Ethics Matter: Bad Guys Punished More Than Good Guys Rewarded
The Journal has an interesting piece today, courtesy of those nice folks at the Sloan School at M.I.T.
Although their research focuses on free trade coffee and organic cotton T-shirts, one could easily extrapolate the data for just about any business, product or service. The bottom line: consumers care about how you conduct business and “doing the right thing” matters.
And doing the wrong thing will hurt you worse than doing the right thing will benefit you. While consumers express a willingness to pay a premium for ethically produced products, they assign a much steeper discount to unethical companies’ products.
One other tidbit of note: consumers have come to expect some level of commitment to ethical behavior, be it in the form of environmental responsibility or fair labor practices.
Incorporating “good behavior” into your everyday operations and actively promoting your good deeds is no longer optional.
Your brand promise now extends to every action your company takes. And rest assured that your failure to make or keep your promises has a more profound impact on your business than ever before.
Bill Patterson
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