What is "Brand for Good?"
Brands hold a lot of power, influencing society and consumer behavior. Thus, brand leaders have a choice and can decide to lead with purpose and with a mindset of “for the better good.” It’s time to re-write the playbook for Brand Management toward one focused on Brand for Good.
This isn’t just a lofty goal. We found that 7 out of 10 consumers agree with the statement, “I expect companies and brands to contribute positively to society.”* In today’s environment, it’s important to raise brand standards beyond just functional product benefits or delivering shareholder value. To create a deeper connection with consumers, companies have to take on more responsibility, fulfill a genuine purpose, and act, contributing to multiple stakeholders.
Consider these complementing data points:
79 percent of consumers prefer to purchase products from a company that operates with a social purpose. (Source: Economist Purpose Study 2018)
57 percent of consumers are buying or boycotting brands based on a societal or political issue and 30 percent are doing so more than 3 years ago. (Source: Edelman 2017 Earned Brands Study)
56 percent of adults globally agree “I’d rather pay double for a product than buy it from a brand that I think is harmful to society.” It increases to 63 percent for the age 18-29 demographic. (Source: Looking Further with Ford Trend Report, 2018)
87 percent of consumers said they’d purchase a product because a company advocated for an issue they cared about and more than 75 percent would refuse to purchase a product if they found out a company supported an issue contrary to their beliefs. (Source: 2017 Cone Communications CSR Study)
75 percent of consumers expect brands to make more of a contribution to their wellbeing and quality of life. (Source: 2017 Meaningful Brands® Global Study, Havas Group)
To evaluate where you stand against today’s consumer desires and ensure brand relevance, ask yourself:
Do I have an articulated brand purpose, values, and ideology to guide brand and employee activity and behavior?
Am I clear on my brand’s and business’s role and responsibility to society and our culture?
Have I defined my key stakeholders beyond investors?
Have we created action plans for how we’ll contribute?
Closer in to the core of what you deliver, ask:
Are we adding value to our consumers’ lives?
Does my product and innovation solve a real consumer problem and need?
Is my path to purchase seamless and frictionless?
Is my content marketing engaging and valuable?
Is my brand emotionally resonant with my consumers?
There’s a movement towards Brand for Good, and it will take companies integrating the concept fully throughout their business and brand practices. Make a start by asking these questions, and don’t be left behind.
*Source: Data from an omnibus study conducted by ProdegeMR with 500 U.S. adults ages 18+, June 2018.