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Consumers will punish brands for 'goodwashing'

Many are skeptical of companies' underlying motives

First identified in 2017, these so-called 'CorpSumers' base their loyalty and purchasing decisions on companies' reputations rather than just product features and price. The second annual study in 2018 found that 35% of the US population now broadly number themselves among the modern 'CorpSumers' segment - a rise of 2% in only one year - and that 8 in 10 are willing to pay more for brands that take a stand on important policy and societal issues.

"What the last year has shown us is that companies' engagement on societal and public policy issues is table stakes. CorpSumers don't just want brands to take a stand, they expect it and act accordingly," said Carreen Winters, MWWPR's Chairman of Reputation and Chief Strategy Officer. "Bigger than moms and Millennials, this powerful market segment sees right through superficial attempts by brands to simply appear as good corporate citizens. In exchange for brand loyalty, they crave authenticity in a company's ethos, message, and execution. 'Goodwashing' is the new greenwashing, and companies who attempt to dabble in purpose without authenticity do so at their own peril."

In CEOs We Trust?
As CorpSumers' confidence in government continues to erode (an 8-point drop from 2017,) they are increasingly turning to CEOs to fill the void. A whopping 75% of CorpSumers base purchase decisions on their opinions of company leadership, a 4-point increase from 2017, and 36% believe company leadership speaking out on an important issue is the best way for companies to take a stand.

90% of US CorpSumers are more likely to try a company's product, and 80% are willing to pay more for products from companies that take a stand on societal and public policy matters. 43% of CorpSumers prefer a company to take a stand on an issue, even if it does not align with their own point of view. Furthermore, 78% of this segment expects companies to have meaningful corporate citizenship initiatives, a 4-point jump from 2017.

What Do CorpSumers Care About?
This year's study provided a blueprint for exactly what issues companies need to think about when it comes to engaging these brand amplifiers. The results showed that company's treatment of employees has the greatest impact on purchase decisions (81%). Other top-of-mind issues for CorpSumers include:

1. Company working conditions (56%)
2. Product safety (54%)
3. Equal pay and employment (53%)

But with almost 60% of CorpSumers expressing skepticism at companies' underlying motives, positions on policy issues must align with a corporation's values to engage and retain this market segment.

"Brand bravery and 'walking the talk' will be critical for CEOs across industries in 2019," added Winters. "A far cry from check-the-box initiatives and greenwashing practices of years past, citizenship is the new gold standard and must be a central tenant of any C-suite agenda or corporate strategy."

Compounding Influence
When it comes to these issues, the study also revealed just how influential the CorpSumers are becoming:

• Over 3 in 4 US CorpSumers consider a company's actions before deciding to purchase from that company.
• 70% of CorpSumers encourage others to buy a product from a company with a strong reputation
• 77% of Gen Z and 78% of Millennials have encouraged someone to buy a product from a company due to its reputation, more so than Gen X and Baby Boomers.
• Almost half (48%) of CorpSumers have stayed with a company despite being dissatisfied with their products or services because they believed in the company's mission or values.
• The opposite is also true - 64% of CorpSumers have encouraged others to give up a product or service from companies that disappointed them, while 68% would abandon brands entirely if their values no longer align.

To influence CorpSumers, the study suggests, CEOs must also take into account shifting trends in media consumption. Corporate leadership needs to lean in to social media, as it is the most trusted news source among CorpSumers looking for information about a company. Social influencers are also key to attaining CorpSumers' trust. Given the power of the CorpSumer to mobilize and incite change, companies will need to pay attention to their demands and expectations - or face the bottom-line impact of brand disloyalty.

Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business.

You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy. Grab this goldmine of easily adaptable and up-to-date strategies, walk-throughs, trends, technologies, research, suppliers and partners, plus all the supporting arguments you need to build a solid CX strategy.

While most marketers could list maybe a dozen key points for improving their brand's Customer Experience (CX), the researchers and writers at The Marketing Factbook have identified FORTY main 'CX Keys' which will help you drive your customers to new levels of delight, loyalty, advocacy and profitability.

The areas in which customers have direct contact with your organization are perhaps the most obvious places in which CX improvements can be made, and this report addresses all 24 of these 'Direct CX Keys', applicable to offline and online businesses alike.

At the same time there are many other areas that indirectly affect CX (such as the supply chain, policies and processes) in which every business can make simple but far-reaching improvements. This report guides you through the problems and solutions for all 16 of these 'Indirect CX Keys', many of which are often forgotten or under-played even in the best CX strategies.

Get it on Amazon (Kindle/Print)