Founded on the principles of conscious capitalism, Marico scores highest on this count, leading its brands with authenticity and purpose to create deeper connections with consumers and do more for the communities
Social responsibility is gaining precedence across business lines. Among many learnings powered by the pandemic, conscious consumerism was one of the most impactful takeaways. The new age consumer is mindful of creating shared value through their purchasing decisions. Millennials and Gen Z, who represent the workforce of tomorrow, are increasingly choosing to engage with organisations that are conscious of their responsibility towards the consumers and the society that they operate in. Even partners and vendors are willing to collaborate with companies that are aiding the society at large. And investors are increasingly keen on allocating capital to businesses that are creating both social and sustainable impact at mass level.
Social responsibility is gaining precedence across business lines. Among many learnings powered by the pandemic, conscious consumerism was one of the most impactful takeaways. The new age consumer is mindful of creating shared value through their purchasing decisions. Millennials and Gen Z, who represent the workforce of tomorrow, are increasingly choosing to engage with organisations that are conscious of their responsibility towards the consumers and the society that they operate in. Even partners and vendors are willing to collaborate with companies that are aiding the society at large. And investors are increasingly keen on allocating capital to businesses that are creating both social and sustainable impact at mass level.
In the new world order that is emerging, purpose and profit go hand in hand. According to a recent report by Deloitte, 78 per cent of consumers are more likely to remember companies that exhibit a strong purpose. In fact, the same report observes that high-purpose brands could double their market value 4X faster and also attract the right talent as millennial workers prefer to work for a purpose-driven company.
In the new world order that is emerging, purpose and profit go hand in hand. According to a recent report by Deloitte, 78 per cent of consumers are more likely to remember companies that exhibit a strong purpose. In fact, the same report observes that high-purpose brands could double their market value 4X faster and also attract the right talent as millennial workers prefer to work for a purpose-driven company.
One corporate that stands out in this journey is Marico, which has transformed itself into one of the biggest FMCG companies in the country on the back of its agility and innovative spirit.
While consistently delighting consumers with best-in-class products, Marico brands have always led the way with authenticity and purpose to create deeper connections with consumers and do more for the communities.
The cornerstone of Marico’s journey to success aligns with its purpose to ‘make a difference’ to all the lives it touches. The same ethos is reflected in all its brands that are deeply rooted to its purpose. Be it Saffola, Parachute or Nihar Shanti Amla, all brands ensure to keep the consumers at the centre of its value-creation while developing their offering.
One of the biggest case studies of purpose-led brands in India is Saffola. Ahead of it times Saffola was born as a heart healthy edible oil in the 1960’s, a concept that was unheard of in the category. It championed the cause of heart health with a vision to create a ‘Heart Healthy India’ through Saffolalife, a not-for-profit initiative by Marico Limited.
Last year, Saffolalife launched the #CareForHerHeart campaign that specifically addresses women and highlights the impact of everyday stress on the heart. The campaign has been started to bring to the fore the ‘unseen stress’ that women go through as they assume the role of a superhero in their daily lives.
Dedicated to delivering ‘better for you’ offerings to consumers under its power brand - Saffola, Marico decided to expand the brand leveraging its strong health equity.
Over the decades, Saffola has successfully evolved into a portfolio brand spanning both edible oils and foods, seamlessly integrating health into everyday meals of the consumers.
The foundation of all Saffola products has been consistent - innovation and insight backed by science. This has afforded the brand differentiation whilst still being relevant to the constantly evolving needs of the country.
Another case in point of Marico’s strong purpose and proposition is Parachute Kalpavriksha Foundation (PKF), which is driving a transformation in the lives of coconut farmers by equipping them with sustainable farming practices. The program uses a three-pronged approach – aiding the farmers to grow higher and more sustainable crop yield, training them to become self-sufficient and capable in farm management, and transforming beliefs and myths-based farming into scientific and research-based activities.
This has led to a sea change in the way they live and work with productivity improvement and enhanced income opportunities. The PKF program has been received very well by the farmer community as a total of 62,918 farmers have enrolled for the program till FY 22. The vision is to impact over 1 Lakh farmers by generating INR 1000cr farm income by FY2026.
The Nihar Shanti Paathshala Funwala program has also reflected similar progress. The program is focused on upskilling government school teachers and has impacted 2.89 lakh teachers and 4.17 lakh students located in districts across states of Madhya Pradesh, Rajasthan, Jharkhand, Bihar and Chhattisgarh. The Nihar Shanti Amla initiative was awarded in the ‘Education’ category for the FICCI CSR Awards for the Teacher Empowerment Program undertaken in Madhya Pradesh. As a socially conscious brand, Marico plans to give back to society by working towards the language proficiency of 10 lakh children by FY25.
While profitability, productivity and revenues remain as important as ever – they cannot come at the cost of discounting purpose and people. By virtue of Marico’s core value system, sustainable value creation is ingrained in every brand’s existence and purpose.
It is these value-based differentiators that have helped Marico demonstrate stakeholder capitalism, social inclusion, responsible production, and consumption, and above all deep-seated impact on the communities. By 2030, Marico aims to cohere the purpose, messaging, and impact-based actions of its top five brands by revenue with the goals and targets outlined by the United Nations Sustainable Development Goals.
Disclaimer: This article has been produced on behalf of the brand by HT Brand Studio