As defined by Wikipedia, cause marketing “…refers to a type of marketing involving the cooperative efforts of a for-profit business and a non-profit organization for mutual benefit.” If your business has ever considered forming a partnership with a nonprofit organization, there is no better time than now to do so. Here’s why:
You Will Stand Out from Competitors
80% will purchase from a new company if it has a corporate social responsibility (CSR) model they can support; while 90 percent of consumers will boycott a company if they disagree with their CSR beliefs (or don’t have any). –Statista study on effect of CSR
80% of global consumers agree that business must play a role in addressing societal issues. –Edelmen Trust Barometer
91% of global consumers expect companies to do more than make a profit, but also operate responsibly to address social and environmental issues. –Cone Communications/Ebiquity Global CSR Study
It Will Improve Your Brand Reputation
Around the world, 66% of respondents to a recent survey say they’re willing to pay more for products and services that come from companies who are committed to positive social and environmental impact. -Nielsen TV study on corporate social responsibility
Millennials in particular – a group with increasing disposable income – expect the brands they purchase from to operate sustainably, ethically and openly. –Forbes piece on top 2016 CSR trends
You Will Better Engage (and Retain) Employees
74% of employees surveyed say their job is more fulfilling when they are provided opportunities to make a positive impact at work. –Cone Communications Employee Engagement Survey
Six out of 10 Millennials said a sense of purpose is part of the reason they chose to work for their current employer. –Deloitte’s The Millennial Survey 2015
As you can see, implementing a cause marketing strategy is no longer a nice-to-have marketing tactic, it’s a must-have. Not sure where to begin? Contact us for ideas on how to get involved in your local community to build your brand, increase your bottom line and improve employee engagement.
We love hearing from our readers, so let us know how you’ve made a difference in your community!