When choosing products, a whopping 42% of consumers value a brand’s commitment to a social purpose over both design and innovation!
This was a key finding in goodpurpose’s ‘Global Study of Consumer Attitudes’ report published this week.
The report is extremely timely as many firms would be reconsidering their commitment to non-core, cause-related activities. It sends a resounding message that if anything, they should be investing more into it than ever in the face of recent economic events.
A couple of compelling reasons why:
- 7 in 10 would remain loyal to a brand that supports a good cause
- 7 in 10 have either given the same or more despite economic conditions
- The Chinese consumer, an increasingly lucrative market, has emerged as a clear leader in the above metric, with 58% giving more despite the economic downturn
Why are they doing it? In a word, contentment.
42% quote “helping others and contributing to my community” as their largest source of contentment compared to “the shopping experience” which only 25% agreed with as a source of contentment.
“They can bring ‘double value’ to their customers, who get a product they want, plus support for a cause they believe in” – Mitch Markson, founder of goodpurpose
The term “return on involvement” makes an appearance in the report, referring to an increasingly popular metric which recognises participation and involvement (e.g. in causes) as true builders of brand loyalty. “Doing Good”, which can create stronger emotional bonds between the brand and the consumer, can hence translate rather easily into “Doing Well”.
more at MarketWatch
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