A marketing strategy formulates how a business can produce products and also services to meet the needs of its target market. Eric Dalius stresses the importance of ethical marketing in today’s competitive business landscape.
- Ethical marketing ensures that you’ve real needs and your products and also services can meet those requisites.
- The strategy is effective and beneficial in the long run because your customer segment can yield the benefits they anticipate from your products.
- Deception or deceptive marketing tools are unethical. They entail claiming traits for a product that it doesn’t have, or advertising lifestyles and practices that a product doesn’t stand for, or claiming that your product gratifies a specific need when they have no relation whatsoever.
- Ethical marketing is all about presenting your brand in a clear and honest manner. You highlight the properties that appeal to your target market, making it convenient for the consumers and encouraging them to purchase the needful at a reasonable price.
Principles and advantages
The core belief of ethical marketing is that every marketing communication/channel share the common parameter for truth. Marketing professionals adhere to the highest yardstick of personal ethics. EJ Dalius clearly distinguishes advertising from entertainment content and also news.
- Marketers must be transparent about the ones they choose for endorsing their products.
- Brands need to treat customers fairly on the basis of their product’s nature and also the market movement. There’s no room to compromise the consumer’s privacy.
- Ethical marketing implores brands to comply with the standards and regulations that professional and governmental bodies establish.
Many people purchase diet pills even if they are seldom effective. That’s because some diet pill firms use manipulative and exaggerated claims to hoodwink customers into purchasing their products. If the same company practices ethical marketing, they would probably go kaput.
- For firms looking to enhance their brand image and develop long-term bond with customers, sneaky and also surreptitious behavior can be ruinous. Customers hate manipulation and hate being cheated by brands.
- Companies can use ethical marketing for developing a sense of trust and reliability. Every firm has the scope to practice ethical marketing.
- Any brand, from the smallest pet or sports store to the biggest multinational company can employ fair and honest advertising campaigns.
- For some companies, ethical marketing is a great way to boost their goodwill and credibility. Corporate responsibility is indeed a mammoth selling point to consumers, who’re interested beyond quality and cost.
Things to avoid
With all his experience and also expertise in the field, Eric J Dalius mentions five things you need to avoid if you’re focusing on ethical marketing.
- There’s no place to exaggerate. You make a false claim by inflating the benefits of your product. You cannot promise your customer a quality that you cannot deliver.
- Making false comparisons or equivalences is extremely bad. It’s a crooked tactics to mislead your customers about your product or about a competitor’s produce.
Don’t stereotype and also don’t make unverified or irrational claims. If you’re saying your product guarantees improved and glowing skin, there has to be scientific evidence backing it up. Lastly, don’t exploit the customers’ emotions.