As an entrepreneur, what does it take to gain the consumer’s trust? Or better yet, what does it take to gain customer loyalty? Is it providing the best product in the market? Or how about providing top-notch customer support? Both are correct, however, there is one more thing that is sometimes overlooked. A company’s corporate accountability.
Millennials and Gen Z are rapidly becoming the driving force of the world’s economy. There is no limit to the consumer pressure that they can exert. Even giant corporations are willing to change their traditional way of doing business to cater to these concerns. It’s just the smart thing to do and turning a blind eye to the concerns of the new generation of consumers can spell disaster to the business. To put this in perspective, a survey done in 2018 shows that 85% of Millennials and 80% of Gen Z rank the environment as one of their top considerations when deciding which companies to engage with. As a business, it would be unwise to ignore those numbers. The world is changing and some companies are changing with it. Companies whose main focus is not solely on the bottom line but on making the world a better place.
We know how expensive eyewear, especially prescription eyewear, can be. Warby Parker was founded to solve this very problem. Aside from the price point, one of the main concerns for consumers is a company’s supply chain. People today need to know if the products they are buying are environmentally safe and ethically sourced. Warby Parker welcomes this and is very transparent about how their glasses are made. They are also aware that 15% of the world’s population is in need of glasses. The solution? They ensure that for every pair of glasses you purchase from them, a pair is provided to someone else in need.
We all know Microsoft as this software company who changed how we work and play with our computers. There is so much to them than computers and software though. According to their website, Microsoft employees in the United States volunteered 825,000 hours for nonprofits. That’s just in 2019. How about cash donations? In 1983, they raised $17,000 for charity. And they just kept on giving. In 2017, they reached a total of $1.6 billion in donations. They also created Microsoft Philanthropies which does everything from providing computer education to offering grants to nonprofits.
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