Profit Values Alignment: The Key to Success for Luxe Brands
Hi Bestie! In this corner of the internet, we are pretty obsessed with “ethical luxury”.
As consumers become more conscious of the impact of their purchasing decisions, luxury brands that prioritize profit values alignment will be better positioned to succeed in the long run. In today's marketplace, luxe brands are expected to do more than just sell high-end products and services. Many of your ideal clients are conscious consumers.
Cone Communications conducted a CSR Study revealing that consumers really want to get engaged in corporate social responsibility efforts.
Here are some highlights from their 2017 study…
“63% of Americans are hopeful businesses will take the lead to drive social and environmental change moving forward, in the absence of government regulation”
“78% want companies to address important social justice issues”
“87% will purchase a product because a company advocated for an issue they cared about and 76% will refuse to purchase a company’s products or services upon learning it supported an issue contrary to their beliefs”
In short, it’s likely that your ideal clients want their favorite brands to operate in an ethical and socially responsible manner. This approach to doing business is known as corporate social responsibility and profit values alignment.
In today’s ever-changing landscape, aligning your ethics with your profit strategy is one way to improve the likelihood of success. You don’t have to be a martyr and sacrifice your bottom line in order to do good in the world. Actually, please do not do that! The world needs you to find a profitable and ethical business strategy that’s going to give you the resources that you need to better society.
So, what exactly is Profit Values Alignment?
Profit values alignment refers to the idea that a brand's profits should be aligned with its values. In other words, your luxury brand should make money while staying true to your brand’s core values and beliefs. This means that you won’t run a company that prioritizes profit over people or profit over sustainability. You, my friend, are going to make heart-centered business decisions that are also smart financial decisions.
For example, a luxury brand that values sustainability and ethical production methods must ensure that its products are made in an environmentally friendly and socially responsible manner. An “Eco Brand” may need to invest in renewable energy sources or work with fair-trade suppliers to ensure that its products are produced and packaged ethically.
“But, Dr. H., why is profit values alignment important for MY high end brand?”
I’m glad you asked! Profit values alignment is essential for your brand because it helps to:
Enhance Brand Reputation + Build Trust and Loyalty
Increase Sales + Facilitate Premium Positioning
Drive Innovation in the Company and the Marketplace
Recruit and Retain Incredible (...dare I say bomb ass) Employees
It’s also just good f@#$%ing business to care about people, the environment, and profiting in ways that align with your core values.
Interested in learning more about profit values alignment? Stay tuned! We’ll do a deep dive on each of the above mentioned benefits in future posts.
Until then, act like you have integrity and a whole lotta’ heart.
Need help crafting your conscious, purpose-driven brand’s profit values alignment strategy? Schedule a call with me! I’m Dr. Hadiya Sewer, a decolonial philosopher, serial entrepreneur, and social impact advisor. I offer 1:1 Conscious Business Coaching to entrepreneurs and leaders who want to build 6 & 7 figure purpose-driven brands. Together, we’ll work on defining your values, scaling profits, and maximizing your social impact. Apply to join here!
