Consumers are more likely to buy products and services from firms that support good causes, it has been claimed.A new study has suggested that companies that support good causes and promote these through advertising could see increased sales.
The latest Edelman goodpurpose study has found that for the majority of people, supporting a good purpose is more important than the design of a product or brand loyalty as a reason to make a purchase when quality and price are the same.
Two-thirds (66 percent) of global consumers said they are likely to buy and recommend products and services from companies that support a good cause.
"Purpose is now the fifth 'P' of marketing. It's a vital addition to the age-old marketing mix of product, price, place, and promotion," said Mitch Markson, chief creative officer at Edelman.
"Purpose allows brands to have a deeper level of engagement with their consumer and it also allows consumers to put their own mark on brand marketing by collaborating with brands to tackle important social issues."
Of those surveyed as part of the study, 64 per cent believe companies must integrate good causes into their everyday business, rather than just give money, and 70 per cent of consumers say that a company with fair prices that supports social causes is more likely to get their business than a company that offers deep discounts but does not give back.
Written by Julian Poulter
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