RESEARCH
Inclusive Research Offers More Business Opportunities By Amplifying Marginalized Voices
By Chris Githaiga
The climate crisis - the story of our time - and the Covid-19 pandemic are two global challenges that have indisputably shaped how consumers , investors , employees , and many other stakeholders view and interact with brands . Corporate governance issues such as workforce diversity and inclusion , executives ’ pay among others have also not lost their place when it comes to consumer and investors consciousness .
In the face of these challenges , socially conscious consumers and investors expect heightened accountability from executives on how their companies address a variety of issues related to Environment , Social and Governance ( ESG ). They are increasingly screening businesses through the ESG criteria to determine which brands to spend or invest in .
To the discerning consumer , how a company safeguards the environment , including corporate policies addressing global warming , how it manages its relationship with various stakeholders , and its leadership , audits and internal controls is critical in the purchasing decision . Those businesses that demonstrates commitment towards the ESG are therefore more likely to enhance their brand equity and improve their bottom lines . A 2021 Ipsos survey for the Global Commons Alliance found that majority of people across the G20 are concerned about the state of nature , both today ( 58 % say they are worried ) and in relation to protecting it for future generations ( 61 %). Moreover , 73 % of people believe Earth is close to “ tipping points ” because of human action .
Most people across the G20 want to do more to protect and restore nature in future ( 83 %). People in developing countries in the G20 are more likely to say they are willing to do more to protect nature than those in wealthy , developed nations . In addition , 69 % of people across the G20 believe the benefits of action to protect the global commons outweigh the costs .
The study also revealed the energy system is one of the areas that need transformation with 59 % of people across the G20 aware
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Data from inclusive social market research is what can give an accurate picture of what people value in different geographical areas and cultures . This enables brands to easily cut through the clutter and to amplify the voices of customers who are often marginalized , and to craft communications and product development strategies that engage more consumers in dialogue . of the need to embrace a radical shift from fossil fuels to environment friendly and clean energy resources .
One of the changes discussed in the survey is a move to wellbeing economies . It was discovered that there is a strong desire to move to such economies , with 74 % agreeing that their country ’ s economy should prioritize the health and wellbeing of people and nature rather than focusing solely on profit .
About 71 % said they support targets for achieving the protection and restoration of nature being based on science . However , only a third ( 32 %) agreed that when choosing between products or services , it makes no difference to them if the business supplying them has set targets based on science to protect and restore nature .
Our survey focused on shared identity and values as planetary stewards , understanding the challenges to protecting and restoring nature , attitudes towards responsibility for the global commons , attitudes towards major , social transformation and the impact of Covid-19 on these , and attitudes actions supporting transformation .
A 2021 survey by PricewaterhouseCoopers revealed similar findings . The Consumer Intelligence Series survey on ESG indicates more than three quarters of consumers say they will reward companies for playing a greater role in accelerating progress on such concerns . Consumers and employees want businesses to invest in making sustainable improvements to the environment and society , not just comply with regulation .
An overwhelming majority said they ’ re prepared to reward or punish brands accordingly . In short , they are more likely to buy or work for organizations that share their values across the four pillars
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