Generosity as a Strategy

A CEO shared a story about how a poor family of immigrants stopped to help someone who had a flat tire in bad weather After the tire was changed the individual offered money to the family They turned it down saying amp8220Today it was you Tomorrow it might be usamp8221Sooner or later everybody finds themselves needing help and depending on acts of generosity It might be some form of aid guidance a person to talk to who will listen a legup or sometimes gently delivered difficult to hear adviceBy being there and helping when someone is in need ensures good amp8220Karmaamp8221If what goes around comes around it may make sense to send good stuff peopleamp8217s wayGenerosity makes for a better life for not just the recipient but also to the giverGenerosity as a differentiator and moatIf strategy is future competitive advantage generosity is smart for individual or company strategiesGenerosity builds good will which is both an asset and a moatIt is an asset in that it can be tapped in the futureIt is a moat because when an individual or a company has been generous in times of trouble their employee or customer are less likely to switch to a different firm for a lower price or higher payGenerosity is also a key differentiator in that usually when a person or firm needs help there are few people willing to help someone out of power or in trouble Those individuals and brands who do help stand out and their showing up and helping when others are not burns into the emotional and mental memory of the recipientEmotional connections are harder to sever or replace than financial connectionsGenerosity as an emotional connector to brand buildingA storyamp8220Long ago must be 30 years ago or more I went into Tiffanyamp8217s to purchase one cufflinkThe night before I had attended a blacktie event and one cufflink must have worked itself free it was the solid type and was difficult to get on and off and I lost it off my sleeve Just wasn39t there when I got homeI said to the counter person that I just wanted to buy one cufflink to match the other oneamp160She leftShe returned with the typical Tiffany39s blue box with the white ribbon quotHere you gono chargequot she saidI couldn39t believe itYou must be at least the 400th person I have told this story toamp8221It is the interaction the experience and the feeling that truly resonates and builds a BrandThese are often these are driven by surprise offerings an over the top experience an amazing solution to a problemUnderlying all of these is generosityGenerosity as Talent and Culture StrategyBrands today cannot succeed unless their employees are happy It is the employees who after all provide the service to customers and clients It is the employees who generate the ideas and solve the problems It is often the employees who are most believed and can be the greatest ambassadors and advocates of a brand Often employees are far more authentic ambassadors than a celebrity that companies give tens of millions too Why not be generous in care money and attention to employeesCulture is not just a place or a history but a way of being and behaving Great cultures always have some form of generosity whether it is compensation benefits forgiveness of mistakes that encourage risk taking and moreGenerosity is a key to brand experiences and brand employees but it is also a corner stone of brands purpose driven marketing Smart companies recognize that purpose ensures not just attraction and retention of talent but also that ESG DEI and other initiatives truly help the company economicallyGenerously helping community environment and others helps the brandFor these among other reasons it is important to practice generosityPosted at MediaVillage through the Thought Leadership selfpublishing platformClick the social buttons to share this story with colleagues and friendsThe opinions expressed here are the author39s views and do not necessarily represent the views of MediaVillageorgMyersBizNet

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Generosity as a Strategy

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Rishad Tobaccowala

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Generosity as a Strategy

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Rishad Tobaccowala

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