Beyond 2020: The era of conscious consumerism

1. Embrace the ‘conscious consumer’

“87% of consumers will buy a product based on how a company’s values align with their own.”*

Once a minority – conscious consumers are now mainstream – in the age of information, and in the face of climate change, they’re here to stay. When it comes to purchasing, they are doing their research. They’re looking at websites for information on business and manufacturing practices. They’re checking labels before buying, and paying attention to public opinion on specific brands in the news or on social media.

What businesses need to consider is how they adapt to embrace customers who demand more corporate social responsibility than ever before.

2. Grow sustainably

According to Nielsen’s 2015 Global Corporate Sustainability Report, 66% of consumers would spend more on a product if it came from a sustainable brand.

At the height of consumerism, GDP and economic growth was a measure of society’s progress. Not anymore. A movement away from mindless consumption and towards simpler living has changed the way companies must think.

Growth must be strategic and sustainable. The good news is, like every challenge, there are opportunities for those innovative enough to act early.

3. Be bold & ambitious

“Our business is going to fall off a cliff unless we start listening to people’s demands.” –  Dylan Williams

The best brands understand that sustainability covers environmental, economic and social impact. They raise the bar and challenge the status quo, finding ways to make consumption more sustainable while providing consumers with emotional and social wellbeing. The biggest risk for companies right now is to do nothing at all.

4. Put purpose before profit

“Profit without purpose is meaningless, and purpose without profit is unsustainable.” – Simon Sinek

Corporate responsibility is no longer optional – in fact, it’s proven to have a positive impact on the bottom line. However, with greater transparency demanded – it’s no longer about ticking a box. It needs to be driven by purpose and an authentic desire to operate in a way that makes the world better. It’s about embracing innovation and understanding our impact and what we can do differently.

5. Keep it real. 100%

“Brands perceived as artificial will find it difficult to remain successful… Brands that manage to appear genuine and meaningful will gain unprecedented levels of importance.” Douglas Holt

Consumers are trying harder than ever to be responsible citizens of the world, and they expect the same from businesses. In fact, 88% of consumers say they would stop buying a product if they learned of that brands’ irresponsible business practices*. Authentic brands have never been more important to business success and the ones who keep it real are the ones who will thrive in this new era.

Summary

“Profit isn’t a purpose, it’s a result. To have purpose means the things we do are of real value to others.” – Simon Sinek

The era of conscious consumerism is here whether we like it or not. Businesses need to be clear on their purpose, what values their customers hold, and how the two are related. It’s time to be authentic and strategic.

1. Embrace the ‘conscious consumer’
2. Grow sustainably
3. Be bold & ambitious
4. Put purpose before profit
5. Keep it real. 100%

Are you an innovative, purpose-driven business?
Talk to us about how we can help you grow.
Drop Reuben a line at [email protected]