Ever wondered why organizations invest so much in giving back and philanthropy. This is because consumers like knowing that their purchases help to change lives or further important causes. It has been proven that consumers will associate themselves with brands that have the same personal values with them, even if it means spending extra money.
Companies are now taking advantage of this fact by organizing campaigns that increase profit while benefiting a cause. There is no doubt that it is a viable marketing strategy that sometimes helps bridge the gap between customers and the brand because connecting to a cause that people are passionate about can lead to the strengthening of those relationships.
The exciting thing about this strategy is that it can be executed in various ways and through various channels. One could choose to partner with charity organizations or even inform customers that when they buy your products a particular percentage goes to a certain need. Either way, an effective campaign will help improve customer retention and loyalty but most importantly it will help demonstrate the company’s sense of social responsibility.
Another thing about this strategy is that it doesn’t always have to be monetized. Giving back can be in many forms even in the form of education. The most important thing is to identify a link between your brand and the cause. Transparency is also very important as many cause marketing campaigns have failed because of the lack of transparency.
Big Brands like Toms, Chevron and even Google are known for using their business to help customers give back to their communities. Earlier last month SBI media hopped on this trend by organizing a two-day workshop as our way of giving back to Nigerian society. There is absolutely no doubt that many lives were impacted positively. We are not saying it is compulsory to join this trend, but if you are going to do it, do it the right way, with us.
To learn more about how Philanthropy marketing can support your brand’s equity and influence, talk to us via email: info@sbimedia.com.ng