The Conscience Economy Book Summary - The Conscience Economy Book explained in key points

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The Conscience Economy summary

Name: The Conscience Economy
Author: Steven Overman

Steven Overman

How a Mass Movement For Good is Great For Business

17 mins

Brief summary

The Conscience Economy by Steven Overman explores how conscious consumers are changing the world by looking for companies that align with their values. With practical examples, it shows how businesses can thrive by embracing purpose, sustainability, and empathy.

Topics

Branding

Table of Contents

The Conscience Economy
Summary of 7 key ideas

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Key idea 1 of 7

What’s in it for me? Gain insight into the new customer generation – and win their sympathy.

The concept of the global village may sound like a stale metaphor at first. But, as you’ll learn from these blinks, it’s actually becoming more and more relevant, particularly if you own a business.

Through their online presence, young people are now profoundly interconnected, much like the inhabitants of a small village. And, as it would in a village, any news about your business will spread quickly – whether you are donating to an orphanage, developing great products, mistreating your employees or poisoning a river with industrial waste.

In contrast to traditional villagers, however, the well-informed new generation of customers is acutely aware of environmental problems and social injustices occurring well beyond their hometowns. In these blinks, you’ll learn about modern-day consumers’ high ethical standards, as well as how exactly you can bring these young people on board as customers: stop obsessing over bottom lines, start shouldering more responsibility for the welfare of the planet and never, ever, try to lie to them.

In these blinks, you’ll also find out

how brands are making your life easier;
why, in the near future, marketing as we know it will die; and
why these days, even bleach comes with an attitude attached to it.

Naughty has gone out of style – nowadays, good is sexy!

We all know the cliché of the ruthless businessman who will go to any lengths to cut costs and maximize profits, regardless of the ethical implications. It was during the twentieth century that this stereotype reached its peak.

Back then, it was cool to be bad if you could earn a fortune doing it. Bad behavior was admired in celebrities and entertainers. Mass media and its readers loved nothing more than to worship those that acted naughty.

But times are changing. Young consumers today know and care about the impact of their lifestyle on the environment. Working conditions and quality of life around the world are challenges that mobilize individuals, companies and even celebrities. It seems as if we’re all determined to make the world a better place; where did this change in perspective come from?

Well, this is the information age, after all! Thanks to the internet, as well as regulations for honest product labelling, shoppers today have loads of information about everything they buy. Whether it’s finding out how products were manufactured, where factories are located or even how energy efficient production processes are, the modern consumer buys products that are in line with their morals and values.

So, an elegant coat produced by a prestigious brand with stunning marketing at a great price won’t look so great once buyers discover that it was produced using child labor. In fact, most conscious buyers are likely to go online and share this kind of information on social networks, condemning brands and organizations as they see fit.

In order to win the favor of this new generation of discerning consumers, companies have no choice but to start genuinely caring about humanity and our planet.

Technological developments make us more connected, and more empathetic too.

How long does it take for a radical new invention to become a functional element of our daily lives? Sociologists have discovered that societies take around 40 years to wholeheartedly embrace a given innovation.

The revolutionary electric lightbulb was invented in 1880, yet it wasn’t until the 1920s that large public spaces were lit by tungsten bulbs. The world wide web was invented in 1990, but only 40 percent of the world’s population uses the internet today. Even so, it has already profoundly changed the way we live and interact.

The more customers are aware of global challenges, the greater the pressure on companies to provide solutions.

Whether you’re browsing news websites or chatting online with friends from countries affected by natural disasters, it’s hard to ignore the fact that the environment is very fragile. Gone are the days when climate change was argued to be a myth.

Dried-up riverbeds, depleted reservoirs and rapidly melting icebergs simply can’t be denied. Nor can our role in these problems – today we know that each time we fly, we’re doing our bit to exacerbate global warming.

Conscience culture is superseding the culture we used to know.

Culture is a complex thing. Our world consists of many different cultures, though the way they differ is often quite subtle. Consider the United States and the United Kingdom. Outwardly they may share several similar characteristics, including the same language.

But the ways in which they differ are crucial. In the United States, an ostensibly upbeat manager with a cheerleading attitude may be praised for his leadership skills; conversely, in a British context, people might consider the same behavior to be excessive or strange. Different generations also have their own cultures, as illustrated by the vast cultural differences between baby boomers and their children, or even the deeply differing experiences of Generations X and Y.

Today, brands need to communicate the values of the conscience economy – or fade away.

Connecting with other people and understanding their needs is shaping both our conscience and the way we spend our money.

Not convinced? Say you’ve got the choice to buy from one of two brands. The first is famous for its stylish design, while the other is an influential supporter of sustainable technology and has also won awards for its design. Which one would you go for? Now, imagine you’re one of these brands. Which one would you prefer to be?

In the conscience economy, a corporation’s social engagement is at the heart of its business.

Like it or not, companies are an integral part of society. We work in companies, we buy from companies and companies use our natural resources. As it happens, companies that focus on giving back to society are often those that consistently thrive.

The concept of corporate social responsibility (CSR) has actually been around for a long time. It has its roots in the industrial revolution, when it became clear that factories were forcing inhumane working conditions on their employees.

Marketers must become matchmakers in order to thrive in the conscience economy.

Conscience culture has changed a lot for today’s companies. But there’s one branch of business that’s facing a complete revolution: marketing.

Up until now, marketing was driven by manipulation. Customers had to be convinced to buy, and marketers used the 4 Ps to do this: designing an appealing product, placing it just right to attract as many customers as possible, naming the right price and promoting the product with catchy slogans or moving commercials.

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What is The Conscience Economy about?

The Conscience Economy (2014) reveals the implications that our changing, hyperconnected world has for businesses and brands. These blinks guide you through the principles and strategies that are vital for any company hoping to win over the outspoken, discerning consumers at the heart of today’s conscience culture.

Best quote from The Conscience Economy

Business badness was more than profitable, it could even be admirable, as long as you didnt get caught.

—Steven Overman

Who should read The Conscience Economy?

Readers curious as to why eco-friendly and fair-trade products are suddenly so trendy
Marketers who closely follow the changing nature of branding
Managers and leaders who want to learn more about the new generation of critical, inquisitive customers

About the Author

Steven Overman is a marketing specialist and a renowned public speaker who recently joined Kodak as Chief Marketing Officer. In addition to founding the marketing consultancy Match & Candle, Overman was one of the first employees at Wired magazine.

Categories with The Conscience Economy

Economics Nature & the Environment Marketing & Sales

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