First, what is ethical marketing anyway?
Ethical marketing is applying ethics and morality into your marketing process. In other words, it is a guideline for a business to present themselves in a way that is socially responsible. Here are the reasons why it’s a good marketing strategy.
It makes your business stand out
When your company positions itself as a modern, forward-thinking company, it shows that you stay relevant in a changing society. One example of a company that flaunts their philosophy is TOMS shoes. They claim that for every purchase you make, you are helping someone in need. Another company that centers itself in ethics is Everlane (clothing). They pride themselves in being transparent about how they treat their workers and where they source their materials. Both of these businesses center their marketing efforts around this ideology and it has worked extremely well for them. Consumers feel that they are changing the world one purchase at a time!
It helps people and the environment
The world is plagued with global issues such as world hunger, human rights, climate change, and the environment. The global economy does both good and bad for a number of these issues. Global trade is good because it connects us to each other. This has allowed many industries to expand and develop to massive heights! That’s why someone can enjoy tea from Sri Lanka all the way in Canada. Nevertheless, this has come with a great cost. To keep costs low and make profits, many large businesses don’t treat their workers fairly and create large amounts of waste. In a sense, we have also created a global disaster.
However, not all is lost! Many consumers are taking their money to companies they feel are working in the interest of global improvement. This, in turn, has pushed companies to start acting in ways that are socially responsible. Being socially responsible can include: investing in fair trade, providing superior working conditions, creating less waste, and sourcing materials conscientiously.
It works
More and more consumers are turning to ethical companies! 56 percent of American customers stop buying products from companies they perceive as being unethical. That is more than half of a country that is changing their spending habits due to how a company behaves and manages itself!
Digital marketer Aaron Haynes writes:
“Any business perceived to lack ethics is seen as a reflection lacking a moral compass, having doubtful product quality and holding no corporate community concern. When a lack of ethics becomes public knowledge, businesses lose credibility.”
To close, in a changing world a business must keep up with technology, values and a moral duty to humans and the environment. People are becoming more educated and enlightened with how to improve the world. Businesses should do the same.