It’s that time of the year when everyone is thinking about giving to charitable organizations that make a difference for those less fortunate and in need. Although it’s a selfless concept, supporting a charity or cause is actually a great way for businesses to bolster their marketing efforts and improve employee morale.
Charitable giving is a way for businesses connect with their community on a deeper and more personal level. It’s also a chance to create loyalty and build more meaningful relationships with customers. And it’s just the right thing to do as a business.
The key is to align donations with your company’s ethos and products. It’s important to find a charity that is a natural fit and supports your company mission and philosophy. Once you do that, like-minded consumers will follow.
Giving Customers the Feels
When customers feel good about who they do business with that can lead to a better customer experience, which can lead to more business. Eighty-five percent of customers have a better outlook on and prefer businesses and brands that support a charity they care about. Increasingly, consumers have become more interested in firms’ actions and have, in turn, begun to strongly consider them in their purchasing decision making.
So, if you’re looking for a way to distinguish yourself from a competitor, backing a nonprofit organization might nudge consumers in your direction. This is especially effective during times of crisis. Businesses and consumers are often moved by tragedy, and in actively demonstrating your concern for the damage caused by a natural disaster or humanitarian crisis, you can draw the support of customers. Plus, customers that see a meaningful impact behind their purchases will be more likely to return to your business again, giving your business long-term and highly profitable relationships.
Giving is Good for Employees Too
And it’s not only customers that reward your philanthropic efforts. Charitable giving can make you a more desirable employer. Millennials are more attracted to employers whose companies support a charitable cause or offer volunteer opportunities. The Pew Research Center found that 21% of millennials place a higher priority on helping people in need, while just 15% prioritized having a high-paying position. And since 86 million millennials will be in the workplace by 2020 – representing a full 40% of the total working population – building charitability into your company’s core mission and structure offers employees lasting experiences and professional fulfillment. That helps increase employee engagement, retention, morale and productivity
And remember, these millennials are also consumers.
iAffiliate Management has opted to start its charitable giving by focusing locally. We are currently supporting Gracie’s Room, a Minneapolis-based non-profit specializing in custom room makeovers for children of all ages, who deal with life-threatening illnesses.
Corporate philanthropy is an effective strategic way for your company to give thanks to customers and give back to the larger world community. Both will benefit you and your company.
Although there’s plenty of motivation for incorporating a charitable aspect into your business model, the most important factor should be that it simply feels good to help others in need. Studies have shown that helping others benefits your health, and doing nice things for other people has been scientifically cited as a way to prevent heart disease, reduce stress, and even combat depression.
Corporate philanthropy is an effective strategic way for your company to give thanks to customers and give back to the larger world community. Both will benefit you and your company.