26 Mar Ethical Marketing in the Pharmaceutical Industry
When developing any customer-facing marketing communication in the pharma industry, it’s worth remembering: while unethical (those that bend or omit the truth) sales-boosting tactics might build brand awareness and increase profits in the short term, they’re simply unsustainable.
We live in a time where consumers are more empowered than ever before. The digital age has given people the power to share their thoughts, feelings, and opinions while gaining access to critical information at the swipe of a screen or the click of a button. As such, it doesn’t take long before brands devoid of all ethics are found out and subsequently, boycotted.
To boost brand awareness while providing an exceptional level of CX and keep within regulatory guidelines, ethical marketing is the way forward.
At its core, ethical marketing is the application of ethics to the promotional process. Ethical marketing means approaching your consumer-facing communications from a moral standpoint, committing to transparency, trust, and truth.
At present, the UK ethical market alone is worth over $83 billion and rising. Millennials and those from the Gen Z cohort are more tuned into the issues surrounding their world, using digital technology as their vessel of communication.
Brands like Dr Bronner’s use internal codes of ethics to steer the success of their marketing campaigns. Remaining within regulatory goalposts while sticking to its ‘Moral ABCs’ manifesto, the eccentric organic soap brand promotes its products in a way that’s fair and honest.
In a little over a decade, Br Bronner’s commitment to ethics has seen its annual sales increase by1,300%.
While they’re not related to the pharma industry, brands like TOMs and Warby Parker are worth noting. These brands are winning in their fields with ethical market strategies that put a strong focus on brand storytelling. Placing their customers at the heart of their mission, these brands empower people to become agents of change.
Warby Parker, in particular, invites its audience to glimpse behind the scenes of the company, using emotive storytelling as a two-way vessel of communication between corporation and customer. This level of trust and transparency has transformed the ambitious startup into a $1.2 billion sustainable eCommerce empire in a mere five years—a testament to the power of ethical marketing.