Fusing social impact and superior quality (luxury) are like rope-walking – it requires a delicate balance. That is mostly down to the common perception that the both are mutually exclusive.
But that is just the perception. What’s to say a product cannot combine both? Indeed, if anything, higher-end (so called luxury) goods hold a greater potential towards making a social impact because of their inherent cost structure.
These fine quality goods cater to a segment which is ready to pay a little more, provided the product appeals to them. In fact, the chances that a customer is more willing to pay for say a product created and packaged with 100% sustainable material are significantly higher for a high quality product, compared to the one aimed to be sold in bulk.
In a world where each product has a hundred competitors, this approach could be the best bet to creating the greatest value creation for your company.