- by vincent soriano |
- January 4, 2017
- Growth Hacks | 4 min read
Why giving back to society is a good practice for your retail business
Corporate social responsibility is no longer for the large conglomerates. The concept has reached even small businesses as business owners have quickly wizened up to the fact that giving back doesn’t just make the world a better place but it’s also good for business.
Research has proven that customers are more likely to move towards a brand that not only offers them value but also works for the larger good. The time has come to align your business – if you haven’t already – with a good cause.
Here’s how it helps.
Improves Public Image
Companies that demonstrate their commitment to various causes are perceived as more philanthropic than companies whose corporate social responsibility endeavors are nonexistent. Remember, consumers feel good shopping at institutions that help the community. Clean up your public image (and broadcast it to the world!).
Increases Media Coverage
Sometimes PR companies just don’t have more to say about your brand and so media can’t churn out anything new about you either. Your efforts towards promoting a good cause then creates new stories for your brand subconsciously acting as a marketing tool for you.
Boosts Employee Engagement
Employees like working for a company that has a good public image and is constantly in the media for positive reasons. Happy employees almost always equal better output!
Attracts & Retains Investors
Investors who are pouring money into new businesses want to know that their funds are being used properly. When companies contribute in cash or kind to nonprofit organizations and encourage their employees to volunteer their time, they demonstrate to investors that they don’t just care about profits. Investors are more attracted to business that go above and beyond.
Displays Heartfelt Vision
Corporations that offer matching gift programs essentially double the donations that their employees are giving to eligible nonprofits. While this is an elaborate step, matching gift programs have the potential to double, and sometimes even triple, an organization’s fundraising revenue. This kind of magnanimous efforts boosts your company’s brand image not only to existing customers but also new ones.
Shows you care
Being conscious about how your products are sourced or manufactured goes to show your brand that has a strong people connect and in interested in more than money. More and more consumers are particular about how products are sourced or manufactured. In fact, a lot of them would be willing to pay more for merchandise produced responsibly.
And most importantly, once your CSR program has gained traction, be sure to celebrate its success. Customers love to hear that their money is being put to great use, so update them on all the good that you’ve accomplished.
Managing the business on your fingertips was never so easy!