Consumers value brands’ people and financial credentials: Leo Burnett Good Study
Publicis creative agency, Leo Burnett, has released its 2022 Good Study, revealing that Australian consumers prioritise a brand’s treatment of people and financial integrity of environmental and societal good when it comes to evaluating ‘brand good’.
Here, 82% of Australian believed a brand is good if it treats people fairly and respectfully, 78% viewed financial integrity as an indicator of goodness, while environmental and societal good sat lower on 76% and 75%, respectively.
The research also found that nearly half of Australians (47%) believe the economic situation in the country will be worse off next year as we head into a global downturn. In addition, 30% of Australians believe the financial situation of their household will be worse off during that period.
Leo Burnett Australia’s chief strategy officer, Catherine King said: “Brand good can mean different things to different cohorts, however the good that resonates most across all demographics, geographies and political leanings are financially related and reflect a collective concern around equity and inequality, cost of living and the economy.
“Although the majority of corporate ESG initiatives focus on environmental or societal causes, the Good Study has uncovered a strong case for brands to focus on doing financial good in the world, expanding our notions of ‘good’ and demonstrating a want for greater transparency and accountability when it comes to business practices and brand acts.”
Catherine King, chief strategy officer, Leo Burnett
According to the findings, the top three acts of financial good that resonate with Australian consumers are: paying employees and suppliers fairly (83%); having a zero tolerance for corruption (79%); and paying the appropriate taxes (75%).
When it came to the commercial returns of ‘brand good’, 88% of consumers said that a brand doing good would encourage them to purchase from the brand; 70% would pay more for a brand doing good compared to one of equal quality that didn’t; and 61% of Australians tried their best to avoid brands that don’t do good.
Overall all, the results make clear that consumers are expecting more from brands, with 88% believing it’s important for brands to do some form of good, while 84% claim to be ‘good consumers’. 49% also noted that brand good was more important to them compared to pre-Covid-19.
King said: “There is a growing momentum around brands ‘doing good’ in society, but when we dig deeper, we don’t know very much about how brands can be or do good. The idea of doing good is talked about more than its practical application. The objective of our study is to help brands better understand how they can meaningfully do good, and how to find and build specific audiences to fuel even more positive actions,” King said.
The research revealed key steps brands can take to improve their activities across the four key areas (finance, people, social and environment), which
King concluded: “Doing good is an act of positive populism that can bridge geographic, demographic and even political divides. Brand acts of good can influence the customer journey when it comes to creating demand, preference and NPS. From its inception, Leo Burnett has always believed that ‘what helps people, helps business’, and the Good Study shows this has never been more relevant to consumers today.”
The full Leo Burnet 2022 Good Study can be accessed here.
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