We at Yulu are the heart and minds behind Impact Relations, a new standard for authentic communications. Our “Guide to Impact Relations” blog series will explore what Impact Relations means today and how it has evolved over time, along with providing a framework for consulting, measuring, and communicating the impact of our communications strategies.
Why is Impact Relations relevant today?
The growing interest and adoption of Impact Relations as a service and industry is a byproduct of the booming Impact Economy1. We’ve seen many evolving definitions of what the Impact Economy is over the past decade, but we think global impact firm Palladium defines it best. Here’s an interesting excerpt from them on the rise and relevance of the Impact Economy:
The Birth of the Impact Economy:
Prompted by global trends, organizations are rethinking the notion of private sector, public sector and civil society as separate constituents. Forward-thinking private sector organizations are increasingly considering social impact as a main part of business strategy. Public sectors organizations are increasingly looking to the private sector as a partner to deliver sustainable development.
We see the beginnings of a convergence of private and public sector social and economic vision. We call this environment the impact economy, a highly integrated ecosystem of important players focused on dramatically and fundamentally redefining sustainable value across varied constituencies. This new economy is marked by the blurring of the line between social and commercial interests. Organizations that are conscious of their impact will widen their definition of stakeholders and search for sustainable positive outcomes, financial and otherwise, for everyone involved.
The impact economy sounds utopian, but it is at its core distinctly practical. Organizations that make a conscious decision to create positive impact for their customers, their employees, their suppliers, and their communities are setting themselves up for sustainable economic prosperity. Forward-looking organizations have already begun to make headway, and it is only a matter of time before momentum builds.
In the impact economy, organizations fully leverage partnerships between the public and private sectors and civil society in a total market approach to the optimization of outcomes. All are engaged in the creation of value. Where that value creation intersects – which it does, frequently and significantly, all parties can bring their resources and skills to bear.
Source: Palladium, The Birth of the Impact Economy
The Impact Economy is a new market force underpinned by public and private companies, entrepreneurs and investors that strive to achieve an intimate connection between profit and purpose.