Eight in 10 business leaders would end a relationship with a partner based on the failure to address high-stakes communications issues, such as data security, income and wage gaps, or sexual harassment, among other wide-ranging issues, according to a new study by global communications agency Hotwire.
Half of marketers say having clear values is the best way to prepare for a high-stakes event, but less than one-third (31%) of senior marketers and 22% of business leaders say their company has core values that would guide them during such an event. Customer loss and brand reputation are the top concerns in a crisis.
“Consumer expectations toward brands are changing, and unlike before, the pressure to take a stand on values exists now for B2B and not just B2C,” says Sahana Jayaraman, executive vice president and global head of strategy and marketing services at Hotwire.
Nine out of 10 consumers polled are conscious of their personal values and are prepared to align them to their spending habits. Over three-quarters (76%) make an effort to buy products and services in line with their beliefs. On the flipside, nearly half of these consumers admit to having ditched a product or service because the company violated their personal ideals.
Of the many high-stakes issues that consumers want companies to take a stand on, the top five global interests include:
- Protecting the environment – 26%
- Sexual harassment – 23%
- Climate change – 22%
- Data security – 21%
- Income and wage gaps – 21%
In the U.S. specifically, the top three concerns among consumers include immigration (44%), income and wage gaps (38%) and political corruption (37%).
“High stakes-issues don’t just pose threats, but also present huge opportunities,” says Jayaraman. “If brands are clear on their values, and know where they stand on issues as an organization, then they will be better prepared to navigate swiftly through a high-stakes issue.”
The research involved surveys of 658 CMOs and senior communications executives at B2B and B2C companies, 688 general business decision makers at B2B and B2C companies, and 6,218 consumers.
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