In today’s world, consumers are more conscious of their choices and the impact they have on the world around them. Companies that prioritise social and environmental responsibility are becoming increasingly attractive to consumers, as they seek to align their purchasing decisions with their personal values and beliefs. A recent study by Accenture revealed that nearly two-thirds of consumers globally (63%) prefer to buy goods and services from companies that stand for a purpose that aligns with their personal values and beliefs, and that number is expected to continue to rise. In this blog post, we’ll take a closer look at this study and explore what it means for businesses.
Firstly, it’s important to understand what “purpose” means in this context. According to the study, consumers define purpose as “a company’s reason for being beyond profit, that positively impacts society or the environment.” This can encompass a range of issues, from sustainability and environmental responsibility to social justice and ethical business practices. Whatever the specific focus, consumers are looking for companies that are making a positive impact on the world.
So why are consumers placing such importance on purpose-driven companies? One reason is the growing awareness of global issues such as climate change, inequality, and social injustice. Consumers are increasingly concerned about these issues and are seeking out companies that share their values and are working towards positive change. Additionally, the rise of social media has made it easier for consumers to share their opinions and connect with like-minded individuals, making it more important than ever for companies to have a clear and authentic purpose.
The Accenture study also found that purpose-driven companies are more likely to attract and retain employees. More than half (56%) of the survey respondents said they would choose to work for a company with a clear purpose, even if the salary was lower. This highlights the importance of purpose not just for consumers, but for employees as well. Companies that prioritise purpose are more likely to attract and retain top talent, which can ultimately lead to greater success in the long term.
So what can companies do to align with consumer values and stand for a purpose? The study suggests several key strategies, including:
- Clearly define and communicate a company’s purpose: Companies should articulate their purpose in a way that is meaningful and resonates with consumers. This can be done through marketing materials, company values statements, and public statements.
- Take action to address social and environmental issues: Companies should demonstrate a commitment to positive change through their actions. This can include implementing sustainability initiatives, supporting social justice causes, or adopting ethical business practices.
- Foster transparency and authenticity: Consumers are increasingly skeptical of “greenwashing” or other forms of insincere messaging. Companies should be transparent about their efforts and work to build trust with consumers.
Overall, the Accenture study highlights the growing importance of purpose-driven companies in today’s world. Consumers are looking for businesses that share their values and are making a positive impact on the world. By prioritising purpose and taking meaningful action to address social and environmental issues, companies can attract and retain customers and employees, and ultimately achieve greater success in the long term.