With the advent of social media and the Wall Street recession of 2008, consumers are increasingly pressuring companies to look past the bottom line when constructing business strategy. Simon Mainwaring, author of the new book WE FIRST: how Brands and Consumers Use Social Media to build a Better World, joined CMIQ to discuss why he thinks the world is moving from a "Me First" economy to a "We First" economy.
Capitalism has been a bit childish, Mainwaring said. Recently, though, he has noticed a rise of companies that promote sustainability and engage their competitors to enhance the greater good. Even if their motives are not solely benevolent - companies have found these methods increase profit - the results are creating a new economic structure, according to Manwaring. And more than ever, customers have the power to dictate the principles upon which this structure is based.
In his interview with CMIQ, Mainwaring highlighted examples of leading companies, such as Pepsi, Patagonia and Wal-Mart, that have truly embraced "We First" principles and seen increased profit and customer loyalty as a result. He shares the steps behind deciding what values your customers hold dear and the process of structuring programs and using social media to promote these values.
Check out the book at http://wefirstbook.com/ or watch Mainwaring's video below about his book.