It was a sunny and warm day four years ago while at a tradeshow in South Africa. Walking past the multitude of exhibitors, I came across one booth of a major global luxury brand showcasing a some of their most recent vehicle offerings. And these were vehicles that I dreamt about as a teenager. As a teenager, these vehicles represented luxury, the best technology, and the ideal car to one day drive. I felt excitement in those moments to walk around the vehicles and be able to sit in a few. But then something completely unexpected happened. One of the brand’s representatives working the booth quickly, very nonchalantly, and almost under their breath so as no one else would hear, sternly told two young black teenagers who were admiring and sitting in one of the vehicles to immediately exit their booth. My experience as an outsider in a country that continues to recover from apartheid politics from the latter half of the 20th Century was one of negative discrimination from one major global brand to a potential consumer. My perception and feelings toward this brand were immediately altered in that moment. My dreams of one day owning and driving one of these luxury vehicles quickly evaporated. My desire to own and drive one of their vehicle’s in exchange for my personal capital suddenly left. The power that I actually have as a consumer to make decisions on where I spend my capital based on my set of ethics became very clear to me in that moment; I would never purchase from this brand or any of its affiliates. At a time when the global marketplace is incredibly competitive, maintaining customer loyalty and acting ethically, particularly the client-facing representative, is vital to a firm’s success.
SVEIA GROUP is a business consulting and advisory firm that focuses in areas of management advisory, business planning, marketing development, and networking. The GROUP was founded in 2019 and currently operates in the Calgary area. The SVEIA GROUP team has over 15 years of international experience in advisory, event management, marketing, and project management before co-founding the present firm. They provide exceptional customer service to loyal clients who make a better difference in the communities they operate within.
Let’s recall that there is no moral obligation to consume. Consuming is a very biological act. Entering the second decade of this new Century, developed and developing economies are increasingly connected and open to new threats. Choosing where, how, and who to do business with is now a global affair with very high stakes to a company’s success, or demise. We don’t have to venture very far in our collective memory bank to be reminded of how government policies (Bryant, EcomCrew, January 15, 2020) or how global health concerns affect consumption (Bachman, Deloitte, March 3, 2020). And consumers have an even stronger voice on any firm’s success. Consumers possess much more power than expected. Consumers have the greatest ability to affect domestic and regional policies, corporate structuring and planning, and in a way, general social well-being. Without any flow of capital between entities, it does become increasingly difficult for a government or firm to conduct any business or move forward in any way. Without cash, actions become very limited.
As business exposures are increasing in an increasing global economy, a firm must be aware and mindful to the government policies, global health concerns, and the ever-present power of the consumer. For consumers, there is no moral obligation to consume from any one particular brand. If consumers do not align with a firm’s strategy, outlook, or actions, they will purchase from elsewhere. As such, it is ever more vital to ensure that your firm’s business actions and interests are aligned with those of the consumer of your products.
In the evolving and fluid nature of the global economy, good governance, strong documentation, and corporate transparency and leadership are increasing in importance. There isn’t a unique formula on how to do this. It involves treating others well, valuing what your people have to say, and being honest to one’s self and firm. Contact SVEIA GROUP to learn more about the importance of good governance, internal policy development, and corporate transparency and leadership and how this can help your firm continue to grow and excel in the global economic environment.