New research from Porter Novelli finds that 89% of executives think purpose-driven enterprises have a competitive advantage. So it's not surprising that 80% believe that taking a stand on social issues is a business imperative.
But the same research points out that consumers may not be entirely onboard as only 70% say businesses have a responsibility to address social justice issues. (Mahoney, 2020)
A study from sproutsocial.com found that 78% of Liberals want brands to take a stand versus 52% of Conservatives. (2018)
Data also suggests that younger generations, i.e. Millennials and Gen Z are more influenced by cause marketing than are older generations. (2014)
In fact, buying a brand based on the causes it supports may be the best example we have of the role emotions play in decision-making. So, how does it affect you?
Can you think of an instance where you bought a brand because of a stand they take on social issues? What about the opposite scenario? Have you stopped buying a brand due to social issues? When is product performance more important than causes to you? Do you think your favorite paper towel brand needs to take a stand? What if they took one you disagree with? And how does price enter into the equation?
Mahoney, S. (2020, September 25) Research: New Urgency Of Purpose. mediapost.com. retrieved September 29, 2020, from https://www.mediapost.com/publications/article/356264/research-new-urgency-of-purpose.html?edition=
(2018, January 9) #BrandsGetReal: Championing Change in the Age of Social Media. sproutsocial.com. retrieved September 29, 2020, from https://sproutsocial.com/insights/data/championing-change-in-the-age-of-social-media/
(2014, August 26) CSR Reputation Affects Purchase Decisions, Millennials Say. marketingcharts.com. Retrieved September 29, 2020, from https://www.marketingcharts.com/brand-related-45217
