This is a critical time where corporate purpose must be translated into action. A higher purpose is not merely about economic exchanges but reflects something more aspirational. Today, companies are under intense scrutiny regarding how they respond to the pandemic, and the world expects them to act with empathy and purpose and have a real and positive impact on the world. Not only do purpose-led organizations play a critical role in supporting relief efforts and driving economic and humanitarian recovery, but also in supporting social justice movements. For example, the current situation brings more attention to the need to be purposeful. Many organizations across the world expressed their solidarity with the black community to fight injustice and racism Purpose-driven organizations are focused on multiple stakeholders, from employees to communities.
Capgemini Research Institute wanted to understand the consumer perspective in particular, especially because there is a real business risk of losing customers if organizations do not positively contribute. How exactly is purpose viewed by consumers in the current crisis? Do consumers expect organizations to contribute to COVID-19 relief efforts and will they reward organizations that do? Does a positive contribution to today’s crisis lead to increased engagement and loyalty?
To answer these questions, Capgemini Research Institute surveyed consumers across seven countries – France, Germany, India, Italy, Spain, the United Kingdom, and the United States – at the end of May. It also analyzed social media engagement for over 1.5 million conversations for a sample of 19 companies that made notable positive contributions to COVID-19 relief efforts over the course of March, April, and early May.
The research note “Why purpose-led organizations are winning consumers’ hearts” explores the following key findings:
- Consumers have high expectations of what it means to be purpose-led.
- Consumers will reward organizations that contribute during this health crisis.
- Consistency in how companies live their purpose is critical.
The Key India findings from the research note:
- 79% of Indian consumers agree that companies have a larger role to play in society than just looking after their self-interests compared to global average of 78% of Consumer
- 81 % of Indian consumer agree that private organizations can do more than they are currently doing to help society and humanity at large compared to 74% of global consumers, 66% of consumers in United States Of America, 73% of Consumers in United Kingdom
- 79% of Indian consumers believe that this health crisis made them realize that governments need the help of private organizations to resolve societal issues compared to 69% of global consumers
- 79% of Indian consumers expect private organizations to give back to society when there is a major crisis such as the current pandemic compared to 69% of global consumers
- 74% of Indian consumers believe that companies primary responsibility is taking care of its employees during pandemic compared to 86% of consumers globally
- 64% of Indian consumers believe that companies should find creative ways of repurposing their own expertise (e.g., offering existing or creating new technology solutions) while giving back compared to 54% of global consumers
- 66% of Indian consumers believe that company should monetarily contribute compared to 44% of global consumers
- 90 % of Indian consumers will purchase products and services from companies that give back to society during this health crisis compared to 75% of global consumers
- Once the pandemic is over 10% of Indian consumers will not change purchasing preferences compared to 25% of global consumers
- 82% of Indian consumers feel a sense of gratitude for companies that give back to society during this health crisis compared to 75% of global consumers
- 82% of Indian consumers feel a sense of trust for companies that give back to society during this health crisis compared to 73% of global consumers
- 84% of Indian consumers feel a sense of pride for companies that give back to society during this health crisis compared to 72% of global consumers
- 84% of Indian consumer feel a sense of loyalty for companies that give back to society during this health crisis compared to 69% of global consumers