Conscious capitalism refers to a business strategy which seeks value beyond profits and benefits both human and environmental causes.
This piece argues that brands are currently facing a credibility crisis. As cited in the article, a Deloitte report states that the number of people believing that companies place profits over everything has grown from 50% to 66% in a year.
The author contends that brands don’t need to necessarily advocate big ideas like “saving forests” or “cleaning forests”. Marketers should create adverts which are conscious, purposeful and self-aware to create a mark on the course of humanity.
Adopting conscious capitalism and helping empower their consumers to enact the major societal change can help the brands create value for the consumers and the company. The ad industry can help in redefining business and commerce by telling brand stories from a more conscious perspective.
[4 minute read]