Why Good Companies Finish First
By Sarah Ford on September 30, 2014
Source: Wall St. Cheat Sheet
By Sam Becker
What responsibility do businesses have to their local communities? How important is that responsibility to consumers? Turns out that most people consider social responsibility to be a very important factor in business, at least according to the findings of a new study released by social media market research firm lab42.
From lab42’s findings, a whopping 84 percent of respondents answered that they would be willing to pay more for goods or services from brands that they deemed to be socially responsible. Not only that, but 57 percent said that they think companies are starting to take its roles in communities more seriously, and that companies today are more socially responsible than just three years ago. That means that businesses are either taking consumers’ concerns to heart, or it’s simply doing a better job of broadcasting its current efforts.
The big question, of course, is what exactly does ‘social responsibility’ refer to in terms of this study?