How social ventures can build a movement
According to Social Enterprise Canada, social enterprises are businesses that create positive community impacts and social value. They do not have a distribution of profits and assets to individuals or shareholders. These are companies that want to be the best for the world; businesses that have a positive impact on society or the environment, where their bottom line is a combination of financial return and a social return on investment. But how can social ventures stand out from the competition and stay relevant? With effective marketing to the right audience, they can build a movement with momentum to grow.
A wave of new entrepreneurs are creating a flood of awesome, buzz-worthy businesses. Social ventures designed around sustainable food systems, knowledge sharing, waste minimization, affordable housing and sustainable transportation which may have been niche co-operative models back in the day are now becoming mainstream.
These entrepreneurs are evolving traditional modes of capitalism where the only purpose was to make profit for shareholders. In the world of social ventures, the stakeholders might include community members, collaborative partners, cooperative suppliers, and investors; a more holistic group who all have a stake in the success of the venture.
BUILD A MOVEMENT
Entrepreneurs who create a social venture see a future where consumers can get behind a change for the better. They see evidence of a rising movement of conscious consumers. They know there is market potential and that there are like-minded consumers out there who will support a business with a cause they believe in. According to the Edelman 2015 Trust Barometer, 81% of 33,000 consumers surveyed believe that a company can take specific actions that both increase profits and improve the social conditions in the community where it operates. Further, a recent survey from CONE Communications showed that 74% of Americans want brands to explain how purchases impact the environment.
81% of 33,000 consumers surveyed believe that a company can take specific actions that both increase profits and improve the social conditions in the community where it operates
MARKET WITH A PURPOSE
Even the best ideas might have a hard time getting off the ground. Successful social ventures don’t just hide behind product features and benefits when marketing their brand; they are proud of and vocal about their higher purpose and vision for a better future. They understand how to package their story and use an emotive approach to communicate with targets, aiming to reach and build a strong tribe. HAVAS Media & Accenture conducted a survey of 30,000 people arose twenty countries in five continents and learned that a strong brand proposition linked to purpose can reach influential consumer demographics. Their study shared: “Communication is critical and should be integrated into the brand proposition to influence this high value audience: 70% of mothers say they would buy more of a specific brand if they were aware of its positive impacts.”
[bctt tweet=”70% of mothers say they would buy more of a brand if they were aware of its positive impacts”]
TARGET INFLUENCERS, BUILD ADVOCATES
An effective marketing strategy and carefully thought out plan will ensure that the right influencers are engaged and advocates are nurtured as the social venture launches and grows. To amplify marketing goals, consider the target market carefully to generate word-of-mouth promotion. A joint study conducted by BBMG & Globe Scan & SustainAbility explains further: “Driven by young, optimistic consumers in emerging markets and amplified by technology and social media’s influence, Aspirationals represent a powerful shift in sustainable consumption from obligation to desire. Aspirationals are influencers – 95% encourage others to buy from socially and environmentally responsible companies.”
[bctt tweet=”95% of Aspirationals encourage others to buy from socially and enviro responsible companies.”]
The Edelman Trust Barometer also revealed that in 2015, trust across government, business, media and NGOs have all declined, evaporating the gains that had been made post recession. Social ventures have a unique obligation and opportunity to communicate openly and transparently with their customers and stakeholders. Whether the enterprise creates jobs with fair wages, diverts waste out of landfills, improves air quality or keeps chemicals out of the soil, these metrics are as important as profits and may even be more relevant to stakeholder. Being able to quantify and measure outcomes will be important to build meaningful messages that engage their community and give them something to talk about.
Could your business learn more and gain inspiration from these social ventures? Looking for ideas to implement these lessons learned to grow your business consciously? Contact Seeds Consulting to get started.