We live in a consumer culture where customers expect more from the companies they frequent. It’s not enough to provide an exceptional product or service, it’s now integral to be a positive influence in the world and give back. Americans expect companies to lead with purpose. In fact, 78% of Americans believe companies must do more than just make money; they must positively impact society as well (2018 Cone/Porter Novelli Purpose Study). Therefore, it’s important to prioritize corporate social responsibility.
It’s clear customers seek out companies with a focus outside of their own bottom-line. Seventy-two percent of Americans say they feel it is more important than ever that the companies they buy from reflect their values. It’s a good business decision to give your customers the opportunity to support something beyond your product or service. Charitable giving is a way to create a positive ripple effect that carries through to your customers. Research shows 76% of Americans say supporting companies that are addressing social and environmental issues helps them feel they are doing their part (2019 Porter Novelli/Cone Purpose Biometrics Study).
”76% of Americans say supporting companies that are addressing social and environmental issues helps them feel they are doing their part.2019 Porter Novelli/Cone Purpose Biometrics Study
Cause marketing is a great way for companies and nonprofits to symbiotically create a better future for us all. Cause marketing helps you champion a cause, be a force for good, and do good for your business.
What is cause marketing?
Cause marketing involves a partnership between a business and a non-profit organization. Typically, the business ties its marketing strategy to the fundraising needs of a charitable cause for the benefit of both parties. There are many benefits to this relationship.
Benefits of cause marketing
Cause marketing provides more exposure for your business and the non-profit organization. Some benefits include:
- Increase in brand loyalty – Studies show customers would switch to a company if it gave money to a cause they liked, and people are more likely to recommend brands that support good causes. In fact, nearly nine-in-ten consumers say they’re likely to purchase from purpose-driven companies (2019 Porter Novelli/Cone Purpose Biometrics Study).
- Increase in sales – Research found that 71% of millennials would pay more for a product if they knew some of the proceeds went to charity (5WPR 2020 Consumer Culture Report).
- Boost in employee morale – This benefit shouldn’t be overlooked. Most employees would rather work for a company that prioritizes giving back which makes you a more attractive employer and helps you allure top talent. A recent study found that 88% of employees believe working for a company with a strong purpose is more important now than ever before (Porter Novelli 2020 Employee Perspectives on Responsible Leadership During Crisis).
”71% of millennials would pay more for a product if they knew some of the proceeds went to charity.5WPR 2020 Consumer Culture Report
- Positive reputation – Once your business prioritizes charitable giving, your public reputation will become more favorable. Accenture’s 2018 Global Consumer Pulse Research found that 64% of consumers find brands that actively communicate their purpose more attractive.
- Competitive advantage – Research shows that if two businesses are otherwise equal, the consumer will choose the one that gives back to charitable causes. Eighty-nine percent of executives say companies that lead with purpose have a competitive advantage in today’s marketplace (Porter Novelli’s 2020 Executive Purpose Study).
Interested in cause marketing for your business?
It is increasingly important to have a socially conscious image. Cause marketing allows you to do good which is also good for your business. It helps differentiate you from your competition and build stronger brand loyalty. In addition, cause marketing helps your employees and customers feel connected to something bigger than your bottom line. If you are a Skyfii customer and interested in how we can help you begin a cause marketing campaign, we want to hear from you.