The marketing industry was worth a staggering $1.7 trillion as of last year.
This figure comprises many different kinds of marketing. Depending on the nature of your business, there are various approaches that can be successful in drumming up business.
One strategy that has become increasingly popular of late is ethical marketing. This aims to capitalize on the increased emphasis on social justice, equality, and environmentalism in the world today.
Read on to learn a little more about marketing ethics and how you can leverage them to be more competitive in business.
What Is Ethical Marketing?
Ethical marketing is any marketing approach that focuses on cultivating a brand image that is honest, fair, and benevolent to both customers and the world at large.
Ethical marketing is especially important in some sectors. If you’re selling something that’s critically important to your customers’ lifestyle or health, you want to make sure they view you as acting in good faith.
One great example of this is ethical marketing practices for healthcare. If you’re selling in this area, you need to be positive that your clients trust you.
Different Ways to Implement Ethical Marketing
There are countless different ways to make your marketing more ethical. We’ve looked at some examples here.
Round Pricing
This is one of the simplest ways to implement ethics in marketing, but potentially one of the most effective.
Retailers will often sell products at prices like $9.99, rather than simply rounding up to $10. This tactic tricks customers into thinking the product costs less than it really does.
If you refrain from this practice (and advertise the fact that you’re doing so), customers will view your business as more honest.
Green Initiatives
With the current media focus on the environment, undertaking green initiatives is one of the easiest ways to create a favorable public opinion of your brand.
This approach is sometimes known as sustainable marketing, as its focus is on environmental sustainability.
Make Good Use of Social Media
There are around 3.5 billion people in the world with social media profiles. This means that social media is indispensable for any marketing approach.
Luckily, social media gives you plenty of opportunities to showcase your commitment to ethics in business.
Use your business profiles to like and share campaigns of social justice movements and charities. Also, if your business engages in any of this kind of activity, be sure to post plenty of pictures, videos, and blogs about it.
Growing Your Brand & Doing Good in 2020
Ethical marketing is expanding rapidly, and not without good reason. The typical consumer in 2020 has seen plenty of gimmicky marketing campaigns and dishonest tactics, and is unlikely to part with their money in response to such an approach.
If you get your target market to trust you and view your business as beneficial for society, your balance sheet will thank you for it,
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