Ethical marketing is a form of marketing strategy that promotes products, services, and brands by practicing social responsibilities and advertisement ethics. It focuses on culturally sensitive, socially responsible, transparent, honest, and trustworthy practices. Today, we’ll discuss what is ethical marketing; its various principles, dos and don’t, and examples.
What is Ethical Marketing?
Ethical marketing is a form of market and advertisement strategy that follows the principles and ethics of marketing rather than just promoting it. While launching the marketing campaign, it focuses on what is right and wrong for the target customer market and society as a whole.
Market ethics focus on building trust, responsibility, honesty, and fairness in the advertisement practices and policies of the company. This approach allows businesses and companies to include extra value to the customers relevant to environmental and social causes.
However, market ethics focuses on building long-term relationships with customers based on shared values and objectives. It doesn’t comprise hard, fast, and quick standards and guidelines that you can do it once and get it over with. Ethics offers you rules and regulations that help businesses and companies to analyze their strategies.
Importance of Ethical Marketing
According to an estimate, approximately 13% of people don’t believe that advertisement claims are genuine and true; 65% of the people think that their claims are sometimes true and honest. Many customers are skeptical of the advertisement approaches and strategies of the companies. In fact, many customers are also aware of the fact that not every claim of the advertisers is correct and truthful.
Therefore, it is significant for companies to adopt market ethics not just as a variable strategy; rather they should adopt it as a core element of the company’s mission and vision statement. The effectiveness of market ethics is highly reliant on continuous and long-term activism, educational programs, and campaigns.
While shopping and busing something, market ethics assist customers in making the right choice. Companies have to implement fair and ethical strategies to achieve sustainable growth for their business. They should value their ideal customers and develop brand loyalty among them. It is highly useful to implement philanthropic and ethical approaches in the company’s strategies.
Principles of Ethical Marketing
Some of the key principles of ethical marketing are as follows;
Marketers and advertisers should know the differentiation between the sensational and right advertisement approach of the product and service. Sensational advertisements mislead the target customer market and tell them a completely opposite version of the truth. Whereas, the focus of market ethics is to attract the attention of customers by promoting such products or services that would add value to their lives.
Consumer Protection Regulations
When companies are implementing market ethics strategies, they should be relevant to the consumer protection regulations of the country where they’re implementing them. It is important to mention here that consumer protection regulations are different in different countries.
No Deceptive Ads
Businesses and companies should avoid running misleading advertisement campaigns. It would twist the advertisement message and jeopardize the financial interests of the customers.
However, some of the additional principles of market ethics are as follows;
- Discussing market strategies and plans openly and honestly
- Marketers should comply with the rules and regulations of the country and the government
- Keeping in mind the safety and privacy of the customers
- Treating customers fairly and respectfully
- Marketers should be clear about the person or celebrity they’re sponsoring for product endorsement
- Advertisement messages should be different from news content and entertainment
- Follow the top standards of personal and social ethics
- Communicate the same level of truth
Dos of Ethical Marketing
More Benefits & Fewer Risks
The best market ethics comprise such an approach that focuses on offering more benefits to the customers with limited cost and harm. The objective is to provide such a product or service that would have a long-lasting impact on the customers.
While shopping, the main concern of customers is the security of the product or service. You should give high priority to make sure the security of the product or service. It is also important to analyze and research the complaints of customers.
Privacy & Security of Data
Customers are also more cautious about their personal data and how the platform would use it. Companies should make sure to protect the privacy and private data of customers.
Customers prefer such organizations that uphold the standards of market ethics. They want to buy products from such organizations that produce them ethically and the goods are sustainable.
While running the advertisement and promotional campaign for the company, they should be transparent with their approach. Transparency means the safety of the product or service for its effective use and sharing of vital information.
Don’t of Ethical Marketing
- Not exploiting the emotions of children in the child ads
- Avoid presenting women as sex objects or the domestic servants
- Offering something without any scientific or technical evidence
- Avoid claiming the benefits of the product without any confirmation or evidence
- Indirectly targeting customers and reminding them about the product to buy it
- Claims about the product that aren’t true
- Not manipulating the customers
- No cliché promotion
- Unverified claims
- Don’t make misleading comparison
- Stop exaggeration of the product or service
Examples of Ethical Marketing
Patagonia is a socially responsible organization, and the company is following market ethics strategies. The brand has launched an advertisement against “fast fashion” and its slogan is “don’t buy this jacket” advertisement. However, the focus of the company’s market strategy is on social activism, recycling, motivating people to buy used clothes, and eco-consciousness.
Ever since the establishment of the company, the company has made significant improvements in its production and manufacturing processes. They are highly useful for suppliers, growers, and farmers in South Africa. However, the mission and vision of the company are to follow the ethical production of coffee and no exploitation of farmers.
Conclusion: What is Ethical Marketing? Principles, Dos & Don’t, Examples
After an in-depth study of what is ethical marketing; its various principles, dos and don’t, and examples; we have realized that implementing ethical strategies is highly important for your business. If you’re planning to implement ethical strategies, then you should keep in mind the abovementioned guidelines.
Ahsan Ali Shaw is an accomplished Business Writer, Analyst, and Public Speaker. Other than that, he’s a fun loving person.