Here’s one clear takeaway about social values after a year of tumult: Consumers are listening. There is a heightened public awareness about where brands stand on a variety of topics, and consumers across all demographics are increasingly invested in their values.
According to SurveyMonkey’s March 2021 study of 1,097 U.S. consumers, 46% of respondents said they care much more about social values today than they did a year ago.
That’s good news for brands who have taken steps to support diversity, equality and inclusion (DEI) and are committed to action. The velocity of social change in 2020 was meteoric and consumers are demanding that companies keep pace.
“To stay on top of consumer sentiment on DEI, companies need to expand what they measure so they can see the total picture,” says Antoine Andrews, SurveyMonkey’s chief diversity and social impact officer.
For forward-thinking brands, DEI is more than a moment; it’s a long-term proposition. Companies need to stay agile to reach their goals and adapt to world events. It’s a process, not a destination, and one that requires constant attention.
Respond to consumer demands
There are hundreds of examples of companies that have been both praised and vilified for their DEI policies and decisions, polarizing their customer base. From Nike to Target, major brands have shown how DEI decisions can have a direct impact on a company’s bottom line.
Our studies find that consumers are very willing to align with brands that support their beliefs. According to our research, 78% of consumers said they made a purchase decision based on values in the past year.
In addition, 55% of consumers polled said they are much more likely to purchase from a company that shares their values. Conversely, only 4% of consumers said it was not important that a company they purchase from share their values.
Keep pace with the market
The constant flux of social values has created a challenge for consumer brands. In 2020, movements around race, gender, immigration and gun laws gained momentum with each headline.
Covid-19 accelerated an existing trend of digital-first research to keep up with rapid changes in buyer demands and competitive dynamics. At SurveyMonkey, we saw market perception shift dramatically many times last year, requiring more frequent checks on consumer sentiment and brand health.
78% of consumers said they made a purchase decision based on values in the past year.
While the social landscape is still changing in 2021, some values resonated with the majority of consumers more than others. Pay equity and fair labor practices topped the list, with 73% of consumers ranking it as very or extremely important. Protecting the environment was second at 71%, racial equity weighed in at 68%, gender equality at 64%, and LGBTQ equity at 51%.
So, how can brands stay ahead of the curve in terms of social values, competitive initiatives, and consumer demands? And how can they help their brand evolve to keep up with customer values and beliefs?
The answer starts with data. Understanding “when” and “how” to respond is where brands should be focusing their efforts. However, the data that informs DEI initiatives needs to be seen through the lens of time. Market research solutions, like brand tracking, can help brands correlate social value initiatives and brand performance over time.
Measure performance with brand tracking
Brand tracking has traditionally been a slow-moving process, where results can take months to produce. It typically provides a rearview mirror perspective, based on periodic measurement and time-consuming reporting.
Today’s companies need a more agile approach. Brand Tracker from SurveyMonkey Market Research helps companies continuously measure brand performance and tap into consumer sentiment whenever they need it. Brands can track their vitals on a variety of metrics—from awareness to reputation—and spot changes in real time.
Companies that are prioritizing DEI initiatives can customize a tracker to collect data on the specific attributes that relate to their social value goals. For example, companies can create a pick-list of aspirational traits (like “inclusive” or “fair labor”) or ask consumers to agree or disagree with attitudinal statements to track the most important attributes.
Instead of waiting months, companies get current, in-the-moment insights into brand health, and can gauge the effectiveness of DEI initiatives, filtering results by market, time period, demographics and more.
“The work of DEI pays dividends over time, but only if you collect a wide swath of data on a regular cadence to determine what’s working and where you need to improve,” says Andrews. “By continually expanding your definition of DEI and tracking how consumers respond to your effort—and the market—you can see the big picture over time.”
Long-term, brand tracking can measure whether DEI values resonate with target consumers and trickle down into awareness, preference, and ultimately, loyalty. When used in conjunction with other market research tools, such as concept testing or attitudinal studies, brand tracking can be even more powerful.
For example, the SurveyMonkey Usage & Attitudes solution helps companies define their top consumer segments, what they care about, how they shop and the best way to get their attention. Collecting these insights in a complementary study can help companies better understand the “why” behind the shifts in trend data.
Testing a message or claim can also uncover how DEI messages will resonate with consumers. With SurveyMonkey Messaging & Claims Analysis, companies can get feedback from a target audience on language on social messaging, by comparing multiple messages to maximize overall appeal and value.
Bring social values full circle
A brand’s social values are increasingly tied to other company goals. And while tracking social values is worthwhile, ultimately, consumers’ purchase decisions can reveal the true impact. Our research shows that 53% of consumers would pay more for a product that supports their social values. That kind of response is another metric of how a newly empowered consumer can make their social views heard and impact a brand’s bottom line.
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Priyanka (Pri) Carr is GM of market research at SurveyMonkey. She is also an executive sponsor of SurveyMonkey’s diversity and inclusion efforts and previously led the company’s strategy, corporate development and partnerships function. Prior to joining SurveyMonkey, Pri led teams at Bain & Company in the technology, media and telecommunication, and private equity practices.
