A New Year Resolution for Your Bottom Line
There is one phrase that gets the attention of business people everywhere – ‘increase the bottom line.' Moreover, there is no end to the many ways that a business can do that, some of which probably work. Here is one method that can do more than just increase the bottom line; it can make a real difference.
In today’s competitive market for just about every consumable good or service, a business needs to stand out. The need to be competitive should go hand in hand with the stronger focus on social responsibility. Consumers who visit your business or website want to know that you share their desire to make the world a better place.
Your brand is your promise, if your brand (or business) isn’t aligned with a cause, your customers just might turn to your competitors. The number of consumers who say they would switch from one brand to another if the other brand were associated with a good cause has climbed to 87% a dramatic increase in recent years i
As most of us know by now, millennials have passed the baby boomers as the largest consumer group. This is a market segment you cannot afford to ignore, and they show a marked preference for brands they consider socially responsible. Some interesting statistics on this group of consumers:
24% believe they can make a difference in their community by buying products that support social and/or environmental causes
70% have purchased a product that is aligned with a cause.
90% are likely to switch from one brand to another — even when price and quality are equal — if the second supports a cause.
Consumers perceive a company that donates a portion of its profits to nonprofits, are more deserving of their dollars. Cause marketing enables all of us to feel that we are making a difference, even if it is just a small one, by purchasing a product that promotes a good cause. You can even choose your electric service supplier based on how ‘green’ they are!
Cause marketing campaigns are not just for large, global causes, in fact supporting a smaller, local effort can have more of an impact. An example found throughout the country is the pizza place or coffee shop that supports the local youth sports programs. Even local insurance brokers benefit from supporting the high school’s football team.
Business and nonprofits alike will benefit from cause marketing, this is truly a win-win solution. Now is the right time to make a New Year resolution to solidify your brand and increase your bottom line by aligning with the right cause.
i Cone Communications Cause Evolution Survey Digital Donations™ develops fundraising and marketing solutions that connect businesses with charitable organizations. For more information contact us at 888-705-2220 or email us.