Business Development For High Net Worth Individuals: Why Your Social Impact And Brand Is So Important In 2020.
Host Tom Render and Citrus CEO Jason Baker are delighted to be back for the second Citrus OnAir – the biz dev talk show.
They welcome Prof. Olinga Taeed to discuss why and how he created a non-profit organisation and an index metric, almost a decade ago, to measure the social impact of companies around the world.
His organisation is now globally recognised, more so than ever before, and is positively changing the way we behave, whether you are a: keyworker, a start-up business, a HNWI or a blue-chip corporation.
After having the opportunity to retire in 2008, but also needing to take full-time care of a family member – his daughter – Olinga reflected on the position and purpose of having financial wealth and assets, and how having an empire cannot buy health and happiness.
So, in 2009 Olinga decided to do something about it and set-up a not-for-profit organisation, called CCEG. Where he already had a good understanding on financial value, he decided to try and understand non-financial value: love, happiness, hope – as these things have a value too. CCEG was started with the concept of tracking these other assets like love, happiness and goodwill and holding a value to a brand.
It was about turning sentiment and how we feel about a brand into financial value. Today, 11 years after its inception, it has 170,000 members worldwide.
Olinga explains his three big brand wins which took his not-for-profit company’s mission from the ugly duckling to the beautiful swan it is today. Brand Win #1 – How brand played a huge part in CCEG’s success, with the clever naming of the one-number-social index in 2011 that resonated with the banking and HNW sectors and marketplaces. The name? The Social Earnings Ratio or SER, and together, with a company’s PE (Price Earnings Ratio) this forms a total value of a company, a person, an organisation, a product, etc.
Olinga’s 2014 Vatican speech gave SER global recognition and became the fastest adopted social impact metric in the world, especially due to the Vatican press referring to it as the God Metric. It led to a social value act in many countries including the UK, where a public sector procurement must deliver social value of 15% – 20% of contract value.
In 2016 CCEG looked at digital ways to move goodwill value from A to B and so the transition from feeling the love, happiness and goodwill went to being able to transact the love, happiness and goodwill – by moving to Blockchain it was the ultimate big win for global recognition.
Why brand association is so key, as we move into a society where it does matter how we behave and how we treat society
More and more HNWI’s are investing in things where their sentiment index is being satisfied – aligning investors pound, dollar, yen with their sentiment and values
How we want to and can leave a footprint on the planet and have those actions rewarded – and using crypto as a way of enabling this to happen
How companies with a social mission can turn it into something more tangible
Thoughts on the important future visualisation there could be a digital currency and where and when we can spend our goodwill.
Olinga’s takeaway is; alignment of values. Big brands spend a lot of time trying to understand our movements and what we are thinking of, and what’s in our head, but what they want to do is get in our hearts and find out how we really feel, and that’s about alignment of values. What high net worth’s are finding is great value in aligning their products and organisations to our values.
That is the thing that’s going to resonate the next decade of our society, up to the United Nations Sustainable Development Goals 2030.
A huge thank you to Olinga for joining us. This has been a fascinating show for us at Citrus, and we hope you have found this useful? We would love you, our readers and listeners, to share what you think of this topic?
What are your questions around this? Have you ever thought about this? What do you think of this from your brand perspective? And do you feel inspired?
Please pop your questions or thoughts in the comments box below.