Good news for socially responsible companies! According to a recent Nielsen study, half of the consumers around the world aren’t just more likely to buy goods and services from socially responsible companies, they’re willing to PAY MORE for them.
And here’s something else pretty interesting about the survey results: the percentage of survey respondents who said they’d pay more was at least twice as high (two-thirds of respondents) in India, the Philippines, Thailand and Indonesia than it was in Europe (one-third of respondents) where consumers may be more skeptical about corporate social responsibility.
So for companies who have a truly global reach and target audience, I think the key is to, first of all, implement a CSR (Corporate Social Responsibility) program – and not just because it may affect consumers’ purchasing decisions, but also because I personally believe we should all contribute to the greater good, and if we’re in a position to do that, why not? (hopping off my soapbox now…)
And in your CSR program, be sure to consider any cultural differences in terms of what resonates in each region or country. It’s probably worth doing a little research of your own with your in-country teams – find out what the local attitudes are and what people care about.
A note from Nielsen.com about the survey, just for context: “The Nielsen Global Survey on Corporate Social Responsibility was conducted between February 18 and March 8, 2013, and polled more than 29,000 online consumers in 58 countries throughout Asia-Pacific, Europe, Latin America, the Middle East, Africa and North America.” Click here to read all about the survey on Nielsen.com.
As a side note, after I read about the Nielsen survey results, I found a really great recent article on Forbes.com, “When It Comes to CSR, Size Matters,” which talks about how CSR fits into corporate culture, and how various types and sizes of companies embrace it in different ways. It’s a bit of a longer read, but worth it when you’re considering your own company’s philosophy and approach, so definitely take a look.