There's a strong connection between entrepreneurship and giving. The challenge is to make your socially responsible efforts a winning proposition for the nonprofit group you support, the community and your business. You can master this marketing challenge by following these five important steps:
- Give from the heart.
- Choose a related cause.
- Contribute more than dollars.
- Formalize your affiliation.
- Mount a marketing campaign.
Cause marketing or cause-related marketing refers to a type of marketing involving the cooperative efforts of a for-profit business and a non-profit organization for mutual benefit.
In this new era of social responsibility, what you don't do can cost you. "Cause marketing" is now the norm, and customers who visit your website and see your advertising want to know that you share their desire to make the world a better place by supporting an important cause.
If your business or brand doesn't stand for a cause, consumers may 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 percent, a dramatic increase in recent years, according to a Cone Cause Evolution Survey.