False advertising, providing incorrect information and hiding or changing the price on items can all be considered unethical forms of marketing. These disreputable, dishonest and corrupt marketing tactics can and will cause distrust and disdain for a brand who chooses to make use of them. Yes, unethical marketing may work well in the short term, but is definitely not a good strategy for the long term, for obvious reasons. Clients will begin to distrust your brand and your business as a whole if you become known for this type of unethical marketing. Word of mouth will turn against you, most likely involving people complaining about your unethical behaviour and dodgy business practices. Your brand will find it difficult to market its products and services because you will have earned yourself a negative reputation.
Let’s take a look at ethics and the specific role it plays in marketing best practices in order to form ethical solutions to different marketing problems.
What are ethics?
According to the BBC, ethics can be defined as a system of moral principles that affect how people make decisions and lead their lives. It adds that ethics is concerned with what is good for individuals and society and is also described as moral philosophy. The term is derived from the Greek word ethos which refers to a custom, habit, character or disposition.
When promoting ethics throughout your business, instil it in your company’s culture and values as well as include it in your business’ set of values and mission statement. Promoting a culture of ethics in your business begins at the top and should be demonstrated through leadership. Leaders must set the tone by embodying the very ethics and values that they expect their subordinates to have. Team members should be exposed to and trained on how to make everyday ethical decisions. The training should include real-life situations which are relevant and applicable to a marketer’s job so that they are presented with an opportunity to practically apply what they have learned.
Ethics in marketing
Ethical marketing looks like creating marketing materials that adhere to fairness, honesty and empathy. And refers to a marketer’s responsibility to ensure that all marketing material adheres to certain ethics and principles found within the business. These principles can also be outwardly demonstrated as supporting environmental and social causes that are close to your brand’s heart.
Ethics affects perception
Being shown to be an ethical business in 2020 is more important than ever before. People are aware of and care about social justice and want to support brands who do right by everyone, not just their clients.
According to Outbound Engine, it costs about 5 times more to acquire a new client than to retain an existing one. The success rate of selling to an existing client is 60-70% while the success rate of selling to a new client is a mere 5-20%. Proof that brand loyalty is highly important for a business’ long term success. On top of that, people are fairly distrusting of businesses nowadays and would rather rely on word of mouth marketing from friends and family over advertising from a brand when deciding on which service provider to use. Clients are 90% more likely to trust and buy from a brand recommended by a friend according to Invesp. Even more reason for your brand to build and maintain a good reputation so that people can recommend your services to others in good conscience.
All in all ethical marketing, when done correctly, should influence every part of your marketing strategy and not just certain aspects. It’s about showing transparency, integrity and honesty in everything that you do. From your social posts all the way through to how you communicate with potential and ongoing clients. People will notice and begin to appreciate how you do business ethically in the long run.
