The Story:
Consumers care about what brands stand for. In fact, current data shows that 1 out of 7 survey respondents say they want to buy from brands that reflect their personal values. That connection to an individual’s beliefs can take many forms, including feeling like the brand: respects and values them, supports worthy causes, makes a positive impact, and is an advocate for fairness and equality. Even more, the cost is high for companies operating without a North Star of corporate social responsibility, as nearly a quarter of consumers report they have “stopped using products or services from a company due to its stance on a particular issue.”
The Takeaway:
In their recent report, KPMG found enhanced customer experience scores in key sectors like financial services, which was up 2% over last year. To capitalize on momentum, the company recommends brands prioritize purpose and center empathy as a corporate value. “In a world where interactions are predominantly mediated digitally, customers are looking for concrete indications that the companies they interact with genuinely value them as individuals,” says Jeff Mango, KMPG’s customer experience & engagement leader. Scott Lieberman, the company’s customer advisory leader, says “Over the past decade, the report has revealed a significant trend: consumers are drawn to brands that reflect their values. In response, companies are prioritizing purpose-driven missions that resonate emotionally with customers.”
Source: Marketing Charts, “7 in 10 Consumers Say They Tend to Buy Brands That Reflect Their Personal Values,” February, 2024, Ipsos, “Public Poll on Consumer Behavior,” January, 2024, and KPMG, “A Decade of Advancing Customer Experience,” December, 2024