Consumers are Willing to Pay More for Products Made by Employee-Owners
A recent article published by Forbes stated that ‘Consumers are Willing to Pay More for Products Made by Employee-Owners’.
The Forbes report refers to the latest survey conducted by Thomas Dudley, co-founder of Certified EO, a new social enterprise that helps promote employee owned companies through its Employee Ownership Certification Program.
The research findings showed that out of the 2,000 consumers who were surveyed online in the United States, 40% said that they are more likely to purchase products from employee owned companies. The 40% rating matches with USDA Organic, which is a more popular label, and is higher compared with two other labels Fair Trade Certified and Great Place to Work, which scored 32% and 20% respectively. Moreover, out of these 2,000 respondents, 28% would be eager to pay at least 10% more for the same product.
The results strongly indicate that, by comparison, products associated with employee ownership could very well compete with other more reputable marks such as USDA Organic or Fair Trade.
This recent study also signifies that employee ownership matters to consumers, and that employee owned brands could have more impact on buyer preference.
Visit our Employee Engagement page or watch our webinar to learn more about Employee Share Ownership Plans.
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