More consumers basing spending decisions on ethical concerns
A global CX report has found that brands can benefit from taking sustainability seriously, with more customers prioritizing these concerns
Add bookmarkThe 'get woke, go broke' mantra, which suggests that brands will lose revenue if they take strong stances on environmental and ethical issues, may not be accurate, according to the Global State of Customer Experience 2022 report.
Coined in 2018 in a now-deleted online paper by US author John Ringo, the 'get woke, go broke' idea has gained some traction in the media, but the Global State of CX 2022 report found that there has been 'progression' in customers desiring better sustainability practices, as well as convenience, over the past 12 months.
According to the report, 80 percent of CX practitioners have noticed 'rising sustainability awareness' from customers, with just over 80 percent of the survey respondents saying this awareness of company ethics now influences buying decisions.
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“Sustainability is no longer just nice to have, but definitely a need to have,” says Michael Stausholm, the founder of Sprout, which developed the world’s first plantable pencil. “Consumers want to purchase products from companies that make a difference.”
The significant growth in customer demand for sustainability reflects the importance of gathering accurate consumer insight. Encouragingly, the report found a significant drop in the number of respondents admitting that customer feedback insights 'hardly' or 'never' reached the relevant business units – the survey found that 57 percent of respondents ensure this information reaches the right department, a six percent rise on the previous year.
Other trends based on consumer insights that were cited in the report include improved loyalty and retention thanks to using bespoke metrics to measure CX, as well as improving employee training and experience to ensure customers report fewer pain points in digital and in-person CX.