It’s not a secret that businesses are what drive our economy and drive revenue. However, many people have a misconception about capitalism and how it can be cold and inhumane. Despite that thought, there is another avenue of thought called “Conscious Capitalism.” This idea of business focuses on how business can be a force for good even if it is for profit. In this episode of Influence Factory, Thea Polancic, Founder and Chair of the Chicago chapter of Conscious Capitalism, discussed how people can humanize the world of business and use that to become an agent of change.
What is Conscious Capitalism?
Breaking down those two words into their simple definitions would make you think this term is about businesses’ awareness of what they are selling to customers. While this is true, the actual meaning of this phrase is that businesses are serving the needs of their stakeholders from the customers, to the employees, to the suppliers of the industry. This thought hits on the idea that businesses (and specifically, business owners) should make it a business to care about each individual involved with a company. This ensures that a business becomes more of a personality instead of a corporate entity.
Influencer Marketing Pro Tip: The idea behind Conscious Capitalism can apply to your personal online branding as well. You are there to offer a service and make money, obviously. However, your actions should be focused on how you can best serve your customers and community. By simply interacting with them instead of just pushing a product, you can show your personality and how your service can help others. Connect your brand and service to a purpose!
The Impact of a Caring Company
Each individual employee in a company has a primary purpose of getting money through their job along with getting benefits. However, this is just a general reason why people want a job with a company. The other (and far more important) reason is that they want to work for a company that cares about them. During this episode, Thea talked about companies providing a meaningful environment to their employees. A meaningful environment is one that allows employees to help the company’s success by being allowed to share thoughts and opinions with their colleagues. Yes, employees are needed for a business’ overall financial success. However, when companies allow their employees to share their thoughts, it can humanize them and get people to fully believe in what the company stands for.
Another way that companies can do this is by engaging in a voluntary exchange with their customers. A voluntary exchange is what happens when both the buyer (customer) and seller (the business) engage in a market transaction that will benefit all parties involved. Remember, companies are selling a service, but that service needs to show how it can benefit the buyer. Showing a customer how this product can solve an issue will also show that the company cares about creating a meaningful relationship with them.
Influencer Marketing Pro Tip: These lessons can also apply to your online brand. Social media gives you a chance to get personal with these customers and really engage in meaningful conversation. Talk with your potential customers and show how your company can help; if you are managing a company’s page, talk to your customers and find out what you need to do in order to help them, or solve a complaint. This helps customers see a business as one that truly cares about their customers – not one that couldn’t care less about them.
Growing the Business for Everyone
Another point that Thea made during her presentation is the importance of considering everyone who is invested in a business. Every move you make for a business should be done to benefit everyone, not just yourself. This can be done by expanding your company with new connections. By reaching out to others or even enhancing your relationships with current employees. Remember that capitalism can be a force for good, and you need to make sure everyone who is making your business a success is benefitting from the success.
Successful Business Growth
At the end of the day, the main goal of any business is to expand their services to make money. In order to do this, there are a couple things you can do. First, encourage a leadership culture. Earlier, we mentioned that you should make employees feel comfortable sharing their opinions. Doing this allows for workplace innovation. Initially, new ideas may struggle and face some backlash from others, but don’t let this scare you – this is how all innovations start. Employees should feel comfortable with being uncomfortable because it can take a business to new heights.
The other option to help with growing a business is by enlisting the aid of a business coach. The advantage of the coach is that they will be a fresh set of eyes that can point out what is being done wrong, or even opportunities that are being missed. Business owners can have a bias that may keep them from seeing these errors or opportunity gaps. A coach can help you find where there is room for improvement, and elevate a business to new levels of productivity and innovation.
Influencer Marketing Pro Tip: If you are looking to elevate you or your business’ brand, our team at Social Jackis here to assist you. We offer various programs for Influencer Development, which include helping your business expand its network.
In Summary
The idea of Conscious Capitalism can apply to Social Media Marketing. Conscious Capitalism is all about making sure every person invested in a business benefits from the opportunity. A business should be offering a service and be able to have a purpose as to why people should use this product. Businesses should also make sure that they care about their employees, who will bring in incredible ideas, resulting in new innovations for the company. In case of any issues, businesses should bring in coaches who can help them enhance a brand and humanize it. Take these lessons and apply them to your own social media channels.
Influence Factory LIVE airs Wednesdays at 12pm CST. Register here!
You can also subscribe to previous and upcoming shows on the Social Jack website.
We hope to see you in our next Influence Factory!