Did your parents ever tell you that ethics were your actions when you thought nobody was watching? Apparently, your parents were visionaries to the future. Why? Because the modern consumer is interested in a brand's value and beliefs. Maybe making ethical choices is not a new concept, but a digital world makes our decisions harder to hide - someone is always watching.
A new global study release by Accenture, a company who works with 75% of global Fortune 500 companies, uncovered data that indicates that nearly two-thirds (63%) of consumers prefer to buy goods and services from companies that stand for a shared purpose that reflects the consumer’s personal values and beliefs.
So, let's break down this report.
What matters to the modern consumer?
Why do their preferences matter?
What is the effect on your brand power?
Research from 30,000 consumers from 35 countries, including the US, – ‘From Me to We: The Rise of the Purpose-led Brand' revealed:
62% of consumers want companies to take a stand on social, cultural, environmental, and political issues close to their hearts. Which is interesting, considering many of our parents taught us not to talk politics or religion at work.
Another 62% say their purchasing consideration is driven by a company’s ethical values and authenticity.
Consumers prefer companies that use high quality ingredients and materials (76%)
Consumers want to know that companies are treating their employees well (65%)
62% of consumers believe in reducing plastics and improving the environment, and so want to buy from companies that do the same.
Approximately 60% of Gen Zers and millennials believe it’s important for companies to speak up on issues like human rights, race relations or LGBT equality.
Our team wants to know what matters to you, so we can align your values with products that meet your quality standards and tap into your company's core values. We have an entire section of our blog dedicated to cause marketing. Frequent requests from our clients are for products that tie into sustainability, positive environmental impacts, giving back to the military or veteran initiatives and are USA Made.
Sharing your core values does not have to be an objective of global companies. Every company can easily share what charities or causes touch their heart.
What touches your heart? If you need some inspiration, we also have posts around giving.