Post by account_disabled on Feb 17, 2024 6:47:54 GMT -5
In the past it was believed that a company's only responsibility was to generate profits for its shareholders, but more and more companies are taking a broader approach that incorporates Social Responsibility and sustainability into their business model, according to Triple Pundit .
This trend has led to greater demand for brands with a broader purpose than simply selling products or services. Both companies and consumers consider the role of business in society to be of greater importance.
Companies with purpose stand out
Global consulting firm Accenture's report, From Me to We: The Rise of the Purpose-led Brand (2019), confirms these trends and highlights that companies that commit to a broader purpose can build more authentic and profitable relationships. with consumers. Thus, consumers are willing to pay more for products and services from companies that care about issues such as sustainability, transparency and fair labor practices.
But this trend is not limited to the Middle East Mobile Number List United States, but is observed globally, indicating that companies must pay attention to consumer expectations around the world. In this sense, the Accenture report highlights that companies that do not worry about these issues can suffer negative consequences, including the loss of clients and damage to their corporate reputation.
Consumers' expectations that a brand's purpose align with their values represent a challenge for companies. However, they also present an opportunity for companies to build more differentiated, authentic and profitable relationships.
Qualitative findings from purpose-driven brands
The Accenture report highlights the importance of companies taking a stand and differentiating themselves from the competition. This is supported by the report's consumer survey findings, which show:
62% of consumers want companies to advocate for issues they are passionate about, such as sustainability, transparency and fair employment practices.
66% think that transparency is one of the most attractive qualities of a brand.
64% find brands that actively communicate their purpose more attractive.
It is relevant to highlight that these findings are worldwide, since they are based on a survey of 30 thousand consumers in 35 countries, including more than 2 thousand in the US. This shows that not only multinationals are global in their strategies, But consumers have consistent responses around the world.
Brands with purpose lead businesses
Brands with purpose lead businesses
The Accenture report also highlights some cautions about risk mitigation that should convince even skeptics. Some findings include that 48% of American consumers who are disappointed by a brand's words or actions on a social issue complain about it, 42% walk away from the brand, and 21% never return.
These findings are particularly relevant at a time when more companies are adopting broader purposes and significant changes are occurring in the way investors view the role of companies in society.
This trend has led to greater demand for brands with a broader purpose than simply selling products or services. Both companies and consumers consider the role of business in society to be of greater importance.
Companies with purpose stand out
Global consulting firm Accenture's report, From Me to We: The Rise of the Purpose-led Brand (2019), confirms these trends and highlights that companies that commit to a broader purpose can build more authentic and profitable relationships. with consumers. Thus, consumers are willing to pay more for products and services from companies that care about issues such as sustainability, transparency and fair labor practices.
But this trend is not limited to the Middle East Mobile Number List United States, but is observed globally, indicating that companies must pay attention to consumer expectations around the world. In this sense, the Accenture report highlights that companies that do not worry about these issues can suffer negative consequences, including the loss of clients and damage to their corporate reputation.
Consumers' expectations that a brand's purpose align with their values represent a challenge for companies. However, they also present an opportunity for companies to build more differentiated, authentic and profitable relationships.
Qualitative findings from purpose-driven brands
The Accenture report highlights the importance of companies taking a stand and differentiating themselves from the competition. This is supported by the report's consumer survey findings, which show:
62% of consumers want companies to advocate for issues they are passionate about, such as sustainability, transparency and fair employment practices.
66% think that transparency is one of the most attractive qualities of a brand.
64% find brands that actively communicate their purpose more attractive.
It is relevant to highlight that these findings are worldwide, since they are based on a survey of 30 thousand consumers in 35 countries, including more than 2 thousand in the US. This shows that not only multinationals are global in their strategies, But consumers have consistent responses around the world.
Brands with purpose lead businesses
Brands with purpose lead businesses
The Accenture report also highlights some cautions about risk mitigation that should convince even skeptics. Some findings include that 48% of American consumers who are disappointed by a brand's words or actions on a social issue complain about it, 42% walk away from the brand, and 21% never return.
These findings are particularly relevant at a time when more companies are adopting broader purposes and significant changes are occurring in the way investors view the role of companies in society.