Doing Good Is Good For Business
By the Countable Team
Businesses strive to develop their brands while simultaneously driving profit. But what if companies set out with another objective in mind, and in so doing could have a direct impact on their business’ growth?
Companies are no longer confined to the restricting box of being profit-driven machines, but rather can benefit as drivers of social good. Brands can lead the charge by running charitable campaigns, civically engaging their customers, shedding light on pressing social issues, and more.
Corporate social responsibility, or the practice of companies establishing initiatives that enact social good, is on the rise. There are many ways in which businesses can now imbue corporate social responsibility practices into their operations. For example, they can put in place environmental sustainability initiatives, engage in more ethical business practices, or participate in philanthropic donations.
Companies also have the ability to drive civic engagement amongst both their consumers and employees. By inspiring your audience with voter mobilization, lawmaker engagement, and giving them the resources and platform to engage civically, your company can help drive tangible change.
With so many avenues available for companies to integrate social impact into their organizational priorities, the next question is why? In other words, what good does doing good do for your business? And the answer is that not only can engaging in corporate social responsibility allow your company to have a more positive impact on the world, but doing good can also yield significant gains for your business.
A) More invested customers. A proactive emphasis on social impact can help boost your company’s reputation, and generate more interest in your brand. In recent years, social media has allowed businesses to grow more and more transparent. This transparency has led consumers to take more interest in a company’s purpose and mission.
Consumers now care about companies that invest themselves in the issues that matter to them. Over 88% of consumers want brands to make the world a better place. Consumers respond positively when you display that there are social issues and values your company takes seriously, which can increase their commitment and loyalty to your brand.
B) Happier employees. Not only can participating in charitable actions better your company’s relationship with consumers, but it can also better your company’s relationship with employees. Corporate social responsibility is key to promoting a positive workplace environment for your employees.
By employing strategies like participating in team volunteer grants and team philanthropic programs, a sense of community and higher purpose is fostered among employees. Armed with a larger purpose, employees are likely to feel happier and more satisfied with their jobs, and in turn be more engaged in their work. Companies with engaged employees who enjoy their jobs outperform companies by up to 202%. Offer your employees channels to be involved in impact initiatives that yield greater satisfaction, and your business may just also benefit as a result.
C) Building a brand. By finding a cause that speaks to your brand’s core message and aligns with your values, and by crafting a core mission around that cause, strengthen your brand and set your team up for lasting success. Large brands from Ben and Jerry’s to Patagonia, Chobani, and others understand that it is inherently valuable to seek a purpose as the foundation of your business, and have successfully built ‘impact’ into their core brand value. The value of this brand will attract new customers, new talent, and propel your business long into the future.
So, what steps can your business take to meaningfully incorporate social impact? Consider crafting a core cause or mission that aligns with your customer and / or your employees’ values. Then, start by creating a digital homebase. Focus on educating your audience and building a true community around your messages of social impact, engagement, and action.
Leading brands from Starbucks and Levi’s to Patagonia have all begun doing just that. So, what will your business do? Embrace corporate social responsibility, prioritize social good, and empower your business to grow, all while becoming a leader in the movement to drive tangible change. Building social impact into your core business will enable you to do good not only for your business, but for the world as well.
Resources & Citations
Brenner, M. (2017, October 16). Putting Purpose Over Profit: Marketing Lessons from Purpose-Driven Brands. Retrieved from https://marketinginsidergroup.com/content-marketing/purpose-driven-brands/
Corporate Philanthropy: Brand Value & Social Change. (n.d.). Retrieved from https://doublethedonation.com/tips/corporate-philanthropy/
Krohn, S. (2019, February 11). Four Types of Corporate Social Responsibility. Retrieved from https://bizfluent.com/info-8117691-four-types-corporate-social-responsibility.html
F. (2013, August 5). What is corporate philanthropy? Retrieved from https://www.frontstream.com/blog/what-is-corporate-philanthropyohnston, M. R. (2018, March 14). How the Best Newsletters Get – and Keep – Readers’ Attention. Retrieved from https://contentmarketinginstitute.com/2018/03/newsletters-readers-attention/