An ethical marketing strategy is fundamental for promoting your product now and selling it in the long run. Unethical marketing has been the target of many lawsuits and, according to Forbes, in the last decade companies have paid billions of dollars in fines due to ethical breaches. If you want to avoid making irresponsible marketing campaigns, read on.
What it ethical marketing?
Ethical marketing consists of a set of guidelines for promoting transparent and responsible advertising in all business areas. Because we can all have different points of view regarding ethical attitudes, marketing ethics establishes a few ground rules for all campaigns.
Principles of ethical marketing
Advertising and sensationalism: Know the difference
Sensationalist marketing is aimed at bedazzling potential consumers with out-of-proportion statements and in some cases, half-truths. Advertising tries to attract customers by promoting the positive aspects of the goods without bringing them out of proportion.
Follow government consumer protection laws
Depending on the country you’re working with, laws regarding consumer protection may vary. Subjects such as consumers’ privacy and rights, as well as company’s accountability are usually set forth.
Avoid misleading advertising
Misleading advertising distorts the truth and can end up harming the consumers’ financial interests.
How to conduct an ethical marketing strategy
#1 Offer suitable and safe products
When drawing an ethical marketing strategy, first focus on the product: Is it safe? Is it suitable for its purpose? For your company to follow a transparent marketing strategy, you must take into account that the product has to be user friendly and that it must come along with clear instructions for its correct use. Otherwise, customers will feel deceived.
#2 Define marketing ethics
According to the product you market, you can build the company’s definition of ethical marketing. This will help you create an upstanding approach to market your product. In this way, you’ll be able to set some basic rules for avoiding big-time marketing blunders.
#3 Ask yourself: What is the value of this product?
It could be its originality, the great quality or the convenient prices. Whatever the case may be, make sure your company knows it and strategizes accordingly. This will help you avoid deceitful marketing campaigns and promote ethics in marketing.
#4 Pay attention to social trends and values
Social values and priorities can change over the years and, as a consequence, marketing campaigns that seemed completely innocent, such as a cleaning product advertisement aimed specifically at women, can now stir up quite a few debates due to sexism. For an ethical marketing approach, watch out for social issues.
Benefits of ethical marketing
Ethical marketing helps increase retention because employees feel eager and willing to help sell the product or service. More and more employees express the need for making a difference or being useful to society. A transparent company that promotes responsible marketing can provide a sense of purpose to workers and worth to society.
Unethical marketing
There are many ways in which a company can incur in an unethical marketing campaign. The consequences? Loss of clients, lawsuits and a bad reputation. One way to act unethically is to make false claims regarding the product’s benefits; this can harm the customer’s health or interests.
Another unethical technique involves offering appealing prices and then increasing them suddenly because ‘the special offer expired” or ‘the product available is upgraded and consequently more expensive’.
Ethical marketing makes an undeniable difference in a company’s reputation and, as a consequence, in its success. Some of the most prestigious companies boast their transparency and that earns them quite a few customers. Do you apply marketing ethics to you company?
