
Kenya’s Safaricom is the most valuable non-SA brand, study finds
South African brands again dominate the latest Brand Finance Africa-wide study, but several Kenyan brands put in a strong showing.
VALUES-BASED CONSUMERS
By our News Team | 2021
Attitudes may vary from region to region, but an increasing number of people want to support brands that align with their values.
Values-based consumers — people who vote with their wallets to support brands that align with their values — are on the rise, a trend accelerated by COVID-19. These consumers are making brands more aware of the importance of corporate social responsibility and sustainability.
This is according to Xiaofeng Wang, Principal Analyst in the Asia-Pacific region for international market research and advisory company Forrester. In a recent blog, she points out, though, that issues such as sustainability appear to be receiving less attention from corporates in the region than in many other markets.
“In fact, we predict that in 2022, the number of firms in [Asia-Pacific] to appoint a dedicated sustainability lead will be less than half the global average,” Wang says.
Image by Peggy und Marco Lachmann-Anke from Pixabay
“Still, brands should act and heed the call of values-based consumers by embracing ethical marketing practices. Done right, it can enhance customer trust and loyalty and bring long-term value to brand.”
Two main reasons to market ethically
Posing the question as to why brands should adopt ethical marketing, Wang writes that there are two main reasons to do so:
Doing ethical marketing incorrectly can cause serious consumer backlash and have a severe impact on business performance, such as reducing sales, Wang warns.
South African brands again dominate the latest Brand Finance Africa-wide study, but several Kenyan brands put in a strong showing.
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