How big is the Third Factor and how fast has it grown?
The Third Factor is now the new norm, but not too long ago it existed in relative obscurity. The concept of creating shared value for customers and society-at-large was seen as a niche proposition. The social impact was confined and isolated to CSR programs.
The new purpose-driven brand reality has been driven by consumers, who see business as a key institution for solving societal problems. The willingness of a majority of people to pay more for products from purpose-driven brands, all else equal, speaks volumes. From small D2C brands to huge companies like Unilever, the demand for purpose is a huge opportunity for brands doing it right.