Patagonia raises the bar on CSR…again
What they did: Every business is trying to figure out how they can be more environmentally and socially conscious and progressive. It’s what consumers are increasingly demanding, especially the younger ones (check out this recent reportfrom Deloitte, if you want a refresh). This isn’t new. And as we look across the industry it does seem like many brands have started closing the gap between their actions and consumer expectations. But expectations are set based on what people know. They see brands marketing products as being more sustainable and making investments to fight climate change (like 1% for the Planet that we’re a part of!). Those expectations changed overnight as Patagonia, who was already a (if not the) leader in this area, restructured their entire business to prioritize the planet above all else. Purpose only really matters if it’s tied to profit – otherwise it’s at best untenable and at worst superficial. Nothing could be more purposeful than restructuring your entire company.
Read up on what they did and why here.
And we’ll leave you with this quote:
“As of now, Earth is our only shareholder”.
What it means for you: Consumer expectations are always changing, and are shaped by your competitors and the cross-category leaders. Patagonia is raising consumer expectations for everyone. How will you and your business step things up on CSR?
Starbucks unveils their NFT play
What they did: So, the first thing we’ll say is that this NFT play is better than most, and for us represents the “next wave” of brand activations in Web3. The first wave was the bandwagon wave. Everyone doing something just to do something. Maybe you could argue it was to test and learn, but let’s be honest, a lot of it was for the headlines and awards. This is different. It’s focused on access, not ownership, which we believe is the better, stronger strategy for brands in the Web3 space because it allows brands to use NFTs as a tool to unlock more value than just giving someone a digital collectible.
The TLDR (but do go read up on it and ideally test it out if/when you can) is that users will be able to collect NFTS (digital stamps) by completing tasks and/or purchasing them directly. Those stamps will then open up different “coffee experiences” for people (tbd what that will be).
Starbucks is being a bit dramatic about it, calling it a “revolutionary Web3 experience”, but they’re certainly thinking about things the right way so we’re interested to see whether it delivers on the hype and sets a new bar for the next wave of branded Web3 plays.
What it means for you: Good, effective marketing is all about adding value. New technology, platforms, or channels should be assessed and leveraged to add more value to your customers and potential customers. Don’t jump on the bandwagon – think about how you can add more value using NFTs (or any new tech).
(Btw, we have a couple slots left for our (free!) virtual workshop this Thursday on How to Create Branded NFT Experiences with Matt Wurst – hit reply if you’d like to join.)
100 growth strategies from successful founders
What they did: Ok this isn’t a single challenger, but it is an incredibly interesting and useful resource that we think many of you will find valuable.
It is what it sounds like. 100 different strategies from different start-ups, ranging from “how to get 10k followers on Twitter” to “how to get your first 100 paying customers”.
What it means for you: Take 10 mins this week and go read two or three of them. Just stretch your thinking a bit – crawl into someone else’s perspective for how they accomplished a specific marketing goal and see if there’s something you can learn and apply to your own business.