Velloe Socially Conscious Blog

We blog on social responsibility and current thought leadership about making the world better.

Our social responsibility scope includes businesses, charities and marketplace trends that help people who support great causes to do well and outperform. We support those who do great work to build stronger communities.

How do Consumers feel about Corporate Social Responsibility?

How do Consumers feel about Corporate Social Responsibility?

While the competitive reasons are there, many companies still have a hard time being convinced of a legitimate need for corporate social responsibility. They feel they have plenty of business reasons for why they can’t do it. But what many of these businesses, of all sizes, don’t realize is that the future of commerce is being pushed towards CSR, whether they like it or not. That’s because consumer attitudes are changing in a direction that’s pushing companies to do good for communities as part of their business model.

 

A social responsibility to do good

A business needs a market to survive, and it’s clear that there won’t be a viable market that exists without taking social responsibility into account. About 94% of all consumers now believe that a business has a greater responsibility to do more good in addition to making a profit. This doesn’t mean that it should be a core part of their business model, but they do believe that in addition to providing a product or service, that businesses should try to improve their community through some proactive initiative. It could be donating part of their proceeds to a local charity, investing in a local green space, etc.

Green Business Local Space

Consumers don’t just believe in it, as 87% will consider that commitment when deciding where and on what to spend their money. It will be a factor in their purchasing decision, so it benefits your company to make your social initiatives known to the general public. Consumers feel accountable, as 88% believe they too have a responsibility to purchase products or services that are socially and environmentally responsible. They feel that the responsibility to do good in your community is shared by consumer and business alike.

Companies need to accept where they lack on corporate social responsibility

Customers have strong beliefs about CSR, but they’re realistic about what companies can do today. A majority of them don’t think a company has to do everything right, as 85% believe that it’s okay so long as they’re honest about their efforts. This shows that while consumers have certain expectations about the future, they’re more forgiving about the present.

That doesn’t mean there isn’t a breaking point though, as 90% of consumers would stop buying a company’s products if they learned of irresponsible or deceptive business practices. This just shows that while you don’t have to be perfect, doing harm, whether intentional or not, can sink your business.

The future of corporate social responsibility

Companies have a much better public image when they relay CSR initiatives to their market, as 96% of consumers will have a more positive view of a company in that case. They’ll stick to the company as well, as 93% of consumers will show more loyalty to a company that does good for the world.

More consumers than you think want companies to go full CSR, as 31% feel that businesses should completely align their operations with social and environmental practices. Considering that high number and the amount of good that consumers are growing to expect, it makes sense that businesses will have to follow suit at some point.

 

With the growing emphasis on CSR, it only makes sense that companies will move in that direction. Eventually every business will align themselves with social and environmental best practices, so start making the transition sooner rather than later.





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