Your Brand’s ‘Ethical Scorecard’ Could Be Costing You Sales
Do you know how your brand measures up when its compared to the forward-most thinking in your industry? Ethics are a huge part of carving out your brand’s identity, and something that has the power to make or break a small business’ bottom line. In fact, a recent study by Nielsen has proven three out of every four American consumers will pay more for a product that’s created with sustainability in mind. Likewise, more than half of internet users will stop buying products altogether from a company deemed unethical.
There are many categories of ‘ethics’ to think about when considering what your brand will stand for. In the food and beverage industry, OXFAM has done an excellent job of defining seven aspects which work to determine each brand’s code of ethics: land and water conservation, gender equality, climate, workers, farming (sourcing ingredients), and transparency.
The result is a project called Behind the Brands which provides consumers with a rating for each of the ‘Big 10’ international food brands and the companies they own – did you know General Mills owns both Old El Paso and Haagen-Dazs? “As part of OXFAM‘s GROW Campaign, the humanitarian organization has put together a scorecard by which to judge the ethical standards of food production giants around the world” they said in a statement. To learn more about how they tallied each brand’s grade, head here.
This is a huge opportunity for your small food brand. I mean, aren’t you dying to know where your business stands? Give yourself an honest assessment with the following questions.
What’s your score out of 70? Now let’s figure out your final grade by punching the following into your calculator:
The final step! Check out the chart below to determine which big brand you’re on par with.
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