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How can ESG initiatives drive Brand Love?

BrandVue’s Most Loved Financial Services Brands 2022

Kate Namukasa Consultant 14/11/2022

BrandVue’s Most Loved Financial Services Brands 2022

We recently launched BrandVue’s Most Loved Financial Services Brands 2022, providing insight into which FS brands UK consumers have the closest emotional connection with.

Drawing on findings from the report, we take a look at whether rising consumer concern around environmental change is affecting the UK’s most loved brands.

Shouting about social responsibility initiatives should be done so with caution. If initiatives are not acted upon, brands could be accused of green washing, which has the potential to negatively impact Brand Love.

Last year our 2021 Eco Index report found that 6 in 10 consumers are moderately or extremely worried about environmental change.

With a staggering 8 in 10 reporting often or always feeling guilty at any given time, it is clear we are conscious of our social and environmental impact on the planet.

But how does this rise in consumer consciousness affect the brands at the top of our League Table?

Almost half of consumers associate MoneySavingExpert, placing no.5 in our Top 100 League Table, with being socially responsible – arguably to be expected as its main objective is to educate people about their finances. However, for all other brands in the Top 20, social responsibility scores fall below 1 in 5.

But that’s not for lack of trying…

Visa has been loud about its efforts to make a positive change, having introduced a carbon emission calculator that shows how consumer spending is impacting the environment. Barclays has reduced its lending to “dirty” power and energy organisations (i.e., oil and gas) and increased green financing, as well as developed a global citizen program to encourage social enterprise within the community.

Despite these efforts, only 12% and 10% of consumers associate Barclays and Visa (respectively) with being socially responsible, inferring that perhaps messaging from these brands isn’t quite cutting through.

With social responsibility being high on consumers’ agendas, brands should look to increase Brand Love by being more vocal about their sustainability efforts and using marketing tools to make their initiatives stand out.

However, shouting about social responsibility initiatives should be done so with caution. If initiatives are not acted upon, brands could be accused of green washing, which has the potential to negatively impact Brand Love.

Download the full report here for the Top 100 league table as well as more of the latest trends and insights.

 

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