Consumers today are becoming increasingly conscientious. Their focus has shifted towards brands and businesses which are purposeful, socially responsible and create value for the wider social good, which is why Social Return on Investment is about to become your new best friend.
Everything we do has intended and unintended consequences which can create or destroy value. Usually, ‘value’ refers to financial worth, but in this purpose-driven and customer-conscious world, it is becoming increasingly important to understand the social and environmental value of our actions and activities, not just the bottom line. Enter, Social Return on Investment.
Social Return on Investment (SROI) is all about understanding and quantifying the wider economic, social and environmental ‘value’ of your activities. It supports organisations to assess the extent to which their activities have been successful in achieving their desired outcomes and in-turn understand the impact they are making in the world. Using SROI can help organisations to become more purposeful in their activities and ensure that they are creating as much ‘value’ as possible and helps organisations stand out from the crowd.
In this introductory guide to SROI, we provide a brief explanation as to what SROI is, why it is important and the six key steps to ensuring an SROI analysis goes off without a hitch. Once you’ve given it a read, you can download our full SROI whitepaper here for even more amazing intel!
