Last week we showcased three University of Memphis programs that offer your business tremendous partnership and growth opportunities. This week, as we officially mark our one-year anniversary with this column, let us examine the growing desire from consumers for companies to be engaged and committed to the success of our community.
Corporations have always played an integral role in the economic and social fabric of America. The two are inherently intertwined. Consider local examples such as FedEx, AutoZone Inc., Smith & Nephew (whose orthopedics division is based in Memphis), Baptist Memorial Health Care Corp. and International Paper, to name a few.
Businesses provide infrastructure and opportunity through job creation, goods and services, financial stimulus, attracting additional investment, philanthropy and more. Respectively, business leaders understand the role community plays in their company’s success from economic, human capital and intrinsic levels.
Although the success of a company has never been measured by the success of its community and has never been a prerequisite to be engaged, the tides are rapidly turning. Consumers now expect businesses to be actively engaged and a part of the solution, not just a good citizen. This shift in expectations has recently made headlines among national newspapers and periodicals. Personally, I will take it a step further and say that consumer expectations are redefining “corporate philanthropy.” The new definition extends beyond donations to now include social activation with volunteerism and projects or programs that provide strategic impact.
Part of this phenomenon is the world we live in and the challenges we face, but the key is consumers understand that businesses have more resources, both financial and human, that they can leverage for the greater good. A company’s impact thus becomes a differentiator for customers to make purchasing decisions. Perhaps the most noticeable indicator is online, where consumers are leveraging social media to research impact and share their findings with the world.
Type “Made in USA” in any search engine and hundreds of websites, blogs and books pop up that are devoted to promoting products made in the States. What has always been a source of pride and campaign to “buy local” is now our national symbol for retaining and cultivating jobs and stimulating our economy.
This same approach of supporting local businesses and keeping our money in the Mid-South is firmly taking hold locally, as well. Each day, we hear stories of customers actively trying to support companies that are giving back and supporting the community. Even small purchases reflect the sentiment; last night, I purchased soap based on proceeds benefiting St. Jude Children’s Research Hospital.
Community engagement is now one of the key elements for corporate sustainability and success. Understanding this consumer expectation shift is critical. The fun then becomes weaving giving back into your normal routine and being creative, which will remain a focus of this weekly column.
Jeremy Park, director of communications at Lipscomb Pitts Insurance and director of the Lipscomb Pitts Breakfast Club, can be reached at jeremyp@lpinsurance.com.