5 Powerful Facts About the Value of Ethical Marketing
You might think that marketing is all about slick-back hair, crocodile leather shoes and a ruthless instinct for selling. Unfortunately you’ve got us confused with the set of Wolf of Wall Street. Great film, bad moral compass.
You see marketing isn’t about trying to push things customers don’t want, it’s about trying to pull customers in with the value of what it is you have. That means ethical marketing has an important part to play in any marketing concept. How do we know this? Facts. And experience. But also facts.
So if you’re wondering what the real value of ethics are to your business, and indeed to your marketing – here are 5 awesome facts showing just how powerful a little moral guidance can be.
75% of consumers believe living an ethical and sustainable life is important to well-being
Do you want to make your consumers unhappy? Of course you don’t. Well 75% of consumers believe living an ethical and sustainable life is important to well-being. That means if your product can support that goal, and your marketing offers the ethical credentials to prove it, you’re onto a real winner.
Be careful though, this isn’t about positioning your brand to seem more ethical. This is about adopting and acting upon a set of beliefs that supports sustainable and ethical choices throughout your whole business value chain. Then market the hell out of it. Hey, doing good things doesn’t mean you can’t talk about them.
97% of global consumers expect brands to use technology ethically
Technology is an increasingly powerful enabler of business opportunity, but it’s not one without its pitfalls. Data security, digital identity tracking, third-party data sharing, consumer habit tracking, these are all areas of connectivity and technology that tell increasingly cautionary tales of how your brand could and should operate – and consumers are paying attention.
A survey of 27,000 participants worldwide revealed that 97% of global consumers expect ethical use of technology alongside customer-focussed innovation. That means they want the coolest new opportunities that technology offers, but they don’t want that opportunity founded on unethical practice by your brand. That’s a huge number of customers crying out for innovative brand marketing that can demonstrate an ethical use of technology.
72% of global consumers will pay more for sustainable products
Ethics isn’t just about how you treat people, it’s also about how you treat the world. Sustainability is a hot topic globally, with increasing focus on humanity’s impacts on our planet. Consumers are increasingly aware of their own role in that, and over 72% of global consumers are willing to pay more for products that can demonstrate a more sustainable footprint.
If you want to embed ethics into your marketing, look to how you can not only promote the sustainability of your brand, but even make your marketing efforts more sustainable. Get rid of the single-use plastic, minimise the packaging, reduce your waste, and generally kick-ass as a more sustainable corporate citizen.
64% of Asia-Pacific’s online consumers will pay more for brands with better social impact
That’s right, according to a 2014 Nielsen survey, the better a brand’s perceived societal and environmental impact is, the happier people are to pay more for its products and services. Consumers are literally paying you to be more ethical. As if that’s not inspiration enough, the Asia-Pacific region was actually the world leader in ethical decision making, substantially above the 55% global average.
Pull up your socks and get to work having a more positive impact on society and the environment. Push your company into more positive corporate-social responsibility initiatives, work to support your local community and wider environment. It’s not just going to make you better as a business, it’s going to make you better people too. Also it’s a damn fine chance for some ethical marketing.
Ethical performance improves financial performance
That’s a pretty big draw for anyone, isn’t it? Stakeholder theory is a business management theory which highlights the value of all stakeholders in a business, that means everyone from the shareholders and consumers to the guy who lives next to your factory. Central to this theory is the need to conduct your business in an ethical way to ensure success.
Don’t just take our theoretical word for it though, a recent Malaysian study investigating 234 Bursa-listed companies revealed a demonstrable correlation between a higher commitment towards business ethics and better financial performance. That means if you power up your ethics, you power up your business performance too. That’s on top of the added benefit of a good night’s sleep!