Social Impact Strategy Revolutionizing the Industry

As the great, money-making companies of our society keep making money, they face the wrath of rebellious consumers. If the company is not paying enough attention to the world outside of them and pulling their weight as to being socially responsible, customers will respond.

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Before getting too far into it, companies may have a CSR plan, corporate social responsibility policy, but that does not mean they have a “social impact strategy”. The definition of a social impact strategy is: “A new kind of intellectual framework, social impact strategies allow companies to view their brand from a different perspective in order to constantly reassess their external and internal engagement operations” (Canarelli). In other terms, it is a basic plan for a company to ensure that they are staying up-to-date and involved both within and outside of their companies to ultimately make a difference greater than the company itself. Having this kind of strategy makes social impact not “just a goal” for the company, but a priority with numbers and strategic planning behind it to stay on track.

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Companies like Starbucks and Whirlpool are great examples to look it. Starbucks has hopped on the train of banning straws, and are eliminating plastic from their shops across the nation. By 2020, all straws will be gone within the company. Now when people go get their coffee in the morning, they not only feel better from drinking their coffee, but also feeling good because they’re changing the world. Whirlpool on a bit of a different skill partnered with Habitat for Humanity so that every house built, has Whirlpool products in them. This makes the company more personable, and if someone was contemplating between Whirlpool and a competitor, they may choose Whirlpool over others because they know that Whirlpool is giving back.

Truly, this idea could be world changing. When larger corporate companies start carrying more weight within society, more houses could be built by Habitat for Humanity, or more money can be donated to cancer research to find a cure. By following a social impact strategy, the company itself builds their own rapport, potentially avoids and eliminates the wrath, and ultimately makes a difference in the world around us.