Today, more and more companies are making a conscious effort to invest in socially responsible practices that benefit the environment and society, cut costs, and increase brand awareness and profits. They are aware of the benefits to their brand’s reputation and goodwill, but they are also learning that consumers are becoming even more welcoming to the idea, even if they have to spend more at the checkout counter as a result.
Findings from a Nielsen survey of more than 28,000 online respondents from 56 countries around the world state that 66% of consumers say they prefer to buy products and services from companies that have implemented programs to give back to society. They also prefer to work for these companies (62%), and invest in these companies (59%). 46% of these consumers are socially conscious consumers, explaining that they are willing to pay extra for products and services from these socially responsible companies.
These numbers are growing not only in the US, but globally as well. According to a recent Nielsen global survey, consumer sentiment toward socially responsible companies is growing. In the year-and-a-half since Nielsen published its “Global, Socially Conscious Consumer” report, the percentage of global consumers willing to reward companies that give back to society grew by 5 percent—increasing from 45 percent to 50 percent.
It is important for organizations to identify their markets and determine which sustainable practices they should pursue in order to maximize the effectiveness of cause marketing efforts. Some consumer markets are not as concerned with sustainable practices as others, so it pays to do the research. In the long run, cause marketing is clearly a smart business choice for any organization looking to make a positive impact on the environment, society, and their bottom line.