Cause Marketing – A Social Entrepreneur’s View
Businesses have become increasing aware of their need to be “Corporate Citizens” by designing and implementing ethical standards and core business practices. Businesses are now investing in Cause Marketing initiatives by teaming up with non-profit organizations and causes to accomplish a project of mutual benefit. Facts to consider:
- About a third of Americans have even higher expectations of companies to support causes especially important during a recession.
- 83% of Americans wish more of the products, services and retailers they use would support causes.
- More than 278 million people in the U.S. want to know what a company is doing to benefit a cause.
- 80% of Americans are likely to switch brands, about equal in price and quality, to one that supports a cause.
- 53% of Americans would rather support a company that allows them to impact the donation by tying it to a purchase.
Source of Facts and Additional Reading: http://thecore.dma-solutions.com/?p=6686
Companies have become increasing aware of their need to use the impact of their business to increase marketing and financial results. The practice of “Cause Marketing” is becoming vogue; it models an involved role for companies as they team up with non-profit organizations or passionate causes. It’s a great first start for companies that are looking to increase their bottom line and impact. Let’s expose the beauty of that thought below by first linking the terms and their application.
CAUSE = SOCIAL “Activity that addresses a non-economic need”
MARKETING = ENTREPRENEURSHIP ”A venture or business activity that creates value and economic wealth”
Cause Marketing is a safe platform but the levels of Social Entrepreneurship go beyond the need to be responsible or to connect with customers. Many of our clients are going to the next level by using Social Entrepreneurship to earn and reinvest a profit. It creates sustainable change that often outweighs the impact of a “traditional” business design whose sole mission is to maximize shareholder value or profit.
Let the Institute for Social Entrepreneurship help you through the process of designing the right initiative that yields the benefits in our word cloud. Great profit, long-term customers and impact!!!!!