Communities and corporations are often interdependent. Without the support of and input from community members, a corporation operating in that locale will have a hard time succeeding. Conducting outreach and engaging the community can pay big dividends. Community residents – who are potential consumers – often provide valuable insights on a slew of metrics companies need to plan and grow.
It is important for companies to learn what communities expect from their corporate stakeholders. Local engagements are just one way for corporations to discover exactly what community members value in their partnerships.
Investing in Local Communities
Consumers expect organizations, whether corporate or government, to invest in the communities where they do business. Historically, corporations were beholden only to their shareholders, and what mattered most was making a profit. Today, however, consumer insight is a key driver in corporate decision-making. Consumers are increasingly supporting organizations whose values and ideals align with their own. Often, that means they are looking at companies that not only talk the talk but walk the walk.
A Chamber of Commerce study found that 80% of small businesses had a clearly defined mission that included giving back to their community. Additionally, 91% of small businesses believe companies should give back to their local communities.
Transactional vs. Collaborative Interactions
Working in communities requires collaborative interactions rather than transactional ones. The latter focuses more on a one-time exchange or benefit between the corporation and the community, and the relationship usually ends once the transaction is completed. There is little effort to ensure that the transaction meets the community’s needs, as the interaction is most often one-sided.
Collaborative interactions, on the other hand, are mutually beneficial and focus on long-term relationships. They emphasize shared goals between the community and corporation, so that they both contribute to and benefit from the relationship. In a collaborative interaction, the community is actively involved in the interaction through engagement and feedback.
But what does collaborative mean for different types of communities? Urban, suburban, and rural communities have different areas in which they require collaborative interactions. Each type of community has unique needs. For example, urban communities may need collaboration on the issues related to affordable housing and public transportation. Suburban communities may benefit from partnerships that enhance public amenities such as playgrounds and schools. Rural communities face challenges related to limited infrastructure or insufficient access to healthcare and education. Because of the lack of access to large-scale resources, collaborative interactions such as infrastructure development or broadband access can also go a long way toward improving the quality of life for rural residents.
Increasing Access to Resources
One way for corporations to invest in the communities in which they operate is to increase access to resources – financial, educational, environmental. This democratization of capital provides communities with greater access to funding tools, empowering them to advocate for their own needs and hold corporations accountable for their actions. It also provides companies with an opportunity to collaborate with organized groups to ensure their initiatives meet the needs of the community. Gaining input from communities allows corporations to plan and design products or services that better align with their customers' preferences.
How Ichor Can Help
For organizations wishing to gain insights from the communities in which they operate, Ichor can help facilitate community dialogues as well as provide analytical research across multiple datapoints to identify patterns and discover unique insights. Ichor can also help engage key local stakeholders and community groups.
Contact Ichor today to learn how our unique approach can help your organization find the right approach in any local market or neighborhood in the country.