18 Dec Why is Social Responsibility Important to a Business?
In this day and age, people can know the intricate details of a business with just a click of a button. As individuals, many of us display facets of our lives on social media, expressing our opinions, beliefs and principles. In the business world, consumers are demanding that the companies they purchase from do the same, or at least let it be known that they have a social and environmental stance.
At K4 Global, we understand the importance of having social responsibility. Businesses tap into their market and aim to provide a product or service that will benefit the audience that they are selling to. In order to keep their consumers happy, though, the business also needs to show social awareness.
Given that information is now at our fingertips, consumers can discover finer elements about a business. So, if a company is not involved in any social issues, it may force some consumers not to purchase the products or services. For example, individuals who live a green lifestyle could be put off by a company that does not try to reduce its carbon footprint.
With social media dominating everyday life, it is easy for a consumer to criticise a business and their practices. All one has to do is post a message on Twitter, Instagram or Facebook, and all the world can see. This could then lead to a negative reputation, which will ultimately affect a company’s growth.
To prevent this from happening, a company should endeavour to boost their social standing. There are a variety of ways that this can be done. They include the following:
- Donating money to social causes
- Demonstrating ethical practices for employees
- Reducing carbon footprint
- Working with charities
The level of effort taken for this will depend on the size of the company, but larger corporations, in particular, will benefit from focusing on socially responsible initiatives. It is incredibly important that businesses also emanate a sense of transparency.
All companies that want to succeed need to earn trust from their consumers, and they are likely to lose it if they hide aspects of their business. By getting involved in a charitable or environmental cause, it boosts the image of the business, but it is also a way to fuse it into the company’s culture. That way, it will appeal not only to consumers but to potential employees, too.
In order to keep a target market loyal to the company’s products or services, an act of social responsibility should not be a one-off. It is something that needs to be demonstrated time and time again, as it builds up a positive reputation and makes consumers realise that there is more to the company than making money.
In today’s society, particularly in business, the demand for quality is huge, but so is honesty. Consumers not only want the best products, but they also want to know that the company they are buying from care about the world. For big businesses, it is essential that they give back and do it on a regular basis.
Not having a social responsibility can only cause damage to a company’s reputation, which could lead to loss of customers and revenue. At K4 Global, being socially responsible is a priority for us and it is contributing to our continued growth.