With the economy stumbling and the stock market rickety, it's hard enough for companies to deliver good financial results to investors. Yet, while it was once good enough to receive news of a dividend, stock split or sudden rise in stock price many years ago, we are no longer satisfied. We've tired of greedy, corrupt and empty brands and promises even if they make us money. And, with the powerful emergence of social media, we now have a voice, a powerful voice that connects us with one another over time, space, language and culture.
According to Edelman's 2009 "Goodpurpose" survey of 6,000 consumers (18-64) across 10 countries, the masses have spoken--we want profit with purpose. We are demanding more from companies, brands, executives and ourselves, and we're vocal about it in more ways than one.
We vote with our purchasing power and our willingness to change: 83% of consumers are willing to change consumption habits if it means making the world a better place tomorrow.
We tell others and will pay more: Over 60% of consumers said they had purchased a more expensive brand because it supported a good cause, and they would tell others, too.
If this were 1991 instead of 2011, the mob might not have been so mighty. But, with the powerful emergence of social media, the power of many can accomplish feats that were once the purview of a few with access.
Case in point--look at Getty Images, which used to rule the photography world with imagery costing hundreds if not thousands of dollars. They named a price, and you paid. Then, along comes iStockphoto with its handful of employees, which essentially sources photography from all and offers imagery for as little as $1, becoming the go-to source for web designers and others. Even cousin Martha can get in on the gig. The point is that even in the seemingly impenetrable world of photograhy, a little upstart can upset the balance in the new world order.
With the recent reporting on the east coast earthquake and Hurricane Irene, in the ultimate democracy, the "mob" became the media, reporting unfiltered and with equal merit on what we saw, experienced, and thought. Of interest in itself, the media invited what has become known as "crowdsourcing" to occur. The problem is that the online news felt a bit like Facebook postings albeit from those we hadn't friended yet. Such freefloating commentary left the story feeling disjointed in the online world, even as this commentary colored media roundups.
In the midsts of all the cacaphony, some argue that crowdsourcing is the ultimate democritization. While there are many trying to harness this power and provide direction from the wings, it's pretty phenomenal when sheer numbers of people have the power to demand good things and even little changes help make our world a better place. So, if the Goodpurpose survey has merit, big, good change may be on the horizon.
While crowdsourcing can be both powerful and disorienting, the important news here is that if people are invited, they will come. And, whether it's a brand inviting consumers to help them design the latest high performance sneaker. Or, it's private citizens agitating for change. Or, Facebook users simply clicking to like something.... The power of the crowd is undeniable, and it's better to have them in your corner "liking" you than backing you into one.
