NEW YORK – A new study by Self magazine found that consumers are willing to plunk down more money for products by companies that they know are doing “good,” Advertising Age reports.
The study discovered that shoppers paid an average of 6.1 percent more for a product they see as doing good. As more companies investigate ways to give back to their communities, marketing those efforts seems to create more than just goodwill — it brings in more sales, the study found.
The study also found that consumers were looking for “good” marketing. The four essentials to “good” marketing include transparency (show the details of your efforts), commitment (show the long-term commitment of your efforts), consistency (show that your efforts extend across all operations), advertising (show what good you are doing).
The research also listed five marketers who are doing “good” the right way: Whirlpool, Burt’s Bees, Red, Yoplait and Starbucks.