As part of our research for Marketing to the Entitled Consumer, we surveyed 7,000 consumers in six countries. From the survey data, we define four segments of consumer – three of which are entitled in some form – and define those that show both dimensions of entitlement as “Fully Entitled”. Of these Fully Entitled consumers, 34% told us that they “only shop from places that support the same causes that I do,” and we write in the book that one way to demonstrate reciprocal value with consumers is to align your company with your consumers’ values.
But, what happens when you change direction? I just came across a Washington Post article that highlights how customers of Bonobos, Moosejaw, and ModCloth stopped shopping from these retailers after they were acquired by Walmart. As one former Bonobos devotee comments in the article: “I don’t begrudge a company for selling itself, but there’s something particularly egregious about the Walmart deal. I don’t like the way they treat their employees or how they’ve put smaller retailers out of business. It’s not a company I want to support.” In other words, their values no longer align with mine.
Time will tell whether this is a smart move by Walmart to broaden its customer base by appealing to non-traditional Walmart buyers. But, I don’t think it will be enough ultimately to simply own those businesses and expect the customers to stay. Walmart will need to change some of its corporate values to retain them.
It’s too easy in this day and age for consumers to understand corporate structures, track corporate behavior, and assess whether their values align. And, consumers are more willing than ever to vote with their wallets. If you don’t know what your customers care about, it’s time to start finding out! You don’t have to slavishly succumb to every demand, but you shouldn’t be surprised when customers notice and act accordingly.