Cause marketing has many benefits that can help your business and the cause.
Consider implementing cause marketing to reap its benefits as soon as possible.
Writer Mark Twain had once said, “kindness is the language which the deaf can hear and the blind can see,” meaning that in today’s world, it’s always good to spread kindness in some type of way. Doing good for your community is one of the best ways to build your brand and help others succeed. Cause marketing is a win-win strategy because it benefits both the cause as well as the company.
What exactly is cause marketing?
Cause marketing is the marketing of a for-profit company that benefits a nonprofit charity or supports a social cause in some way. Cause marketing is usually executed as a mutually beneficial marketing partnership between the two parties. The for-profit organization usually leverages the good deed associated with the cause to differentiate its product to drive its target audience down the funnel. The non-profit organization would benefit from funding and increased exposure. Cause marketing brings many different benefits for both organizations. If you’re considering implementing this strategy, here are some benefits that you should know.
Reaching the Key Consumer
According to Forbes, moms influence about 85% of all purchase decisions and buy nearly everything for a household, making them the primary key consumer who you should be targeting. Studies show that more than 90% of moms find cause marketing acceptable and about 61% have purchased a cause-related product in a year’s timeframe.
Cause Marketing Builds Stronger Relationships
In today’s competitive age, building a strong connection with your audience is one of the most essential things you need to do as a marketer. Cause marketing is a great tool for you to accomplish this. According to the most recent Cone/Porter Novelli Purpose Study, 77% of consumers feel a stronger connection with companies that have brand purpose than traditional companies. In today’s politically charged society, it’s becoming more important for companies to stand for what they believe in, cause marketing can help you convey these beliefs.
Cause Marketing Attracts Prospects
Cause marketing is more than just about connecting with the consumer; it’s a great way to connect with your employees as well. Surveys show that 74% of employees say that their job is more fulfilling when they make a positive impact at work. Giving your employees to volunteer and give back to the community is a great way to feed this need for a positive impact. A Benevity Engagement Study found that turnovers drop by 57% in employee groups that are most connected to their company’s giving and volunteering efforts, meaning that giving your employees a greater purpose than simply accomplishing tasks can offer a great deal.
Building Brand Awareness
When two companies are nearly indistinguishable, cause marketing can make all the difference for shoppers. It is a great strategy to build rapport with prospects but it can be effective in converting your competition’s audience base as well. Surveys show that almost 90% of U.S. consumers say that they would likely switch brands to one that supported a cause they resonate with if the price and quality are the same.
If your competition hasn’t leveraged cause marketing yet, consider supporting a cause this year to get ahead of the edge and make the world a better place.