Price, product quality and customer experience have long been key differentiators in the retail landscape. Now, they can be viewed as commodities to the shopper. So how can companies seeking a competitive advantage and continued loyalty stay relevant in today’s marketplace? What does that new relevancy embody?
A customer’s affinity for a brand is no longer determined simply by what the brand does for them, but also by what it does for society and the environment. We, the consumers, are becoming mindful. Brands such as TOMS, with its One for One® business model and campaigns like its recent #EndGunViolenceTogether, recognized early on that it had to expand the boundaries of the traditional brand ecosystem. Through the integration of social responsibility, they are able to connect with consumers through something greater, something founded on more than transactions and experiences: personal values and social purpose.