Ethical marketing states to the process by which companies bazaar their goods and services by directing not only on how their goods benefit customers but also on how they benefit environmental or socially responsible causes.
Why Should Brands Adopt Ethical Marketing?
There are two main reasons for ethical marketing:
Values-Based Consumers Demand Ethical Marketing:
Today’s empowered consumers have high expectations of the social and environmental stances of the companies and brands they interact with. Forrester’s 2021 data shows that 73% in the US, 72% in the UK, and 84% of Chinese metro progressive pioneers (the most empowered segment) support brands that engage in social justice causes; 79% of US, 83% of UK, and 85% of Chinese metropolitan progressive pioneers believe that businesses have a responsibility to protect the environment. As a result, more and more brands are embracing ethical marketing to meet these growing consumer demands.
Done Right, Ethical Marketing Brings Long-Term Value And Loyalty:
There is a positive relationship between ethical marketing, consumer/brand relationship quality, and how consumers perceive product quality; they contribute to brand loyalty. Ethical marketing is a long-term game rather than a one-off effort or the search for the latest trends. Brands that consistently express their values in ethical marketing are more likely to reap the rewards.
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