With the recent controversy of Nike’s new “Just Do It” ad with Colin Kaepernick, Patrick Bet-David asks the question: Is there such a thing as corporate social responsibility and how should companies go about voicing their opinion? In this episode – The Billion Dollar Marketing Risk- 7 Keys to Corporate Social Responsibility.
The 7 Keys to Corporate Social Responsibility:
- Things change depending if you are you a public or small business owner?
– Both are treated differently when taking a stance
- Keep in mind that times have changed
– The way people perceive and treat your brand are different than years ago.
- Understand which side the media is on?
– Whoever media favors today, will give you an early indication of what kind of attention you’ll receive
– Today, the media favors Democrats
- With social media today, everybody is “naked”
– Social media allows people to easily conclude your political beliefs based on what you post.
– It’s not hard to figure out what you really believe so if you don’t want people to know, stay quiet.
- Know and be at ease with the worst and best case scenario
– Talk to your board members, your council and get feedback because bad media could lead to you losing it all. The best case is you create a surge of new following and stronger brand affinity or loyalty.
- Its always going to be a risk when voicing an opinion
– Should you build your brand or the company brand? It all depends on the risk you are willing to take upon yourself or the company.
- Do market research
– Understand your audience and what is offensive vs making a statement
– Customers want to know what you stand for but you need to know what they are willing and not willing to hear from you.
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