MAL 50:22 | Page 48

To benefit from inclusive market research however , companies must first admit the diverse perspectives from which consumers view and use their products and services . This fact can only be appreciated when research methodology focuses on marginalized consumers . Those whose voices have been missing in marketing and communication strategies .
of ESG . With the foregoing , it is not difficult to understand why organizations , be they private , public or non-profit , are on the race to ensure they integrate ESG in their business strategies and operations . Statistics are very clear that ESG is shaping the business landscape and has become a critical pillar of investment strategies that everyone is giving attention .
Indeed , the Ipsos 2021 Earth Day ’ s study found two-thirds of the global public say government and business will be failing employees , consumers , and citizens if they do not take the lead in influencing actions towards reducing global warming responsible for climate change . Globally , only 31 % believe their market has a clear plan in place for how government , businesses , and people themselves are going to work together to tackle the crisis .
They have given governments and businesses clear mandate to act . The issue is how fast government and business can embed sustainability and climate action as well as the social and governance pillars of their well-being into present structures , or new ones that are being established .
According to a 2020 survey conducted by OnePoll on behalf of NAVEX Global in December , 64 % of respondents said their companies increased its focus on ESG in 2020 . A similar number ( 63 %) said their companies were planning to increase spending on ESG in 2021 .
What is more outstanding about data from the survey is that 87 % of respondents agree that a business ’ s brand reputation is impacted by performance against ESG metrics . Further , 81 % agree that a publicly traded company ’ s ESG ratings would influence their personal investment decision about that company ’ s stock .
No truth can be far from these findings . Many studies have revealed that strong brands tend to have high environmental , social and governance ratings .
According to the State of Green Business 2021 Positive Impact , 53 % of revenues of the 500 largest U . S . companies and 49 % of revenues of the 1,200 largest global companies are generated in business activities that support Sustainable Development Goals ( SDGs ). The SDGs outline a set of objectives to be achieved by 2030 that aim to end poverty , hunger , and inequality , while tackling climate change , improving health and education , and

To benefit from inclusive market research however , companies must first admit the diverse perspectives from which consumers view and use their products and services . This fact can only be appreciated when research methodology focuses on marginalized consumers . Those whose voices have been missing in marketing and communication strategies .
strengthening institutions globally .
There is , however , the criticism that the movement toward socially conscious investing that is increasingly gaining popularity only favors the big players in the industries since many ESG initiatives require additional overhead costs in the medium term which may not be affordable to the newbies .
Indeed , a 2022 study by The Conference Board in collaboration with ESGAUGE and Heidrick & Struggles show that smaller publicly traded firms remain on the sustainability-disclosure sidelines . But there is evidence that socially conscious consumers and investors expect every business irrespective of its size to do more when it comes not only to demonstrating commitment but also on reporting on ESG .
Many business leaders already understand the potential impact ESG investments have on their own business operations and their full value chain . The benefits cannot be gainsaid .
The challenge for every business entity or brand , however , is how to successfully adopt and implement a robust and forwardthinking consumer centric ESG strategy that will boost brand equity and revenues .
In our whitepaper on consumer consciousness published early this year , we note how businesses require a more holistic strategy , based on recent developments in neuroscience and data science / analytics to build a kind of consumer consciousness in an organization .
Such integrated , learning system that puts the consumer at the heart of the business requires three elements for a consumer conscious company : The availability and connectivity of consumer data , ability of a connected consumer data platform to create fresh , new consumer insights with appropriate analytical capabilities and the level of activation of these consumer insights and feedback of learnings to the consumer data platform .
Various companies are deploying different strategies to embed ESG in their operations and to get closer to the consumer . Some are focusing on acquiring vast amounts of consumer data like sales data , social media feeds and market research reports . Others focus on information technology systems to integrate available data on one platform . There is also use of market research to find interesting insights to help drive innovation , communication , or in-store activation . Use of digital one-on-one marketing to give consumers personalized offers has been on the rise especially in the digital age .
In an increasingly volatile world however , where market developments and consumer behaviors have become harder to predict , inclusive market research offers an invaluable solution . In a shift from traditional research approaches which involved sampling a large consumer base with little regards to culturally and geographically diverse demographics , inclusive market research embraces diversity and inclusivity .
It casts a wider net in its sampling which involves reaching out to typically underrepresented minorities , irrespective of gender , age , race , sexual orientation , religion , or disability status .
By considering diversity of consumers to include those who may have been left out by conventional methodologies , this new trend in social market research can accurately reveal the preferences , motivations , and
48 MAL50 / 22 ISSUE