Today’s consumer is smarter, savvier, and more filled with purpose than ever before.
With so many options and brands to choose from, they have turned brand loyalty on its head by making it the brand’s responsibility to prove they deserve trust and loyalty.
Our research has shown that one way to do so is by upping the ante on how your brand delivers and promotes social good. Nearly 90% of Millennials value brands with a positive social impact, but beyond that stat, we are seeing an uptick in the importance of ethical commitment across demographics and categories from CPG to travel to fashion.
“Social good” encompasses sustainability, fair trade, trending notions of artisanship, healthy living (i.e. organic, BPA free, GMO-free, etc.), investing in quality goods rather than cheap or convenient items, etc.
While Williamsburg hipsters craft their own locally-sourced food truck menus, this is a macro trend that we don’t foresee fading anytime soon; in fact, it is increasingly cost-of-entry. Business leaders recognize that ‘creating social value’ has long term benefits. Harvard Business Review states, “The purpose of the corporation must be redefined as creating shared value, not just profit per se. This will drive the next wave of innovation and productivity growth in the global economy.” Read more here.
What this signals is growing consumer awareness of the interconnectedness between what we buy, how it’s produced, and its long-term global consequence. For businesses, this is an opportunity to engage consumers through honesty, transparency, appropriate cause alignment, and socially responsible actions that feel on-brand and credible. Ask yourself if your brand meets any of the following criteria for social good:
- Pledges that have become reality
- Multiple benefits associated with purchase
- Authentic and honest messaging
- High quality products
- Products aligned with a cause
- Relatable brand voice
If you don’t currently check any of these boxes, never fear! It’s not too late to bring social good into the fold of your brand. By standing for something, you can stand out to consumers. Contact firstname.lastname@example.org to learn how we can help.
Ally Aleman is a Director at Insight Strategy Group focusing on current and emerging trends across fashion, retail, and media.