Ethical Marketing: A Contradiction in Terms?
Ethical marketing, what do advertisers know about being ethical? As a marketing agency, we are hyper-aware that consumer trust is crucial to a successful business. As millennials we are also aware that now more than ever, people are extremely skeptical of advertising. When our generation was polled for industries they felt practiced their craft with integrity, only 4% said marketers and advertisers did. Ouch. I have to admit that it stings a little. However, it makes sense. When your goal is to sell, sell, sell, people naturally assume that we’d do anything to accomplish that goal.
So how can your business get the word out if any messaging is automatically met with suspicion. The answer; ethical marketing.
A Quick Definition of Ethical Marketing
So we’re on the same page, ethical marketing isn’t telling people that you sell the 7th best donuts on the market, just because it happens to be true. Ethical Marketing is sharing the honest good that your business brings to the community/world. In order to do that your company must be committed to charitable works and community service. You business must consider the environmental and social implications of their products. That’s right, ethical marketing is largely responsible for all those buzzwords like Fair-trade, Made in America and 100% Recycled.
You Get What You Give
The best part of ethical marketing is it works! Here are a few statistics worth considering:
- 45% of consumers say that they will buy a product if the company is ethical. Pretty good right? Well keep in mind that 56% said they will not buy products from an unethical company.
- 35% of consumers say that they would tell friends about ethical companies.
- 71% say that a company’s charitable givings and community service influences their purchasing habits. (23% often or always, 48% sometimes.)