Late last year, at Forrester’s Asia Pacific Predictions 2020 events, one of the predictions we made was “Leading brands will differentiate with ethical marketing to build long-term value.” Fast-forward to the second half of the year, and we see that COVID-19 is accelerating the trend. Values-based consumers are on the rise, and they will vote with their wallets to support the brands that are aligned to their values. We see more brands in Asia Pacific and across the world embracing ethical marketing practices as a result. Doing this incorrectly can cause serious consumer backlash, however, and severely impact business performance, such as by reducing sales. Done right, though, ethical marketing can enhance customer trust and loyalty and bring long-term value to brands.
In this 20-minute session, I will answer three key questions:
- What is ethical marketing? Companies embracing ethical marketing practices market their goods and services by focusing not only on how their products benefit customers but also on how they benefit socially responsible or environmental causes.
- Why should brands embrace ethical marketing? Empowered customers today demand much more than efficient and reliable products and increasingly care more about values such as respecting consumer data privacy and promoting environmental protection. I will share best practices and pitfalls to avoid when brands leverage the four tenets of ethical marketing to win consumers’ hearts and wallets.
- What’s the best way to implement ethical marketing? Ethical marketing isn’t clear-cut. It exists on a spectrum where brands should make their own calls. It’s never a simple decision, and not every ethical marketing decision will result in both increased customer value and business value. There are a lot more factors to consider, and a cost/benefit analysis is required before you choose your ethical marketing strategy.
I’m thrilled to be sharing these insights and some great ethical marketing examples with you in the session on September 1, 2020, and I look forward to your feedback, as well. To learn more about Forrester’s Summit Asia Pacific event, please click here.