On this morning’s WJR Business Beat, Jeff highlights several new studies that indicate the importance of building a purpose-driven brand. He then provides three expert tips for ways entrepreneurs and business owners can share their company values with customers.
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Good morning, Paul.
We’ve been hearing a lot about how consumers are moving more and more toward doing business with companies that are mission- or purpose-driven. A trend, no doubt, intensified by the COVID pandemic.
In fact, there’s a growing body of research that says consumers care about their world and the impact businesses have on it, now more than ever. According to a Cap Gemini study, 79% of consumers are changing their purchase preferences based on social responsibility, inclusiveness, and or environmental impact.
Specifically, about the environment, an IBM study reveals that nearly six in 10 consumers surveyed are willing to change their shopping habits to reduce overall environmental impact.
Consumers are also very tuned in to how brands and businesses behave. Deloitte found that 62% of customers found that they are more likely to spend with companies who have taken extra steps to ensure the safety and wellbeing of their employees during the lockdown.
Yet another IBM study, in partnership with the National Retail Federation, found that one-third of global consumers from Gen Z to baby boomers would abandon even their favorite brand if it doesn’t align with their personal values.
Given this, the time is now to let your customers know about your company’s values and what you stand for. To do it right, I’ve created a simple list of tips:
First pick something that you and your team feel authentic about. Don’t just pick something that you think sounds good. If you aren’t authentic, this could backfire, as it will likely be seen as nothing more than a marketing tactic.
Number two, don’t overstate the messaging around whatever purpose, mission or values you want to convey. Be subtle but clear, and that’ll be more effective than being boastful.
And number three, if you’re going to make a stand, you better not only say what you care about, but you better demonstrate by action that your care is genuine. Highlight what you’ve done or plan to do in order to demonstrate with actions, not just words, what is centrally important and why consumers, therefore, should do business with you.
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.