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Culture Risk

The Millions You're Spending on Marketing Could Be for Nothing. Here's Why

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The Millions You're Spending on Marketing Could Be for Nothing. Here's Why

Socially responsible marketing is on the rise. If the recent consumer controversy over Gillette’s ad on masculinity wasn’t enough, everyone in the business world is also talking about the new marketing trend. In the last 12 months alone, Deloitte, McKinsey, and the World Economic Forum in Davos have all noted that more and more consumers are looking to businesses to take stances on important social issues. The numbers are talking as well: 66% of consumers will pay more for products from companies committed to positive social impact. With millennials, this number is even higher. 73% will pay more for sustainable products, and 81% expect companies to take a public stance on social issues.

That means that there is an enormous opportunity at hand. Brands that can properly connect their brand with relevant social causes have grown their audience and revenue by as much as 200%. However, you can spend millions on marketing in hopes of winning favor with the public without realizing that it takes as little as one person to erode the goodwill you’ve built. While socially conscious marketing is helpful and even necessary today, a single revelation of toxic employee behavior can render all of those marketing efforts fruitless. Yes, the numbers say that socially conscious marketing pays dividends—but take a closer look and you’ll see the costs of toxic behavior are even greater.

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