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Generating Customers by Creating Society Value

3/27/2020

Image: Lyft

Corporate Challenge: Manifesting new customers from outside the market space.

Ironbound Strategy: If you never stop creating value for customers, employees, and society, new customers will overwhelmingly flock to your brand.

Ironbound Action: California based Lyft now provides rides to people who don’t have the Lyft app, including those who don’t even have cell phones. Lyft has partnered with rural communities such as Vernon County (210 miles west of Milwaukee) that don’t have taxi services to provide safe rides for bar patrons late at night. Bartenders are able to call Lyft’s for their patrons using a unique dedicated service that allows upfront payment by the bar, foregoing the need for the passenger to have a Lyft account. When brands search for new ways of creating value for society, their efforts always increase their customer base.

* The NTSB's most recent report (2016) reported that around 30 people die every day from drunk driving in the US (almost every 48 minutes) with 10,500 deaths and 290,000 DUI injuries annually. These statistics are expected to decline with Lyft’s influence.

** Lyft launched in 2012. It has reported over 1 billion rides, by 30 million riders, in 2 million vehicles. Lyft’s expected FY19 revenues is $3.5B.

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How 21st Century Companies are Serving Stakeholders

3/13/2020

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Image: Ski Chalet available on Airbnb

Corporate Challenge: Impressing Wall Street

Ironbound Strategy: Most investors are seeking strong sustainable long-term earnings. Powerful brands propel in value by holistically creating value for society, employees, and customers. Companies that serve all stakeholders uniquely align and strengthen their capabilities, ultimately forging powerful brands and consequently commanding superior returns.

Ironbound Action: San Francisco based Airbnb, founded in 2008, recently updated their work mission to include creating value across all stakeholders – “serving all stakeholders is the best way to build a highly valuable business and it’s the right thing to do for society”. The depth of value creation is at the core of attracting capital and propelling valuations. Serving society, employees, and customers is the most valuable business strategy.

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Generating Customers by Creating Society Value

How 21st Century Companies are Serving Stakeholders

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