Historically, there has been a major balancing act for businesses between making money and doing good. Today, with more and more businesses being humanized, consumers are developing strong opinions about which companies they want to associate themselves with.
New research shows a growing consumer interest in companies’ community involvement and their efforts to support societal causes. 41% of respondents to a recent poll, surveying 1,000 Americans, said they buy products specifically because they are associated with a cause. Nearly 30% expressed their desire to spend more on socially responsible products and services in the coming year, while 9% said they are willing to switch to similar brands that actively support good causes.
How should companies react to such increased interest in corporate social responsibility? Crowdsourcing with social integration, cause-marketing campaigns and partnerships with non-profit organizations are just some of the strategies companies are using to grow their social good. Clarity has put together a data visual that outlines consumer perceptions, and takes a closer look at this paradigm shift: