Most Consumers Buy From Shared-Purpose Companies, Accenture Finds

(Photo: Accenture)

New research from Accenture shows that 63% of global consumers prefer to buy goods and services from companies that stand for a shared purpose that reflects their personal values and beliefs.

The 14th annual Accenture Strategy Global Consumer Pulse Research called From Me to We: The Rise of the Purpose-led Brand surveyed 30,000 consumers in 35 countries from August through October. Respondents shared expectations about the brands and companies that sell products and services they purchase.

Of the consumers surveyed, 62% want companies to take a stand on the social, cultural, environmental, and political issues that are close to their hearts, Accenture found. In addition, 65% said that their purchasing decisions are influenced by the words, values, and actions of a company’s leaders.

Most respondents said they are attracted to organizations that are committed to using good quality ingredients, treat their employees well, and believe in improving the environment. Nearly three quarters of the respondents said they crave greater transparency in how companies source their products, ensure safe working conditions, and their stance on issues like animal testing.

On the flip side, Accenture’s research showed that when a company goes against its perceived values, consumers communicate displeasure with their wallets. Of the 36% surveyed who said they had been disappointed by a company’s actions, nearly half of those respondents stopped doing business with the company as a result.

Organizations seeking to build stronger consumer connections and sustain their competitiveness by becoming purpose-led can follow these steps, according to Accenture:

• Defining what your business stands for. Understand what customers feel passionately about, why your employees choose to work for you, and why other businesses partner with you. Find what makes the company special and use it to make a difference.
• Being clear and authentic. Consumers can see through inauthenticity. If your company is truly committed to its purpose, those principles guide every business decision. It requires bold leadership where actions speak louder than words.
• Engaging consumers on a deeper level. Get customers involved in co-creating new products and services, designing initiatives or partnerships, and investing in your company’s growth in exchange for personalized rewards. Including customers in your innovation ecosystem will help the company maintain relevance, identify new growth opportunities and markets, and stay on track with delivering on promises.

“Purpose is more than companies simply responding to issues of the day. It’s about having a genuine and meaningful commitment to important principles that consumers care about,” said Bill Theofilou, senior managing director of Accenture Strategy. “Many companies have neglected to convey purpose due to complacency, lethargy, or the fear of polarizing people, which has allowed smaller players to rise.”