize Your Code of Ethics Business Ethics is a term we often come across in the world of corporate business. Ethics generally distinguishes between the right and the wrong. But you might argue, what is right for one person may not be for the other. “True! But there are certain principles that are widely accepted by everyone that guides the behavior of individuals or a business enterprise. Shall we say that Business Ethics is an UNWRITTEN CODE OF CONDUCT which governs the conduct of a business enterprise and also helps it in reaching the right decision? CSR CORPORATE SOCIAL RESPONSIBILITY comes into the big picture when you talk about business or professional ethics. When a person gears up himself to start a business, he studies the market as to how supportive it would be to carry on his business. He segments the market, evaluates the demography, approaches financial institutions like banks for loans, creates a big cacophony about the government’s red tapism to acquire licenses to do his business and when all these criteria accords a green signal he ventures into the market with a confidence that is backed up by all the above factors. Say by the end of the first year, he has done great business and the time has come for income tax or sales tax payments, a small voice cuckoos from within, asking him to think twice or to venture the possibilities of EVADING TAX. Once he tastes the essence of success and the POWER OF MONEY he deviates from the RIGHT CONDUCT and BEHAVIOR. He conveniently abstains himself from performing his duties towards customers, employees, government, share holders, stake holders and others. Mind you, being ethical is a statutory phenomenon and not a thing to be taken for granted. If your motivation and effort is oriented only TOWARDS PROFIT, thriving longer in the market will become a matter of concern. Every action has an equal and opposite reaction: “Whatever is that you take, you have to repay.”This is applicable both in personal life as well in business. Yogis’ have ascertained the fact time and again that you have to dissolve your karma or past actions to be a liberated soul. Neo world scientists also second this thought,” every action has an equal and opposite reaction. “Being ethical is not that demanding or tough as you have conceived it to be. In simpler terms, it even teaches you to be highly compassionate towards your fellowmen. Various aspects affecting ethical behavior in a business organization would be: Policies regarding moral duty and obligation Accounting ethics Corporate culture Ethics in management development programmes Dealing with “gray areas” Disciplinary procedures Review and updating the ethical code Increased concern about the well informed public Government regulations Value based management practices Enlightening the managers of top cadre Rewards and recognitions for people with right conduct and the list goes on and on. Corruptions, Bribery, Black marketing are some of the JARGONS that are strictly prohibited words and actions in the dictionary of ethics. Sound ethical practices not only create an IMAGE for your company, but also the recognition among your own employees that you could relish. Being ethical is not that difficult, only that it calls for undeterred determination and inbuilt...
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