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VALUES-BASED CONSUMERS

Why values-based consumers can’t be ignored by the world’s brands

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.

Values-based consumers

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:

  • Values-based consumers demand ethical marketing. Today’s empowered consumers have high expectations of the social and environmental stances of the companies and brands they engage with. Forrester’s 2021 data shows that 73% of US, 72% of UK, and 84% of metropolitan Chinese Progressive Pioneers (the most empowered segment) support brands that commit to social justice causes; 79% of US, 83% of UK, and 85% of metro Chinese Progressive Pioneers believe that companies are responsible for protecting the environment. To address these increasing consumer demands, more and more brands are embracing ethical marketing.
  • Done right, ethical marketing brings long-term value and loyalty. There’s a positive correlation between ethical marketing, the quality of consumer/brand relationships, and how consumers perceive product quality; together, they contribute to brand loyalty. Ethical marketing is a long-term play rather than a one-off effort or pursuit of the latest trends. Brands that express their values consistently in ethical marketing are more likely to reap the rewards: Forrester data shows that more than half of consumers prefer to buy from brands that stay true to their own values rather than reflect the latest trend.

Doing ethical marketing incorrectly can cause serious consumer backlash and have a severe impact on business performance, such as reducing sales, Wang warns.

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Dr Kin Kariisa

Group CEO - Next Media

Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

  • Other current and previous roles played by Dr Kin Kariisa:
  • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
  • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
  • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
  • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
  • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.