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On this morning’s Business Beat, Jeff discusses results from a recent Piplsay study on the impact of brand activism and social issues. Of those consumers surveyed, 22 percent report that brand actions have impacted both their buying behavior and brand impression.
Tune in to the Business Beat to learn more about taking a stand on social issues and how your business can influence real change:
“The good news for many entrepreneurs who want to use their businesses as a vehicle toward positive change in society, you’ve got the green light to tactfully and artfully do just that. And you can feel good about knowing that by doing so, your business can actually be part of real positive change, all while increasing customer loyalty and perhaps even driving more sales to your bottom line.”
– Jeff Sloan
Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area can listen live HERE.
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Good morning, Paul.
So much about consumer behavior and the views they hold towards brands is being reshaped by the pandemic. As we’ve reported previously, we certainly know that loyalty towards brands is more fickle than ever before. In fact, the majority of consumers indicated that they would abandon a brand on just one bad experience.
So, the consumer brand relationship is definitely being reshaped right before our eyes. Now, consistent with that, brands now also face challenges with respect to whether or not they should engage in social activism and take a position on a given issue. And more than taking a position, should they be active toward addressing the issues, and if so, how?
Well, in a recent Piplsay survey conducted via Market Cube in March indicates that nearly half of Americans said that brands should take positions on cultural or societal issues, and that nearly one third believe that brands taking a position and taking action is not only good but could actually contribute to bringing about real change.
Asked if such brands have impacted their purchasing behavior or brand impression, 22% said yes, indeed, it has. Now one note of caution, 31% of those surveyed felt that some brands take positions on these issues only for the purpose of improving sales and not for true and genuine social good, and when that happens, brand impression actually goes down.
So, here’s the bottom line. The good news for many entrepreneurs who want to use their businesses as a vehicle toward positive change in society, you’ve got the green light to tactfully and artfully do just that. And you can feel good about knowing that by doing so, your business can actually be part of real positive change, all while increasing customer loyalty and perhaps even driving more sales to your bottom line.
However, one note of caution, again, as the survey points out, just make sure your position is genuine and that it comes across just that way.
I’m Jeff Sloan, founder and CEO of StartupNation.com and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.