In today’s rapidly changing world, creativity and design have become more important than ever before in connecting brands and communities. Moreover, creativity and design are critical to solving complex social problems. For instance, corporate Environmental, Social, and Governance (ESG) goals are increasingly monitored by stakeholders and consumers. This is creating a shift in priorities in terms of finding the most innovative ways to make an impact on economic development, community impact, and social good.
ESG is a framework that companies use to measure their sustainability and ethical practices. It has become important in recent years, as consumers and partners alike are placing a greater emphasis on companies that prioritize social and environmental impact. Within the ESG framework, social impact, includes a company’s relationship with its employees, customers, and the wider community. Community impact has become a key metric that companies are focusing on as well, as it plays a significant role in creating sustainable, long-term value.
Community impact is important in ESG for several reasons. Firstly, a company that is actively engaged with its local community is more likely to build loyalty and trust from team members and buyers. This can translate into the retention of talent and increased sales/revenue, as customers are more likely to support companies that are making a positive impact in their area. In addition, community engagement can also create positive word-of-mouth marketing, as satisfied customers are more likely to recommend the company to their friends and family. Secondly, community impact is important because it contributes to a company’s social license to operate. This is a concept that refers to the level of support and acceptance that a company has from its community. Without a social license to operate, a company may face backlash from the community, which can lead to reputational damage, decreased sales, and potentially even legal action. Therefore, it is important for companies to not only prioritize their own sustainability practices but also to invest in the communities in which they operate.
Overall, community impact is a critical component of ESG, as it is integral to building trust, creating long-term value, and contributing to a healthy relationship with your community. As such, brands that prioritize community engagement are not only better positioned to weather challenges and changes but are also more likely to emerge as leaders in their industries.
Our specialty research and publishing lab, Kolar Experience Institute™ (KEI), explores the intersection of people, process, and place in pursuit of finding solutions that create a positive impact for our clients and communities. Kolar’s roots are embedded within to the local community, with many monumental projects well-known in Cincinnati and surrounding regions. To see our projects, visit here.
In addition, Kolar is passionate about giving back to the community we care so deeply for. We partner and give back to many non-profits in the area and are dedicated to helping build a thriving community in Cincinnati.
Kolar truly understands the importance of supporting and ingraining your brand within the community. Apart from our own passion and participation in the Cincinnati community, we also help local brands establish themselves within their own neighborhoods. We are honored to serve such diverse and dedicated companies and continuously look for ways to better connect brands with people through space within the Cincinnati region.