The Rise of the Consciousness Economy
More and more companies are adopting a ‘what’s good for the world is what’s right for the company’ and how they are being rewarded for it through a boost in brand loyalty and profits.
Consumers expect brands to play a leadership role in facilitating behaviour that’s important to them and consequently they are showing preference for the products and services that align with these values. In the wake of Brexit in 2016, the election of President Trump in 2017, against a backdrop of social and environmental instability, the Consciousness Economy concept has become quite formidable.
And when a society pushes the boundaries of its stability, the social and economic systems are responsive to even the smallest fluctuations in the consciousness of the people. That’s what’s happening right now. Consciousness is a key hope at this the present historical moment and a lack of consciousness risks making society increasingly destructive, even self-destructive.
Change has always happened but the new wave of collective societal consciousness and the Consciousness Economy is more than just a fad-of-the-moment. It is a time for more socially evolved, more socially aware companies that are poised to introduce products, services, and content that will aim to meet or address this current social consciousness, and in so doing to drive positive societal change.
If you read the Havas “Meaningful Brands” survey, US consumers said they wouldn’t care if 92% of brands disappeared and only 9% of brands positively impact our lives — and these beliefs are, surprisingly, far more dramatic than the global average.
For business to thrive it’s important to drive bottom line success by committing to stakeholder wellbeing.
The rapid rise of the socially conscious citizen is shaping and evolving the relationship between people and their most trusted brands, forcing marketers to generate social attributes around their brands in which relationships matter the most.
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