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Paying more for products from a socially responsible company

Billionaire Warren Buffet famously said that “It takes 20 years to build a reputation, and five minutes to ruin it.  If you think about that, you’ll do things differently.” As we begin approach the promise of a new year, Mr. Buffet’s words provide a reminder for businesses and consumers about the importance of a strong reputation.

Stephen Hahn-Griffiths Vice President, Managing Director US & Canada Reputation Institute and Catherine Blades, Sr. VP of AFLAC  discuss corporate social responsibility (CSR) and reputation to examine why it really does pay to practice CSR. Recently, Aflac commissioned a unique scientific study on the topic of corporate social responsibility, asking more than 1,400 consumers and investors about their views on corporate integrity, philanthropy and how it might influence their decisions.SOME SURPRISING RESULTS OF THE CSR STUDY, INCLUDE:

  •  75% of consumers are likely to take some negative action toward irresponsible companies
  •  A company seen as not responsible stands to lose as much as 39% of its potential consumer base
  •  1 in 4 consumers will tell their friends and family to avoid a company that is seen as not responsible
  •  81% of consumers are more likely to purchase products from a company active in philanthropic efforts year-round, rather than just in times of need

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