A new study shows consumers will pay more for brands that support a charitable cause.
People are looking beyond a product's price tag to the company's principles, according to the second-annual Edelman Goodpurpose study. The recently released study, which was conducted in 10 countries including the United States, found that more than half the 6,000 consumers surveyed would be prepared to pay more for a brand if it supported a worthy cause. And more than two-thirds said they'd be willing to pay more for eco-friendly products.
These answers hold true even when money is tight. Almost 70 percent of survey respondents said they'd remain loyal to a brand during a recession if that brand contributed to a good cause. Almost 60 percent of U.S. consumers, specifically, said their impressions and purchase behaviors were highly influenced by charitable companies.
This is great news for veterinary practices that do good works-if you promote them. The Edelman study also showed that only 40 percent of consumers know of a company that actively supports a cause and only 33 percent know of a brand that does the same. How do you let clients know about your charitable acts? Start by reading "Five Ways to Give Back" by Brian Conrad, CVPM, practice manager of Meadow Hills Veterinary Center in Kennewick, Wash.