. In this case, inspiring promises to customers or mere expression of semiotic identity and corporate beliefs to stakeholders is no longer sufficient.
Fashion and beauty, sports, entertainment, technology, and, lately, gaming have become some of the most fancied Special Purpose Vehicles to deliver on brand purpose. Many brands like the card payment giantAmidst countries seeking to use football sponsorship to breathe life into their Fsovereign ranking, the game continues to offer opportunities for sponsors looking to raise brand stature.
Even before the pandemic tested our humanity and values, the need for brands to have a meaningful purpose was on the rise. Several businesses prioritized the well-being of their employees, while others found new uses for what they value. Fast food restaurants and hotels alike opened their doors to serve as medical facilities, while cruise lines transformed their ships into mobile clinics. As an offshoot of that, businesses are increasingly called upon to take a vocal stand on critical social issues.
The chief takeaway is that COVID-19 apart from serving the customer-centric value has given us all a “communal challenge” and thereby elevated the idea of a company’s focus on overcoming society’s greatest needs: A few instances of the current social issues facing society, especially emerging economies include multi-dimensional poverty, the climate crisis, gender inclusion, and the need to empower the rising number of digipreneurs.
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