Ethical Marketing Matters: How Businesses Who Prioritize Their Values See the Best ROI
In recent years, the term "ethical marketing" has been buzzing around the marketing industry, and for good reason. Consumers are becoming increasingly concerned about the ethics behind the products and services they use.
Companies that prioritize ethical marketing are able to build trust with their patrons and stand out from competitors.
According to a Forrester report, ethical marketing helps brands differentiate themselves by connecting with their patrons on a deeper level. In today's society, people want to know that the companies they support are aligned with their values. By prioritizing ethical marketing practices, companies can create a sense of purpose and meaning for their brand, which can be a powerful tool for building patron loyalty.
One aspect of ethical marketing that often goes overlooked is the importance of authenticity. Consumers can tell when a company is not being genuine in their marketing efforts. For example, if you’re jumping on a trend just for the sake of likes and views, then that can come through, no matter how great your acting can be. If you’re not truly aligning with your brand values then you will create a discrepancy between what you show on the outside versus how your business actually looks, feels, and operates on the inside.
Case and point - have you ever been drawn into someone’s business because of their beautiful marketing on Instagram but then was severely disappointed when you showed up and it was completely different that what was advertised? I feel like this happens a lot in real estate… and Tinder.
Bottom line, ethical marketing involves being true to oneself and staying true to one's values, rather than pandering to the latest trend or fad.
Businesses that prioritize ethical marketing practices put their patrons first and strive to make a positive impact on the world around them. This can involve everything from sustainable sourcing practices to responsible advertising campaigns.
But ethical marketing isn't just about doing the right thing for its own sake. It's also a smart business strategy.
According to the Forrester report, businesses that prioritize ethical marketing practices are able to command higher prices and earn greater patron loyalty. In a world where consumers are increasingly concerned about the impact of their purchases, ethical marketing can be a powerful tool for building trust and loyalty.
Not quite sold on it yet? Here are some examples of major brands that have committed to marketing their values:
Patagonia: Patagonia is a company that is well known for its ethical and sustainable practices. They prioritize sustainability in their supply chain, reduce their carbon footprint, and use eco-friendly materials in their products. They have even launched campaigns to encourage customers to repair and reuse their products instead of buying new ones.
The Body Shop: The Body Shop is a company that has long been committed to ethical and sustainable practices. They have always been against animal testing and have even launched campaigns to fight for a global ban on animal testing for cosmetics. They source their ingredients responsibly and use recycled materials in their packaging.
Ben & Jerry's: Ben & Jerry's is a company that has always been committed to social justice issues. They have launched campaigns to promote climate change awareness and have supported organizations working to promote marriage equality and criminal justice reform. They source their ingredients from fair trade farms and have even launched a line of vegan ice cream products.
Adidas: Adidas has made a commitment to sustainability in their supply chain and production practices. They have launched campaigns to promote recycling and repurposing of their products and use recycled materials in some of their products. They have also partnered with Parley for the Oceans to raise awareness about the issue of marine pollution.
If you’re thinking at this point “Okay, but these are major brands that have millions to spend on marketing campaigns. I’m just a person who wants to do what I love and pay the bills.”
That’s okay, I’ve got one more paragraph for you to chew on.
Ultimately, ethical marketing is about doing what is right and making a positive impact, regardless of the size or scope of your business. Even if you're not looking to become the next billion-dollar industry, ethical marketing can help you establish yourself as a trustworthy and reliable brand in your niche. Regardless of whether your business makes $100 or $100 million, if you take the time to flesh out your brand’s values and create a solid marketing foundation from those values, you’re going to feel 10x more proud of what you’ve created for yourself than if you hadn’t. The community you build and the people you attract over time will reinforce that feeling.
By prioritizing authenticity and staying true to your values, you can create a powerful connection with your audience that can lead to long-term success. So the next time you're planning your marketing strategy, think about the ethics behind your actions and consider how you can make a positive impact on the world.