With technological advancements increasing and social responsibility getting more focus, integrating shared value into these industries has become achievable.
The media industry is increasingly significant in shaping societal attitudes and setting trends. By embracing shared value, media companies can introduce more balanced stories, give different voices a chance to be heard and stimulate thoughtful public discussions. This approach enhances trust and grows audience numbers, improving financial outcomes.
Today's media landscape has also evolved from a one-way street to two-way interaction. This means media companies have an opportunity to create a collaborative environment with their audiences. For instance, user-generated content can develop a sense of community, diversify content and increase user engagement.
In the advertising world, which is often seen as promoting consumerism, there lies an opportunity to catalyse positive change. Advertisers can influence consumers to make responsible choices by supporting sustainable practices and products.
An inspiring example of this approach is Dove's 'Real Beauty' campaign, which broke traditional beauty stereotypes. This strategy enhances the brand's reputation and strengthens customer loyalty, eventually leading to a larger market share.
Moreover, advertisers can use cause-related marketing tactics that serve the company and the community. This could mean teaming up with non-profit organisations, pushing for corporate social responsibility initiatives, or donating a part of their sales to a social cause. Such strategies do not just earn consumer goodwill but also create tangible social benefits.
Our purpose at The Brave Group is driven by an aim to cultivate shared value through creativity. This purpose guides and enhances our total value proposition, influencing our remuneration, incentivisation and overall employee experience.
Effective communication is key in spreading the shared value message. Companies need to share their dedication to shared value with their stakeholders effectively. A strong shared value narrative can attract investments, motivate employees and earn consumer loyalty.
However, it is also crucial for companies to avoid 'purpose washing' — making hollow claims about shared value just for marketing. Genuine commitment and concrete actions are essential to make the shared value more than just a buzzword.
The shared value should be at the heart of any business mission, and it represents a wonderful opportunity for the MAC sector to redefine its societal roles. By balancing economic success with societal growth, these industries can help create a more sustainable and inclusive future, demonstrating that profitability and responsibility can go hand in hand.
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bravegroup.co.za.