2023 is shaping up to be a make-it-or-break-it year for conscious capitalism. Many companies have made bold environmental, social and governance (ESG) commitments. Now, with a potential recession on the horizon, it’s more important than ever that they keep them.
Businesses have two main paths they can take — walking back or playing down their social and environmental commitments, or making ESG a priority and embedding it into all levels of the organization.
The first option may be prudent in times of economic uncertainty, but there are significant underlying risks to consider. Business remains the most trusted institution according to the 2023 Edelman Trust Barometer. However, failing to meet corporate social responsibility obligations runs the risk of losing that consumer trust — and trust is everything.
Consumers expect companies to uphold their pledges to corporate social responsibility. This is evident in the growing demand for sustainable products and services, as well as the increased scrutiny companies face over their social and environmental impact.
By continuing on a genuine impact journey, companies uphold their reputation with customers and are more likely to record positive outcomes both internally (i.e., with employees) and externally (i.e., with investors and consumers).
Meeting stakeholder expectations for sustainability is important for a brand's reputation and consumer loyalty, plus it makes good business sense. Research has shown that companies with strong ESG performance tend to see better long-term financial performance.
+Media is transforming impact communication by directly engaging consumers, allowing businesses to tell their complex ESG story and keep their ESG commitments all while driving ROI. Our impact expertise and measurement capabilities allow your organization to engage in a new way — directly with customers.
As consumer expectations grow for corporate social responsibility, impact and purpose, it will be crucial for companies to differentiate themselves. Stand out from the crowd by working towards and communicating progress on your ESG commitments. +Media plugs into companies, enhancing powerful, measurable, and meaningful impact that benefits both their bottom line and the planet.
Reach out to learn how +Media can help scale and share your organization’s impact.
