Businesses - For Money or For Customers?

For Business or For Customers?

Often, businesses seem to face a choice: profit or purpose. The problem arises when business ethics are challenged by market trends changing and customer preferences adjusting to the market.

How to become flexible?

Businesses can adapt to the ever-changing market by implementing purpose-driven marketing strategies to engage with their target audience to determine what they want, how they want it, and how to maximize profit.

These strategies can include things such as Data Analytics, Machine Learning and Ethical Marketing.

Data Analytics

When businesses use data analytics, they can view market trends and consumer preferences. This will allow them to produce, market, advertise and promote their products and services to their consumers at a more appropriate level. The initial purpose of data analytics is to increase sales, but a “secret” benefit is that it allows companies to create a stronger relationship with their customers.

Machine Learning

Machine learning is a version of artificial intelligence that stores and analyses consumer data and uses it to create algorithms to create different demographics. The demographics that are created are used to suggest different online content, products, services, and advertisements. While some consumers may appreciate the convenience of the more personalized suggestions, many do not appreciate the apparent “breach of privacy.”

Ethical Marketing

Ethical Marketing is perhaps the easiest form of purpose driven marketing that focuses on the target audience over the profit of the company. This form of marketing focuses on the consumer, and their rights. The right to the consumers’ safety, right to be informed, right to choose, and their right to be heard.  To successfully engage in ethical marketing, businesses must be willing to be honest, transparent and clear in communication.