CONSCIOUS BRANDS AND STAYING RELEVANT

The consumer value system is influenced by various factors, including personal values, cultural norms, social influences, and economic considerations. As the world evolves, these sentiments only get stronger and number of socially conscious consumer is going to increase.

- Sanjeev Rao

As has been true since the advent of retail, a consumer will be associated with a brand, as long as it is relevant to him/her. Relevance (more specifically brand relevance) is the degree to which consumer perceive a brand and its products/ services as relevant to his needs and wants. These needs and wants are a derivative from consumers value system. So, brand relevance is directly impacted by consumers value system.

The consumer value system is influenced by various factors, including personal values, cultural norms, social influences, and economic considerations.

Due to increased awareness, quick access to authentic data, influence of social media and environmental concerns, consumers of today have become "socially conscious".

• They are well-informed and concerned about the social and environmental challenges faced by our world.

• Sustainability, global warming, equality, giving back to society are on top of their agenda.

• They expect that every action of theirs to contributes to the betterment of the society.

• They recognize that their buying decisions can influence corporate behaviour and have a tangible impact on the corporate world.

• Hence, they want to support businesses that are aligned with their values and are making an effort in creating a positive impact.

• This includes supporting companies that are environmentally sustainable, source materials ethically, treat employees fairly, and are giving back to the community.

As the world evolves, these sentiments only get stronger and number of socially conscious consumer is going to increasing. Hence, in order to be relevant to consumer, organizations will need to evolve and being "socially conscious" is going to be a critical pillar for sustenance.

Being a "socially conscious brand" has certain obvious advantages, some of them being: