Some of the last monoliths of the industrial age, the motor and banking industries have come perilously close to collapse.
The motor industry in the US has had a particularly bumpy ride. Globally its poorly selling products were out of step with the rest of the world and finally the penny dropped. General Motors’ humongous Hummer looks more like a soon to be extinct dinosaur and the hybrid fuel / electric option seems less like a fanciful fad and more of a reality.
With intervention from the Government our banking system seems to have been saved from disaster, and now the UK’s economy has even been described as the strongest in Europe by a Nobel Prize-winning economist. But do we really need the existing system to survive? We’re starting to do things in a different way now, this new digital age has led to more readily available information and choices. For example. new online finance facilities such as Zopa.com will not only lend funds but will let you invest your own money to the pot in return for a greater return than most high interest bank accounts.
Underlying the failures and successes of all businesses at the moment, or even politics come to that, is a sense of honesty and purpose. The consumer has taken back some of the decision making and this time they want value, authenticity and transparency, not the glutony and tunnel vision of the past.
Not all institutions have fallen foul of the new order – the Co-operative Group have recently seen their operating profit rise by 11%. They attribute this to a focus on more social responsibility and being community driven. They have an ‘authentic and compelling purpose’. What can we learn from this? We believe that the next generation of brands will need to explore and discover exactly what their ‘authentic purpose’ is, and that purpose should be put on an equal (if not higher) footing with the historical ‘pursuit of profit’ model. Neil Crofts, a well known thinker and champion of ‘authentic business’ says:
Your brand’s values and authentic purpose have never been more important. Our consumers, clients and audiences are on the look out for experiences, products and services that represent their highest values. They’re prepared to pay a bit more for it, but they want it to be ethical, efficient and truthful. The best policy – an honest and authentic brand.
The motor industry in the US has had a particularly bumpy ride. Globally its poorly selling products were out of step with the rest of the world and finally the penny dropped. General Motors’ humongous Hummer looks more like a soon to be extinct dinosaur and the hybrid fuel / electric option seems less like a fanciful fad and more of a reality.
With intervention from the Government our banking system seems to have been saved from disaster, and now the UK’s economy has even been described as the strongest in Europe by a Nobel Prize-winning economist. But do we really need the existing system to survive? We’re starting to do things in a different way now, this new digital age has led to more readily available information and choices. For example. new online finance facilities such as Zopa.com will not only lend funds but will let you invest your own money to the pot in return for a greater return than most high interest bank accounts.
Underlying the failures and successes of all businesses at the moment, or even politics come to that, is a sense of honesty and purpose. The consumer has taken back some of the decision making and this time they want value, authenticity and transparency, not the glutony and tunnel vision of the past.
Not all institutions have fallen foul of the new order – the Co-operative Group have recently seen their operating profit rise by 11%. They attribute this to a focus on more social responsibility and being community driven. They have an ‘authentic and compelling purpose’. What can we learn from this? We believe that the next generation of brands will need to explore and discover exactly what their ‘authentic purpose’ is, and that purpose should be put on an equal (if not higher) footing with the historical ‘pursuit of profit’ model. Neil Crofts, a well known thinker and champion of ‘authentic business’ says:
“[a brand with] a well articulated authentic purpose
inspires and motivates every member of staff, every
day and in every action and interaction. The clarity of
purpose facilitates innovation and problem solving as
well as engaging partners, suppliers and the media. All
of this is available to almost any business in almost
any market sector and all they need to do to get there
is to articulate their authentic purpose and align the
business around it. Businesses who clearly articulate
their purpose are like building a pyramid rather than
a tower of blocks. The growth may not be quite as
spectacular, but the positive purpose inspires loyalty
and support, which make for rock solid foundations
that remains stable even in challenging conditions.”
Your brand’s values and authentic purpose have never been more important. Our consumers, clients and audiences are on the look out for experiences, products and services that represent their highest values. They’re prepared to pay a bit more for it, but they want it to be ethical, efficient and truthful. The best policy – an honest and authentic brand.
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