Accessability Links
Cookies on our website
By continuing to use this website we will assume you are happy to receive cookies as outlined in our cookie policy
Accept Policy

Accenture highlights growth of 'purpose-led brands'

Dec 17
 
Tags: Accenture
Share this story:
Accenture highlights growth of 'purpose-led...

Companies that "stand for something bigger than what they sell" are more likely to attract customers, influence purchasing decisions and gain an edge over competitors, according to Accenture.

In its 14th annual Global Consumer Pulse study, the professional services firm highlighted a trend of UK customers buying from brands that take a stand on issues they care about.

Committing to principles

Accenture surveyed more than 2,000 people in the UK and found that over half (53 per cent) of respondents preferred to buy goods and services from companies that demonstrated a shared purpose reflecting their own personal values and beliefs.

Nearly two-thirds (64 per cent) of people aged between 18 and 29 said they wanted companies to take a stand on the social, cultural, environmental and political matters that are important to them.

An even larger proportion (74 per cent) said the words, values and actions of company leaders influenced their purchasing decisions, underlining how transparency and accountability are more important than ever in the current era.

Other findings showed that two-thirds (66 per cent) of 55 to 74-year-olds are attracted to organisations that are committed to reducing their use of plastics, compared to 60 per cent of the 18 to 29 age group.

More than half (55 per cent) of all consumers said a brand's ethical values and authenticity played a part in influencing their purchasing decisions. Two-thirds were looking for more transparency in how businesses source products, ensure safe working conditions and take a stance on issues such as animal testing.

Accenture Strategy managing director Rachel Barton said: "UK consumers are investing their time, money and attention in brands that have a genuine commitment to important principles that they care about – such as health and wellbeing, natural ingredients, environmental sustainability and family connections.

"These principles guide every business decision. Be warned – people can see through inauthenticity and won't tolerate it."

Consumer power

The research also provided insights into how consumers today have more power than ever to influence brand perceptions and company conduct, partly thanks to the range of platforms available for people to express their opinions.

More than half (55 per cent) of the survey respondents said protest actions such as making their views known on social media or actively boycotting particular brands can change how companies behave.

Nearly four out of ten people (37 per cent) had stopped doing business with a particular organisation in the past because of its actions.

Ms Barton noted that consumers "have the power to bring about success or failure to companies".

"They are more than buyers – they are active stakeholders and want to feel a sense of shared purpose," she added. "These findings should be a powerful wake-up call for all brands to become purpose-led organisations."

Accenture highlighted some key steps that can help brands become 'purpose-led', such as developing a clear idea of what they stand for and placing a big emphasis on clarity and authenticity.

The firm also highlighted the benefits of engaging with consumers on a deeper level, which could entail getting people involved in product innovation and co-developing new services.

Search Mindbench.com for the latest management consultancy jobs and consulting recruitment opportunities, or contact us on +44(0)207 089 9017.

Image: oaltindag/iStock

Share this story:
Add new comment
Jobs Related to this Post
5 result(s) found 
Page 1 of 1 

£150k plus £50k-£60k bo...
Central London
Our client delivers insurance-based solutions for the management of litigation risk for commercial clients, litigation funders and their lawyers. It operates as an underwriting agent with full
£50k plus £25k bonus
London or Manchester if preffered
Client Director (Account / Relationship Management) PE and VC Portfolio   You will join this growing consultancy team based out of a new London office in Clerkenwell or our Manchester office
£80k-£100k plus bonus, benef...
Central London, no travel required and...
Corporate Strategy Manager Our client is a leading global gaming and entertainment company. Making games is fun. Especially when you do it with people who share the same idea of what makes a good
£0k-£70k plus bonus, benefit...
Central London, no travel required and...
Would you like to be part of a company with the energy of a start-up, but which competes with ‘The Big Four’ for clients? Are you passionate, insightful and creative in terms of how to drive high
£70k-£100k plus package
Manchester or London
Consultant Technical Architect Our client is one of the top 50 fastest growing technology businesses. They make technology make a difference. They design, build and optimise high performance