We hear an awful lot about privacy these days, mostly about how there isn’t any. When it comes to us as individuals, that’s not a particularly good thing but today’s rant isn’t about you and me. It’s about corporations and how they don’t enjoy quite as much privacy either, which in many consumers‘ minds is a very good – and actionable – thing. You see, if a business is misbehaving, it’s hard to keep a secret and people are demanding higher levels of responsibility from those firms with which they choose to do business. This isn’t me speculating: I have proof!
Cone Communications released a study called the 2011 Cone/Echo Global CR Opportunity Study. It’s a ten country survey covering thousands of consumers and it shows some pretty important findings:
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81% of consumers say companies have a responsibility to address key social and environmental issues beyond their local communities;
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93% of consumers say companies must go beyond legal compliance to operate responsibly; and,
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94% of consumers say companies must analyze and evolve their business practices to make their impact as positive as possible.
That’s important stuff. What’s equally important is that consumers are actively making sure that companies are behaving in a manner that warrants the consumer’s business:
Today’s engaged consumers are willing to reward, but just as willing to investigate and punish. More than a third (36%) have researched a company’s business practices or support of issues, and 32 percent have given their feedback about a company’s responsibility efforts directly to the company. Most telling is the consumer willingness to boycott. Ninety-three percent would boycott a company for irresponsibility, and more than half say they already have (56%).
“Welcome to a new wired world of empowered consumers,” says Lawrence. “They have access to research and networking tools once reserved for major journalists. In this world, the only way for companies to build reputation and manage risk is through corporate responsibility, engagement and transparency.”
It’s very possible to do well by doing good. It’s equally possible to suffer financial consequences if you don’t, and it seems much less possible to hide that fact.
Consult Keith 