3 powerful reasons for businesses to embrace a good cause

2 minute read

Giving is more than an altruistic act of
kindness. Embracing a good cause can have a powerful impact on society and a
positive impact on a company’s bottom line, allowing the company to make a
sustainable difference. Here are three powerful benefits of embracing a good
cause:

1. Cause
wins consumers’ hearts.
Having a socially responsible cause can actually
make the difference between making a sale and being passed over for the
competition. Hands down, the majority of global consumers (90 percent) are likely
to switch brands to one associated with a good cause, given comparable price
and quality, and 63 percent bought a product associated with a cause over the
last 12 months.1

2. Cause
builds a premium for your product or service.
Embracing a good cause can
make a difference in the margin consumers are willing to pay for your product
or service. More than half of global consumers (55 percent) said they would be
willing to reward companies that give back to society by actually paying more
for their goods and services.2

3. Cause
boosts your recruitment strategy.
57 percent of consumers say they’d like
to work for a company that actively supports a good cause. And a full 48
percent say they do not want to work for a company that does not actively
support a good cause.3

Make
a good move
. Companies with successful social
responsibility programs have at least three key concepts down. Start your
program by keeping these words in mind: align, involve and sustain.

Align with a cause that makes sense for
your company.
 This may mean working with a charity that is
related to your product or service, or looking to your local community to fill
a geographical need.

Involve employees, the community and
consumers.
 The most successful cause programs make a
point to do more than simply write a check. Help your customers and your
workforce take part in the cause by offering employees the opportunity to
volunteer with, promote or donate to the cause.

Sustain your involvement to make a real
difference.
 Start small with something your company can
commit to. You can always add on in the years ahead. You might not see drastic
results right away, but in time you and everyone else will see the impact your
program has for the common good.

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1 Cone Communications (2015). 2015 Cone
Communications Social Impact Study. Accessed on Sept. 14, 2015, from http://www.conecomm.com/stuff/contentmgr/files/0/2482ff6f22fe4753488d3fe37e948e3d/files/global_pdf_2015.pdf

2 Nielson (2014). Nielsen 2014 Doing Well by
Doing Good Study. Accessed on July 22, 2015, from http://www.nielsen.com/us/en/insights/reports/2014/doing-well-by-doing-good.html

3 Edelman Worldwide (2012). Goodpurpose 2012
executive summary. Accessed on July 22, 2015, from http://www.scribd.com/doc/90411623/Executive-Summary-2012-Edelman-goodpurpose%C2%AE-Study