Irish consumers seeking “companies that care”
The fourteenth annual Accenture Strategy Global Consumer Pulse Research survey has been published, illustrating the expectations and values of nearly 30,000 consumers from around the world, including 420 Irish consumers. The study's findings suggest that companies that "stand for something bigger than what they sell" are more likely to attract consumers and influence purchases.
18 December 2018 | 0
Irish consumers favour goods and services from companies that reflect their customers’ personal values and beliefs, and increasingly stay away from those that don’t. This is among the findings of the 14th annual Accenture Strategy Global Consumer Pulse Research, which surveys 30,000 consumers from a range of countries around the world, including Ireland.
The research shows that 59% of Irish consumers want companies to take a stand on social, cultural, environmental and political issues, while 64% believe protest actions like boycotting can make companies behave differently.
Interestingly, while 58% of all Irish consumers expressed this preference, there was a divide among the age demographic. 63% millennials held these values, while just 53% of the so-called baby boomer generation did.
“In this era of transparency, consumers are voicing their opinions, and holding organisations accountable,” said Vicky Godolphin, MD of Accenture Digital. “They believe that their individual and collective efforts can and will influence how a company behaves.
“Transparency and trust really matter today as consumers’ voices can change the financial trajectory of companies,” Godolphin continued. “They are more than buyers – they are active stakeholders who are investing their time and attention and want to feel a sense of shared purpose. The winners in this era will be the organisations that take a stand on the important issues that Irish consumers truly care about.”
Furthermore, two-thirds of all consumers crave greater transparency in how companies source their products, ensure safe working conditions as well as their stance on important issues such as animal testing.
According to Accenture Strategy’s report, organisations that want to build stronger consumer relationships and sustain their competitiveness by becoming purpose-led can do so by:
- Defining what their business stands for. Companies need to determine the larger role they want to play in their customers’ lives and put a stake in the ground. Leaders can do that by understanding what their customers feel passionately about, why their employees choose to work for them and why other businesses partner with them. They’ll find what makes the company special and can use it to make a difference.
- Being clear and authentic. Consumers can see through inauthenticity. If a company is truly committed to its purpose, its principles guide every business decision. This purpose will bind consumers, employees and shareholders alike. It requires bold leadership where actions speak louder than words.
- Engaging consumers on a deeper level. With consumers actively aligning themselves to specific companies and having a stake in their success, businesses can capitalise on this energy by getting customers involved in co-creating new products and services, designing initiatives or partnerships, and investing in the company’s growth in exchange for personalised rewards. Including customers in their innovation ecosystem will help companies maintain their relevance, identify new growth opportunities and markets, and keep them on track with delivering on their promises.
To find out more about the report, visit www.accenture.com/BrandPurpose.