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As humans, we frequently think in absolute terms, which lead us to believe that extreme amounts of corporate profit - allowed in a capitalist economic system - also cause extreme damage. While this notion often holds, there are exceptions and caveats. On today’s episode of The Decision Corner, our host Dr. Brooke Struck sits down with Phillip Haid, CEO and founder of social impact marketing agency Public Inc.
At Public Inc., Haid and his colleagues help major corporations make positive global impacts. Nowadays, consumers are more and more interested in buying from socially- and environmentally-conscious companies. In turn, major corporations are gaining intrinsic motivation to make positive impacts, since advertising them attracts consumers. For companies, then, profit and purpose seem to go hand in hand.
In this episode, Brooke and his guest discuss:
- The false notion that profit is inherently evil
- The structure of a purpose-led economy, rather than a greed-led economy
- The importance of leadership in social impact
- Consumer views on social impact and why people care
- Tailoring company values to match consumer values
- Working with versus against competitors in the social impact market
- Conveying social and environmental impacts genuinely back to consumers