Rewarding Companies That Do Good

A research study on the subject of corporate social responsibility was released last week by Burson-Marsteller. Bottom line was that despite the recession, consumers continue to prioritize social responsibility across business sectors. In fact, 55 percent of respondents said they were more likely to purchase a product that supports a worthy cause, all other factors being equal. Thirty-eight percent said they still plan to spend the same or more with socially responsible companies. Seventy percent are wiling to pay more for a $100 product from a company they regard as responsible. And 75 percent say it is important for companies to be socially responsible.

Only time will tell if this type of allegiance is merely lip service, or if these types of companies thrive based on an elusive brand loyalty not available to their less responsible competitors. Judging from the recent spate of environmentally responsible innovations announced by mainstream companies, there is confidence in America’s boardrooms that these kinds of initiatives will be rewarded by consumers. And I think they are right. At a recent conference, I happened upon Coke’s new green packaging for Dasani water, manufactured partially (30 percent) from plants and 100 percent recyclable. I find it encouraging that large companies are embracing the idea of a greener planet and a greater “community,” because they are out ahead of a population that is coming to share these values more every day.

Companies that take bold steps now will be the opinion leaders of tomorrow, and reap the benefits of increased mind share and market share as consumers recognize and embrace their own sense of global responsibility.