Seventy one percent of consumers prefer buying from brands that align to their values. This statistic was unveiled by 5W Public Relations’ 2020 Consumer Culture Report.
Brand Values Alignment
Millennials find buying from companies that share their values even more important. In fact, 83% of this demographic stress the importance of value alignment. And they exercise that conviction when choosing a brand to purchase products or services from.
Read more about what Millennials want…
The survey found that consumers as a whole are becoming more politically and socially conscious. They buy products from businesses that adhere to their political and social beliefs.
Twenty one percent of Baby Boomers say buying from brands that share their values and ideologies is important. With Generation Xers, this number rises to 50%. And with the Millennial generation, 62% of those surveyed believe buying from companies that support their own political and social beliefs is important.
For small businesses looking to attract new customers, retain existing customers and generally grow their business, the research highlights the importance of brand alignment and marketing company values and ethos to the right audiences.
The 2020 Consumer Culture Report shows that when marketing to younger consumers, it is important that businesses send the right messages out in so they can align their own values with the customers they are trying to target.
Such is the growing prevalence among consumers to deal with brands that align to their values, that non-alignment can run the risk of consumers shunning certain businesses.
More about the Report
As the report author’s note:
“Eighty-three percent of Millennials say it’s important for the companies they buy from to align with their beliefs and values. Needless to say, these consumers have high expectations of the brands and companies they deal with.
“Not only do they purchase products that demonstrate their social or political beliefs, but a whopping two in three have boycotted a company they previously purchased from because of its stance on an issue. And it’s not just the marketing and advertising that comes under scrutiny. More and more, governance is playing a significant role in reputation, brand perceptions and now – purchase decisions. CEO and senior executive salaries have long been under scrutiny, but now, so are their values, actions and beliefs,” writes the 2020 Consumer Culture Report.
The research shows that 76% of 18 – 34-year-olds like it when CEOs of companies they buy from speak out on issues they care for. This compares to 66% of 35-54-year-olds and 55% of the 55+ age group.
But consumers also boycott companies due to a stance on a specific issue. For example, 66% of millennials say they have shunned a company because of this reason. This number drops to 59% of Generation Xers. And only 51% of the Baby Boomer generation will do so.
5W Public Relations’ 2020 Consumer Report highlights the need for small businesses to understand. They need to recognise the values and beliefs of consumers. This lets them market their products, services and brand according to their target market’s values. This seems particularly true when reaching out to younger consumers.
Image: Depositphotos.com
This article, "71% of Consumers Prefer Buying from Companies Aligned with Their Values" was first published on Small Business Trends
February 19, 2020 at 06:25AM
via https//www.brucedayne.com/
Gabrielle Pickard-Whitehead, Khareem Sudlow
