PRIOR CONVICTION
Matt Prior
Go woke, go broke’, goes a catchphrase ‘ beloved by below-the-line internet commenters when a company adopts a controversially progressive stance. And like so many clichés, its origins have some truth behind them. When Bud Light partnered a transgender influencer in 2023, it cost its brewer roughly a 28% drop in profits and itself its position as the US’s best-selling beer. American retail giant Target’s share price took a 10% hit when it launched some controversial Pridemonth merchandise in the same year.
Saying you really love a cause when not everybody feels the same way carries corporate risk. And it works both ways: there are protests or boycotts against non-progressive company stances too, of course, whether perceived or otherwise; pushback against corporate ethics that people think are particularly nasty.