Social responsibility is one of the key drivers for earning customers’ respect according to an international expert.

“Practising corporate social responsibility is one of five factors that help a brand become well respected globally,” said international marketer Philip Kotler.

The other four are having quality products and services, a good financial track record, good management or leaders, and innovations, he told the Leaders in Dubai Business Forum 2007.

Dr Kotler said the global brands that were best loved internationally had a number of similar characteristics.

“They considered the needs of all stakeholders and not just shareholders; their executive salaries were relatively modest and they generally had an open door policy to reach top management,” he said.

He said they generally paid better, gave better training and retained staff longer.

“Successful global brands also hired people who were passionate about their customers and viewed suppliers as true partners who collaborated in quality improvement,” he said. “Such organisations believed corporate culture was the greatest element in their success.”

Dr Kotler said these companies seemed to be able to keep their costs low while still making better than average profits.

He advocated the appointment of a Chief Marketing Officer (CMO) in major corporates to act as a voice for customers as well as keeping an eye in what was happening in the brand’s wider environment.

“One of the other key functions of a CMO’s role was to account for marketing spending so that the CEO could be satisfied that it was providing an appropriate return on investment,” he said. – TradeArabia News Service