Including a social cause in your brand identity can benefit your company in a variety of ways, both externally and internally. By contributing to a social cause, you can make your brand more human, develop goodwill in the community, engage your employees, and gain loyal customers, as well as gain personal satisfaction. There are numerous benefits to being recognised as a socially responsible corporation. Consumers are increasingly opting to spend their money with businesses that share their beliefs. The Union Webster research found that 77% of customers want to buy from socially responsible companies, and they are willing to pay an extra 10% for them.
You will Gain a Following of Loyal Clients
Customers frequently band together to support businesses they believe in, whether it is keeping local restaurants viable or purchasing at retailers that sell ethically produced goods – consumers are increasingly voting with their dollars to support socially responsible enterprises. According to a survey conducted by Cone and Porter Novelli, 66 % of Americans would move from their current product to something new if it came from a purpose-driven organisation. Customers’ loyalty provides businesses the confidence to branch out into new areas or try out new product lines. This was found to be significantly more prevalent among millennials in other studies. You will want to make sure your cause is highlighted on your social media channels as consumers increasingly seek to support firms they believe in. According to the Cone and Porter Novelli study, 68 % of individuals polled preferred to share content from purpose-driven businesses with their social networks over content from traditional firms.
Consumers are Willing to Spend More Money for a Worthy Cause
Customers will support you if you demonstrate that you care about them by providing a greener product, giving back to your community, or utilising your resources to help a worthy cause, even if it comes at a higher cost. According to Mintel research, 51% of Americans believe a product from a socially responsible firm is worth paying more for. Adult “iGeneration” consumers accounted for 62 % of the total (ages 18 to 23). Connecting with these young consumers can be as simple as identifying your firm as a purpose-driven brand and a positive change agent. Engaging with them when they are just starting to build buying patterns could pave the way for long-term customers.
You Get to Support Issues that are Important to You
Giving back can provide a sense of purpose and has been found to have a positive impact on physical and mental health. Volunteering has been linked to decreased mortality rates, improved functional ability, and lower depression rates later in life, among other health advantages. However, if you are considering donating to a social cause just to help your bottom line or brand image, reconsider. Consumers are cynical, and they can usually detect when a company is doing anything for the sake of publicity. People are quick to pick up on inconsistencies and call corporations out on it, as seen by a number of previous social justice marketing gaffes. When deciding on a social purpose for your firm, think carefully. It is critical to align your firm with a genuine purpose that makes sense and is consistent with your mission. You want to make a positive, long-term impact with your efforts.
It Has the Potential to Improve Communal Relations
Maintaining excellent community connections is an important element of any local business that wants to engage with its community. Supporting your community and taking advantage of opportunities to give back can assist to strengthen community relationships and encourage others to regard you as a valuable contributor. Establishing your company as community-minded may also make things easier in terms of obtaining quick approvals for new locations or other endeavours. Building a network with people in your community can give you a sense of belonging, and if your business is having trouble, you may be able to rely on the support of your customers to get you through it. Remember that it is not only about donating money; you can also utilise your platform to encourage other people to support a cause you care about.
The simplest method to assess the value of using social media in marketing is to consider how important social media is in the daily lives of those who are likely to become your customers. Because of the general visibility and impact social networks have on users, social media marketing has become a need for businesses.