We live in a time of conscientious consumers – people are caring more and more about their social impact. The question is, what does this mean for businesses? It means that companies who are only looking out for #1 – or who outwardly appear to be this way – are not able to flourish in this environment of change. What can you do to benefit from this? Cause-related marketing.
Cause-related marketing (or cause marketing) is the practice of partnering your campaign or product with a charitable cause. A good example of this is The Body Shop and Women’s aid. Their campaign ran from 2004 to 2008 raising awareness of domestic violence as well as funds for this national charity.
Another example of cause-related marketing was Coca-Cola and World Wildlife Fun (WWF). Coca-Cola partnered with WWF to raise money for conservation efforts and research for polar bears. How can you practice this art of selfish giving? Keep reading to find out.
Learn How Your Business Can Do Some Good While Getting More Customers in the Process
Don’t be discouraged – you don’t have to be a super-giant like Coca-Cola to still reap the benefits of cause marketing! Here are 5 ways you can benefit your small business and the world with cause-related marketing.
- Creates a lasting impact on sales
Supporting a cause has a powerful impact on shopper’s psychology. Cause marketing becomes another selling point for your products or services and increases brand loyalty. It’s been shown that consumers are actually willing to pay more for cause-related products and services!
- Fosters a good relationship with your brand increasing customer loyalty and trust
Cause marketing nurtures a feeling of goodwill between you and consumers. The warm and fuzzy feeling people get from supporting a worthwhile cause becomes associated with you. This cultivates continued loyalty and trust with your brand.
- Targets a specific audience
Depending on the cause you partner with different people will be interested. For example, if you were to partner with a charity working with no kill shelters this would bring in individuals interested by that topic. This goes for any issue. Each theme will bring different consumers to your door – so make sure you’re ready to receive them and that they will find satisfaction in what you have to offer.
- Distinguishes you from competitors
We live in a very competitive marketplace. It has become increasingly harder to stand out among the noise and cause-related marketing may be just the edge you need. When a consumer is choosing between two similar products or services the tipping point usually comes because of a lower price or claimed superior product. However, due to the influx of social responsibility movements more people are likely to choose a product over another if it supports a worthy cause.
- Satisfies growing expectations
People care. It’s important to increase your appeal to the wide landscape of individuals and their ideals – this now includes supporting a cause.
In the end, cause-related marketing is something consumers expect now and if you’re not doing it then your competitor probably is. Don’t get left behind in the movement – hop on board and reap the benefits of doing something good. To help you set up and/or manage your cause-related marketing plan contact Strategis today.