A business strategy that considers both economic and social impacts is not only the right thing to do, it is also really good for your brand.
"80% of the general population agrees that businesses must lead to solve social problems."
Edelman, 2016 Trust Barometer.
97% of marketing executives believe cause marketing is a valid business strategy.
By creating a culture that puts purpose at its heart, aligning your values with those of your customers and supporting philanthropic initiatives and cause campaigns that offer measurable impact, you will set brand onto a sustainable and prosperous path.
Give purpose to your products
"After price and quality, the next trigger for consumers in purchasing a product or service is Purpose, soundly trumping design and product innovation."
With trust in conventional advertising at an all-time low, it's time to rethink how we market to these savvy consumers. Purpose is now acknowledged as the 5th P is marketing - the one that wraps around and is integrated with a brand's Product, Price, Place and Promotion. Great marketing should not only sell products, but the positive impact they can have on the consumer - and the world.
Improve your bottom line
Having an integrated social impact program allows you to differentiate yourself from the competition, demonstrates your commitment to making a difference and creates a tipping point for customers when given a choice. By enabling you to create a connection with customers over aligned values you also increase their lifetime value and build your tribe of followers.
"Cause marketing strongly influences purchasing decisions. 52% of shoppers worldwide check product labels before buying to ensure the brand is committed to positive social and environmental impact."
2013 Cone Communications Social Impact Study
Positively position your brand
These days it is not enough to build a cool brand or produce a great product, consumers also expect you to do good. They vote with their dollars, and spend their money where their values lie. They care about what values you espouse and the ethical decisions you make. By communicating to them what values your company stands for, you are more likely to generate positive word-of-mouth and position yourself as a brand that is worth supporting.
"91% of global consumers expect companies to do more than make a profit, but also operate responsibly to address social and environmental issues."
Connect with your customers
By engaging in impact marketing, you create new opportunities for dialogue and meaningful conversations with your customers, both around the cause that they believe in and the specific project to which they donated. As the project funds are reported on, you are provided with new points across the customer lifecycle to connect with your audience.
Attract and engage talent
Culture is a huge consideration for prospective employees. By weaving social impact into the DNA of your business, you will not only attract better talent but also give employees a reason to come into work each day and engage and ultimately lower staff turnover.
"53 percent of professionals and 72 percent of college students would be happier if they felt they were at a job where they were making a social impact."
2012 Net Impact: What Workers Want” study, Rutgers University