Why Do Brands Care to be Socially Conscious?
Today’s marketing world is fast changing. Brands are moving from the profit-driven model to a purpose-driven model. What is the need for brands to be socially conscious? Can they choose to be neutral and do just business as usual? Is it better for brands to align with larger values? What is that the consumer world is looking at before making a purchase decision. These are some of the common boardroom questions that brands and marketers are asking. It is important to ask these questions more than ever.
Looking at the recent trends, there is hardly any brand that is shying away from being socially conscious or aligns themselves with values that aim for the larger good. Human emotions and shared values are key in making a purchase decision. Without tapping into these fundamental values, brands cannot sustain for a long time with just business as usual (cost/profit margins). If your brand is looking at longer partnerships, meaningful connections then it is important for your brand to care for what their customers are thinking and what they are feeling.
Consumers today make purchase decisions based on what a company/brand stands for. More and more surveys are proving this rising trend. The survey conducted by both Deloitte and Mintel revealed that the “majority of the respondents would pay more for socially complaint goods or with a brand that aligns with their social values”. The millennials are ready to pay a premium for purpose-driven products. When consumers are demanding this from brands and purpose/social consciousness has a lot to do with the bottom line is not an unknown secret.
Socially conscious brands have an edge with consumers and in today’s marketing world. While most consumers are choosing brands that are speaking up against the silent ones. It seems like brands have more to lose in silence than in speaking out. Though most brands may not succeed in changing the minds of consumers, they can be a change agent. They have the collective power to make an impact on society.
Being socially conscious or purpose-driven will give your brand more options to connect, have meaningful conversations and empathize (be part of customers' journey) with your customers. It helps you to stay relevant with times. Consumers want to make a positive difference with their purchases is surely a noteworthy trend for brands.
