Woke Companies Losing Money 2022
Are Woke Companies Losing Money? – The word “woke” has a new, specific meaning in the business world: a brand or company that is aware of its impact on society and is willing to take steps to not only improve its image, but also make sure they are doing what they can to create an equal playing field for people of color.
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What Is a Woke Company?
A woke company is a business that has its eyes open to the social and political issues of the day. They’re aware of their own social responsibility, impact on the environment, and impact on communities.
Woke companies are often distinguished by their commitment to ethical practices and sustainable business practices. They can be found in everything from cosmetics companies that only use organic ingredients to fashion brands whose clothing lines are made with fair trade practices in mind.
Are Woke Companies Losing Money?
As we’ve discussed above, businesses can be “woke” in their marketing materials, but that doesn’t mean they are actually working to make the world a better place. What if you run a business that does not have any product or service for sale? Are you still at risk of losing money if your marketing is woke?
In order to answer this question, let’s take a look at another case study: Adidas. While Adidas has been facing backlash from consumers who claim the company is using sweatshop labor and child labor in its factories overseas, it appears that these negative perceptions haven’t had an effect on sales as much as some might think.
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Why are Brands Facing Challenges with Wokeness?
Wokeness is a double-edged sword for brands. It can be good for getting people talking about your brand, but it can also be dangerous to use as a blanket strategy.
One of the ways that companies can benefit from woke advertising is by associating themselves with causes or organizations that align with their values and mission statements. Woke marketing is an effective way to generate awareness around issues that are important to businesses and consumers alike; however, this approach runs the risk of alienating potential customers if they don’t share the same values the result being decreased sales and hurt brand reputation.
What Does it All Mean?
This might all seem like a lot of nuance to take in, but there is an important takeaway that we can glean from all this. Despite what you might have heard or seen online, being woke is not necessarily losing money and it’s not always making money either. Being woke simply means that your company is aware of the issues facing society at large and is taking steps to address those issues through meaningful action. That might mean donating some time or resources for a good cause; it might also mean donating money or goods.
Being woke does not necessarily make your business more profitable than its non-woke counterpart and being woke may not even make your business less profitable than its non-woke counterpart.
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Conclusion
Are Woke Companies Losing Money? – Brands should consider their audience and the issues they care about before investing in woke advertising. If your audience is mostly conservative, you’ll have a hard time getting them to pay attention to your brand if it leans left. In other words, empathy needs to be genuine and authentic rather than just a marketing strategy.
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