Consumers are expecting a lot from businesses, according to the 2013 Cone Communications/Echo Global CSR Study. Consider these findings relative to the role of a business’s social responsibility:
“As global citizens become increasingly aware of businesses’ behaviors and CSR initiatives – in part because of social media, they are also becoming more astute about both corporate and consumer impacts. Around the world, the majority of consumers feel both individuals and corporations are having some degree of positive influence on social and environmental issues; however, just one-quarter feels either is making a significant impact.”
– 22% of consumers believes companies have made significant positive impact on social and environmental issues
– 27% believes consumers themselves can have significant positive impact through their purchases
Consumers have definitive expectations about how socially responsible businesses and brands are:
– 6% of consumers believe the singular purpose of business is to make money for shareholders
– 91% believe that companies must go beyond the minimum standards required by law to operate responsibly
– 93% of consumers want to see more of the products and services they use support Corporate Sustainability Report (CSR)
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More than eight-in-ten consider CSR when deciding where to work (81%), what to buy or where to shop (87%), and which products and services to recommend to others (85%)
Businesses and brands that are more socially responsible change the way people feel:
– 96% of global citizens will have a more positive image of that company
– 94% will be more likely to trust that company
– 93% will be more loyal to the company (i.e., continue buying products or services)
Good business practices also influence the way people behave:
– 91% of global consumers are likely to switch brands to one that supports a good cause, given similar price and quality
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92% would buy a product with a social and/or environmental benefit if given the opportunity, and more than two-thirds (67%) have done so in the past 12 months1
As we help clients thrive through meaning, our goal is to improve every client’s KPIs as we make their organization more emotionally meaningful and gratifying to people. We always aim for the win-win-win of people, planet, and profit.
For more see our recently published white paper: How Leading Companies are Winning Through Meaningful Brand Strategies.
