In society, it’s important to do things that benefit others. The same can be said for businesses. This is called corporate social responsibility. In short, corporate social responsibility is the idea that while businesses should maximize shareholder value, they should also operate in a way that benefits society. Marketing and communicating social responsibility as a business can have a major impact on overall success. People want to see that your business is helping society. When there is a cause, people tend to care more. It can be said that social norms have shifted significantly over the past decade. If you want to succeed as a business you must put your current and potential customer’s values at the forefront. You can do so by incorporating corporate social responsibility into your business model.
What does Social Responsibility do for a Business?
Research shows that corporate social responsibility has a positive impact on a business’s overall performance. Forrester Research published an article titled “The Power of a Values-Based Strategy” which reveals nearly half of consumers factor values into their purchase decisions. To put things into perspective, when you are looking to make a purchase, would you prefer the brand to share your values? Making a purchase from a brand that cares about society allows consumers to feel they are supporting a cause. Who doesn’t want to feel like they’re making a positive impact when making a purchase?
In addition, corporate social responsibility improves customer loyalty. The goal for any business should be to keep customers coming back for more. Customers are more likely to continue purchasing if what you offer also positively impacts society. In order to see the greatest results, your business must align with your customers’ beliefs and values. You must make efforts to understand what your consumers care about. This can be done through basic marketing research strategies.
Examples of Corporate Social Responsibility
Now that the concept of corporate social responsibility has been defined, the next step to understanding it is seeing it in practice. Many brands market themselves strictly off this concept. Sometimes, a brand’s entire business model is based on social responsibility. One example is the shoe brand TOMS. With every purchase, TOMS donates a pair of shoes to someone in need. That is just one of their many social responsibilities that they market to consumers. That is an extreme example. Your company can incorporate social responsibility in many ways. It can be as simple as using recycled packaging. Your business could also do promotions that spread awareness about a local cause. Making donations to a charitable cause is another option. Regardless of what you choose, consumers will be pleased to know that their purchase is making some kind of positive impact.
Act Ethically
While corporate social responsibility is a concept that could benefit a business, it can sometimes be abused. When purchasing from a company that promises to donate or uses environmentally friendly materials, always be sure to fact check. Sometimes companies do not act ethically and are dishonest about their practices. The main point: don’t be that business. Corporate social responsibility also requires honesty. You could face a major PR scandal if it comes out that you aren’t being truthful about your business practices.
Corporate social responsibility has been a way for some businesses to get away with worker’s rights abuses. It should not be used as a way to cut corners. This tends to happen more at a corporate level. Whatever you do, make sure your business is operating ethically and is considering the rights of everyone involved in the business process.
Where to Start
Now that you have a better understanding of social responsibility, you should think of ways to implement it into your business. As previously mentioned, get to know your consumers. Are you trying to reach a wider audience? Consider popular causes that are in your local area. Is the environment important to you? Find ways to reduce, reuse and recycle within your business. Communicate an important message to your consumers. Focus on values that align with both your business and your target market. You’ll see an increase in customer loyalty and will feel proud of the work you are doing. Just remember, always put ethics first and you’ll be on your way to creating a successful brand.
If you’re looking for other ways to strengthen your business’ marketing strategy, contact Burkhart Marketing to learn more about what we can do for you.
