Consumers Seek Brands That Display Corporate Responsibility and Accountability
How important is Corporate Responsibility to consumers?
The most recent Edelman goodpurpose™ Consumer Study of 6,000 people in 10 countries showed that an increasing number of people are spending on brands that have a social purpose.
As the survey notes, 66% of the respondents in these 10 countries no longer believe it is good enough for corporations and brands to merely give money away to charitable causes. The belief now is that, to be authentic, corporations and brands must truly integrate good causes into their day-to-day business activities, as well as into their internal processes and procedures.
In another Edelman survey, called the Trust Barometer, 80% of the more than 33,000 people surveyed worldwide said they expect businesses to both make money and improve economic and social conditions in their countries. In addition, 67% felt that businesses are too focused on short-term financial gains, while 57% felt that businesses are not focused enough on their long-term impact on society.
This takes the importance of Corporate Responsibility and Corporate Accountability to a new level, as highlighted in the previous blog post on Corporate Social Responsibility Is Part of Leadership Accountability.
What do you think? Please add your thoughts and ideas in the comments box below.
This article is excerpted from my book Great Leadership Words of Wisdom, which is available on Amazon in both paperback and Kindle formats and has over 1000 quotes on leadership from global business leaders, statesmen, athletes, coaches, sages, and philosophers.