Holding Companies Accountable: The #GrabYourWallet Campaign and Social Responsibility
In 2009 I saw a documentary on bottled water called Tapped. That was the first time I realized that as consumers we have the power to spend our money in meaningful ways, we can give to some companies and not others, we can vote with our wallets. In 2009, after watching that documentary, I decided I did not want to buy bottled water any more.
Now, eight years later we are seeing consumers and companies publically voting through the #GrabYourWallet social media movement. If you haven’t already heard about it…
Lots of people are taking this to Twitter:
#GrabYourWallet is even spreading to Canada!
Business Insider released an article on February 8th listing all of the companies that have dropped the Ivanka Trump brand. A few of the companies mentioned in the article are Nordstrom, Neiman Marcus, Shoes.com, Belk and Jet. The companies listed had a whole variety of reasons as to why they stopped stocking the brand. Nordstrom said they stopped carrying the brand because of declining sales, Neiman Marcus refused to comment, and Shoes.com said it was removing the brand in response to calls for the brand to be boycotted.
So what does this mean for businesses in an age where consumers can and will vote with their wallet? This means that now more than ever a company’s social purpose is correlated to maximizing profits. When a company is accountable and transparent, consumers will trust the company, consumers will become evangelists and profits will increase. BCorporation listed three ways a company can succeed in serving a higher purpose:
- Put your higher purpose into practice, compare and improve your social and environmental performance…do this at bimpactassessment.net
- Bake your purpose into the legal DNA of your business and keep that purpose central…take the next steps at benefitcorp.net
- Be recognized as a leader…become a BCorp at bcorporation.net
Next time you are making a decision at work, stop and think, what would my consumers and customers think about this decision? And next time you are out shopping, stop and think, is this company that I want to be giving my money to?