In the struggle for competitive advantage, businesses need to create purpose-led brands that align with their customers’ own beliefs, finds this report by Accenture.
Indeed, 53 percent of customers in the UK want companies to take a stand on issues they care about, such as sustainability, transparency and fair employment practices. Younger consumers, particularly Gen Z, are driving this trend.
Key points include:
•In the UK, 66 percent of consumers crave greater transparency on how companies source their products, ensure safe working conditions and their stance on issues such as animal testing.
•62 percent of customers want companies to stand up for the issues they are passionate about.
•42 percent of customers will give the company a second chance if it publicly apologises.