Lots of such businesses exist in the world which are solely there for the sake of profit. They don’t care about what the customer wants. They only care about themselves and making loads of dollars. Some of them are willing to go to great lengths to deprive customers of quality and honesty. I was watching a show on Spectrum Specials and heard the term ethical marketing for the first time. This intrigued me to learn more about it. So, let’s learn what it is all about.
For the modern consumer, ethics are significant. In fact, they now make purchase decisions based on ethics. So, if you are a business owner and you are missing out on ethical marketing, your business could soon be in danger.
What Is Ethical Marketing Really?
Ethical marketing is the process by which a company markets its goods and services focusing on not just how its products could benefit the customer, but how they benefit the environment and other social issues.
In other words, ethical marketing is not a strategy, it is a philosophy. It ensures that the ads which consumers see how honest and trustworthy. It emphasizes building consumer relationships through a set of shared values. The company that uses ethical marketing for making decisions considers the business aspect as well as the moral aspect.
Why Is It So Important?
If you are neglecting ethical marketing from the start, you are missing out on a huge chunk of the millennial audience. The Nielsen report says that 73 percent of millennials are willing to pay extra for sustainable products. Also, millennials are filling positions of power rapidly. For them, ethical marketing is more important than ever. They are giving preference to brands that make ethical as well as socially responsible decisions. The modern buying process is no longer about convenience and affordability. Rather, it’s about sustainability and being honorable.
Also, consumers are ready to take react or might as well take an action if they believe a brand or company is not responsible socially, politically, environmentally, or any other way. Those companies that use twisted facts and deception to sell their products need to watch out in particular.
How Can a Business Be Ethical?
Well, there are lots of discrepancies about what’s ethical and what’s not. However, there are few general guidelines that you may follow. Let’s check them out:
Choose Eco-Friendly Ingredients
The earth is being treated harshly for a long time. Reports say that, in the last fifty years, human beings have consumed more resources compared to all previous history combined. That’s a number that’s tough to comprehend.
The grounds for concern are high because the environment is degrading fast and we humans are to blame. Now, more and more people wish to support businesses that produce and distribute items in an environmentally friendly manner so that their money can go to good causes.
Choose environmentally responsible options for your business’s surroundings. Consumers are willing to spend more money out of their pocket if know a brand is doing its part to make the world a better place. Modern customers respect a brand for its efforts.
Lying to your customer base is the quickest way to lose customer loyalty. People are bombarded with marketing messages telling them what to buy and where to get it on a daily basis. Consumers may now make purchasing selections based on what they desire rather than what they’re told, thanks to online shopping. As result, when they have the option of buying from a business that is honest, they will go for it.
Remember, misleading marketing practices will only lead you so far. It’s best to follow a transparent policy from the very beginning to avoid having to explain why you lied and ending up tarnishing your business reputation.
Panera in 2015 pledged to eliminate all artificial ingredients from its menu and it did so successfully. The following year, they launched a whole new menu with complete information about the ingredients including nutritional value and animal welfare reports. They experienced a 5% increase in quarterly sales. This proves that if you are honest about your business practices, this could bring a positive ROI.
Extend a Helping Hand
Businesses can use their resources in a variety of ways to help those who are truly in need. If an organization or brand exercises its power for donating money or helping the needy, it not just makes it look good, but it encourages a positive behavior loop. And we all know consumers dig a business that is loyal to not just humans but animals.