Marketing is about connection. It isn’t a cut-throat world of slick-back hair and enthusiastic salespeople, it’s about finding ways to converse with your audience.
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 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.
42% of consumers globally 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, 42% 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 just 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.
Global consumers expect brands to use technology ethically
Consumers increasingly demand greater control over how brands collect, store and use their personal information. According to PwC’s 2023 Global Consumer Insights Pulse Survey, this control over personal data has become a significant concern for consumers.
The survey revealed that nearly 50% of respondents prefer to share only the minimal amount of information necessary when interacting with brands.
Brands that prioritise ethical practices will seek explicit consent from consumers before collecting data. By maintaining transparent data collection policies, these brands can foster trust and gain consumer support.
The survey found that 84% of consumers are more willing to share information with brands that have clear and transparent data practices. Furthermore, 77% indicated that these practices influence their purchasing decisions, and 50% said they are more likely to make additional purchases from brands that are transparent about their data policies and use technology ethically.
This is also an important part of participating in global marketplaces, with jurisdictions such as the European Union imposing strict data-control standards on brands capturing personal data. If you want to compete, you need to comply!
More than 80% of global consumers will pay more for sustainable products
Consumers are increasingly focusing on sustainability in their buying habits, with 85% acknowledging the disruptive impacts of climate change on their lives. To mitigate their environmental footprint, 46% are purchasing more sustainable products. Actions taken by consumers include making thoughtful purchases to reduce overall consumption (43%), altering their diet (32%), modifying travel habits (31%), and considering buying electric vehicles (24%).
Furthermore, 80% of consumers express a willingness to pay a premium for sustainably produced or sourced goods. On average, some are willing to pay 9.7% more for products that meet environmental standards, such as being locally sourced, made from recycled or eco-friendly materials, or produced with a lower carbon footprint. However, this willingness to pay more may not always result in actual spending due to factors like inflation, economic volatility and concerns about the cost of living.
40% of Asia-Pacific’s online consumers will pay more for brands with value and impact
According to the Voice of the Consumer Survey 2024: Asia Pacific, approximately 40% of respondents indicated that greater value for their money, along with reputational excellence, would encourage them to try a new brand. Additionally, around 25% of participants are drawn to brands known for high quality, positive reviews, and trustworthiness.
Reports suggest that a comprehensive strategy to maintain or build brand loyalty could be beneficial for consumer companies. This involves highlighting various product or brand attributes beyond just pricing, such as emphasising the unique brand promise, environmental, social, and governance (ESG) performance, contributions to communities, or exceptional customer service.
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, which 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—an analysis of 429 publicly listed companies on the Main Board of Bursa Malaysia from 2012 to 2021 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!
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