Consumer values are changing, at least in terms of brand choice. Gone are the days when price and convenience alone were dependable factors. Instead, their preference leans directly on how brands engage and impact the world around them.
According to a 2015 report from Nielsen, 56% of consumers are willing to pay more for products from companies demonstrating commitments to positive impacts on society. Meanwhile, 53% would do the same for brands with strong commitments to their community. That’s even higher among Millennials — 73% will pay more for brands promoting sustainability, including community impact (as reported by Huffington Post, from the same report), while a whopping 81% expect their favorite brands to put out public statements regarding their corporate citizenship.
The sentiment has held up over the years, with a 2017 Nielsen report noting that 67% of Americans are prioritizing socially conscious food purchases. That same report notes that socially responsible brands are seeing the second highest sales growth (8%). In light of this, it becomes even more clear that cause marketing is critical for earning customer loyalty.
While Nielsen’s studies show how corporate social responsibility impacts your bottom line, more immediately, there are other impacts offered for generating loyalty through giving back to your community.Read More