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The world’s richest man will soon have a lot more time on his hands. Jeff Bezos is stepping down as Amazon’s CEO and will transition to the role of executive chairman toward the end of the year.
With the growing awareness of conscious consumption and a drive to purchase from brands that closely align with consumer values, Bezos’ massive wealth is becoming increasingly obvious. And problematic. During the course of the pandemic, his net worth grew by an additional $90 billion to a fortune that now exceeds over $180 billion. In the same time frame, Bezos cut hazard pay for workers, at least 20,000 of whom tested positive for Covid-19, and fired employees for trying to unionize.
While Bezos is stepping out of the spotlight, there’s also a rebranding going on behind the scenes. His personal brand and the corporate brand are intrinsically woven into one. When you think of Amazon, you think of Bezos. And now, Bezos wants you to think of his more altruistic endeavors. In his departure letter, Bezos announced he would be focusing his time and energy on a variety of philanthropic initiatives, including the Day 1 Fund and the Bezos Earth Fund.
Today’s shoppers are increasingly interested in the impact of their purchases. In a Futerra survey of over 1,000 consumers, 96% feel their own actions, such as donating, recycling or buying ethically, can make a difference. The demand for transparency is only getting louder as a shift in consumption habits is taking place. A larger cultural revolution has started to give way to more informed decision-making that’s extended itself from politics to everyday life. Consumers are becoming more motivated by their values and are placing more importance on mission-led initiatives.
Stepping into the CEO role is Andy Jassy, longtime No. 2 to Bezos and someone who has been more vocal about social justice issues, adding his voice to the demand for police accountability after the killing of Breonna Taylor and has come out in support of LGBTQ+ rights. Amazon knows that in order to stay relevant with today’s consumers, it must place its values at the forefront—even if that means placing its current CEO in the back.
Marketers should take note. It’s not enough to lead by your mission statement once a year on a tentpole holiday. Brands should be integrating their values into every public-facing initiative and not just seasonal campaigns. If you’re supporting a cause-driven initiative, it should be evident in everything from email to paid social to web. Support can come in the form of donations, free resources for vulnerable groups and vocal backing for social justice from company leaders.
For founders, staying silent is not a choice. Your personal branding is a reflection on the company, and it includes everything from the accounts you follow on social media to your response during national moments of crisis to your community.
Be intentional about what you stand for. It’s important to lay the groundwork and have a foundation in place so your intentions are authentic. Every placement, from your hashtags to billboards and social media posts, is an opportunity for your actions to speak louder than words.
