Conscious Businesses go in hand with Conscious consumers. The Nielsen rating agency conducted a survey in 2012 to determine the profile of the conscious consumer. The specific field dealing with conscious consumers is referred to as Cause Marketing. Technically, Cause Marketing is defined as the use of social and environmental efforts to build a brand and increase profits—has been a secondary if not primary motivation.
Reesearch suggests that there is a segment of socially conscious consumers that cause marketers should pay attention to. In this study, Nielsen defined the “socially conscious consumer” as those who are willing to pay extra for goods or services that give back to society.
Figure 1: Profile of the socially conscious consumer (Source: Nielsen)
Nielsen surveyed over 28,000 online respondents from 56 countries around the world to shed light on such questions as:
- who are these socially conscious consumers?
- what causes are most important to them?
- what’s the best way to reach them?
In the study, consumers were given a list of 18 causes that can socially conscious consumers can support; the top was environmental sustainability, coming in at 66%. Other important findings were:
- 66% of consumers around the world say they prefer to buy products and services from companies that have implemented programs to give back to society
- 62% of socially conscious consumers would prefer to work for these companies
- 59% of socially conscious consumers would prefer to invest in these companies
- 46% say they are willing to pay extra for products and services from these companies
Figure 2: Rank of 18 causes that socially conscious consumers think corporations should support (Source: Nielsen)
With such strong numbers, it is clear that consumers wield considerable influence on the corporate actions. This gives citizens incentive to form consumer action groups as a means to force corporates to behave more responsibly.