Global consumers are paying more attention to companies’ Corporate Social Responsibility (CSR) communications and actions, and are using that information to determine their own consumer responses, according to the 2013 Cone Communications/Echo Global CSR Study. Dan Soulas of Echo Research states that this is yet another indication that CSR has moved beyond a footnote in a company’s annual report, and is now viewed as “a critical business strategy.”
Not only are consumers demanding companies to develop and communicate their CSR strategies and resulting impacts, but based on responses highlighted in the study, “more than eight-in-10 consider CSR factors when deciding where to work (81%), what to buy or where to shop (87%) and which products and services to recommend to others (85%).”
The study, which surveyed consumers from the top 10 GDP nations, includes the following consumer responses to corporate CSR:
- 91% of consumers are likely to switch brands to one associated with a good cause,
- 62% of consumers report using social media to communicate with companies about social and environmental issues, and
- 30% of respondents believe companies should change the way they operate, such as sourcing more environmentally friendly resources.
The research verifies a growing sentiment among businesses that to remain relevant in the global marketplace, their commitment to CSR and their ability to educate consumers on their sustainability practices and achievements will translate into valuable consumer goodwill.
For a complete copy of the Global CSR Study, click on the following link: