Customers’ perception of business’ social responsibility and cause related work is on the rise and the oft cited term “do go and do well” is actually coming to life through consumers willingness to pay more for ethical brands. There’s a growing body of evidence linking social responsibility to positive financial performance, not least this Nielsen study, that shows consumers will put their money where their hearts are.
Another test performed by The Wall Street Journal found that although some benefit can be gained by being ethical, there is considerable negative impact of being unethical, with large discounts required when companies are known to be unethical.
The fall out of Volkswagen’s recent ‘diesel duping’ scandal, makes sobering reading and puts into context the ‘need to discount’.
Whatever you choose to do, just choose to do something! Penning a straightforward plan, with simply articulated goals and objectives will get you out of the blocks. If you’re not sure where to start just ask us for a steer. Once you’re off and running, check over your shoulder once in while to see how you’ve done; keep a weather eye to the horizon in order to re-calibrate and reset the targets. This way you can stay on track or set yourself up to do even better in the following year.
Get started and you’ll be on the path to reaping the benefits of improved customer perception, increased employee engagement and a stronger brand. As you build on your social responsibility strategy and efforts to activate that plan, the snowball effect will deliver some very real bang for your buck.