Consumers prefer brands with social benefit
91% of consumers say they would switch brands if another similar price with the same quality and support a cause of social impact. According to the Echo Global 2013 study.
Imagine, you are in front of the supermarket shelf. There are two products that you seem quite similar. One supports a social cause, something that you think important and that improves society. The other not. What would you take?
The last two years have come to light several studies that refer to this change in mentality. People have new expectations towards brands.
The idea that companies should contribute something positive to society is seeping ever deeper into today’s consumer, it is very clear that now is he who has the upper hand and when you buy, also voted for the policy of a company to society.
Brands that understand this and know how to adapt to this change in mentality are to be positioned to lead in this new era. Or in the words of this article from Fast Company : “If your brand does not contribute significantly to real and well – being of society, a community of people or the planet will not be perceived as relevant.”
We enter a market that brands that do not provide a benefit that goes beyond your product, will be displaced by others that do.
Today the social impact is “a main wall” in building a successful Marcade and there is no turning back because the consumer is progressing very fast in this way.
And the million dollar question is how can differentiate your brand if your competitors also develop CSR actions?
Your brand investment will be allocated to CSR activities should report to you a clear role differentiation. A company performing CSR actions (with a clear intention of social improvement) does not mean you should not seek value through them to help you create Brand Meaning. One thing is not contrary to each other.
And back to this same study Global Echo quoted at the beginning, this idea to the consumer seems very consistent.
76% of consumers believe that it is legitimate brands support good causes and make money at the same time.
But often, what happens is that as happened at the time with fever entering social networks, many companies decide to jump on the bandwagon of CSR inconsistently with its brand personality without a cohesive vision with its strategy. So from the point of view of creating engagement with your audience, it is like investing in shots in the wind.
But where do you start if you want to build differentiation?
- We need from a social analysis from the point of view of the brand. What social or environmental problems -connected with our product, target and vision marked Could help solve ?. For success of Dove (help women to depression beauty stereotypes) it could not have been possible without this analysis initial context.
- Understand the lifestyle of our target and design activities for CSR related with our brand values which in turn, connect with the values of our audience (build a cultural connection). Moritz’s case illustrates well how the brand understands your target and what cares and make actions based on this common bond.
- Communicate these actions. It is key to inform your audience CSR actions in investing your brand and invite you to get involved in them. Patagonia’s example shows how their communication actions have helped to create this emotional link from the RSC.