Consumers’ desire to align themselves with brands and companies that share their social, political, moral, and other values continues to grow. We see it nearly every day, through reactions to corporate missteps such as U.S. Bank’s and Hallmark’s, as well as through commitments by groups like Business Roundtable to reorient business around a broader set of stakeholders than just shareholders. This trend is doubly important, because people don’t bring their values only to the marketplace for the products they buy but also to the job marketplace in deciding what companies they will and won’t work for.
Forrester has been writing about this consumer trend since 2017. The infographic below sums up what we have learned in that time:
- This isn’t some nice “corporate social responsibility” activity that looks good on the glossy pages of an annual report. Companies that put their values into action grow faster than other companies.
- This trend is not just for the young or those with enough disposable income to pay more for products that align with their values.
- Embedding your values into your business operations is hard but necessary to convince jaded consumers that you are truly committed.
Check out the infographic, then delve into Forrester’s other resources on the topic to better understand this trend, evaluate where your company stands now, and learn how to authentically embed values across your organization. (Forrester clients can review the reports listed below the infographic.)
Also, consider joining me and Senior Analyst Anjali Lai for a complimentary webinar on Wednesday, March 11, where we’ll discuss the rise of the values-based consumer and what it takes to capture purpose-driven spending.