According to the GOOD business approach, companies and brands should in the future see themselves as integral parts of society and the world. Being part of that larger whole means that companies have to take responsibility, to help shape it. Their first priority cannot be profit, but a higher purpose to benefit the larger whole. Corporate social responsibility measures are demoted to minimum requirements.
How does taking on social and ecological responsibility benefit a company?
Achim Feige, Managing Partner of BrandTrust, writes in his book GOOD Business: "The key idea is that the economy sees itself as part of an ecological and social environment. That means, as a problem solver and service provider for society, its purpose is to satisfy society's needs. To create benefit, to offer solutions to its problems, while preserving everybody's livelihoods or ideally even improving them, in order to strengthen the development opportunities of future generations."
Pursuant to the 3-P model, GOOD business creates a win-win-win situation for companies: Their socio-economic contribution benefits society (people as win 1), the world (planet as win 2), and the company itself earns an adequate profit (profit as win 3).
This new self-perception not only corresponds to customers' changed expectations of companies and brands, but also builds a framework for innovation, successful brand extension and new business models.
Compared to impact brands, a GOOD business does not necessarily have to claim to change the world, but sees itself as part of the larger whole. In light of this self-concept it wants to make a positive contribution with its business activities.
Learn more here:
Book: „GOOD Business – Das Denken der Gewinner von morgen" by Achim Feige