What do you think of when you hear the phrase "cause marketing?" This term has been defined as “a type of marketing a company participates in with a non-profit organization to boost business and profits while bettering society through supporting the non-profit's cause."
It's no secret that customers nowadays are very passionate about specific causes or issues — and they are interested in whether their preferred brands share their passion. In fact, consumers are much more likely to buy from businesses that support the same causes they do.
If you haven't already invested in cause marketing, then you may want to consider starting as soon as possible. Let's examine 10 key reasons why you should explore the possibilities that cause marketing can bring:
1. More Sales
Consumers are typically more willing to buy from a brand that supports or promotes causes they care about. In fact, many customers are willing to pay a higher premium for products or services that come from a cause-oriented company.
People who see your company investing time and energy towards making a difference in the world are more inclined to want to purchase your products or services. If you invest in cause marketing, you'll likely see an influx of business from supporters of the cause you champion.
2. A Boosted Brand Reputation
Whether in your local community, your region, or even on a national scale, your brand reputation matters. Consumers are more likely to perceive your organization in a positive light if you're committed to the social and environmental issues they care about.
For this reason, cause marketing can be a powerful tool for enhancing your brand reputation and appealing to consumers on a more personal level.
3. Increased Customer Loyalty
Your brand's stand on a certain cause or issue may also promote customer loyalty. It's a well-documented fact that customers are more likely to purchase from organizations that share similar core values with them. This means that these clients are more likely to stay with your company and use your services continuously and stay loyal to your business.
4. Greater Employee Engagement
Cause marketing may affect more people than just your customers. Not only are you making a difference in the community and showing your audience your compassion and care for giving back, but you are also showing your employees that you care about making a difference in the world.
When an organization's team members feel like their efforts are contributing to a good cause, and they're making a positive impact on the community, they're more likely to stay with the company long-term, and be more productive in their work.
5. A Positive Impact on Society as a Whole
One of the main purposes of cause marketing is to generate a positive impact for society at large. Keep in mind, your efforts are geared towards this objective.
As great as it is to have all of these benefits when doing a cause marketing campaign, the sole purpose of using this strategy is to make a difference and contribute to the community.
6. Separation from the Competition
It's difficult to truly stand out in a saturated marketplace. Companies that invest in cause marketing — especially when it's a unique cause or issue — can separate themselves from their competitors in a powerful way.
Supporting and promoting such unique causes will cause consumers who share similar values to rally around your brand, and even become advocates for your organization.
7. Cost-Effective Marketing
Cause marketing doesn't necessarily require a lot of financial investment to be successful. In fact, using a cause marketing strategy is a great way to save money, make a difference, and market your business in a different way.
Brands can often support causes in very cost-effective ways, by utilizing fundraisers, sponsorships, and mutual PR activities.
8. More Partnership Opportunities
There are many partners your business may find as you invest in cause marketing. Marketing partnerships are a "tried and true plan" for generating brand awareness and getting exposed to audiences that you may not be able to reach through other avenues.
When you sponsor a charitable organization or help organize a fundraiser for a non-profit, your business will likely benefit from the "Halo Effect" due to its association with champions of the cause.
9. Deeper Insights Into Your Customers
Cause marketing provides an excellent opportunity to engage with your consumer base and find out more about their needs and preferences.
One example of this would be on social media. You can use your cause marketing campaign as a springboard to greater engagement with customers and prospects on social platforms.
Make sure to ask plenty of questions of your social followers and be on the alert for authentic feedback. Interacting with your consumer base in this way can help you to gain a deeper understanding of what makes your customers tick. Then, follow up by developing and delivering content that will resonate with them on a more personal level over time.
10. Less Employee Turnover
The U.S. Bureau of Labor Statistics has calculated the average turnover rate for employees is at 47.2% or higher. Employee turnover is bad news for business, since it almost always results in extra costs (in terms of training, onboarding, lost opportunities, etc.).
However, championing a worthy cause can actually help reduce employee turnover, since it will contribute to a sense of purpose and satisfaction for each employee.
Invest in Cause Marketing to Grow Your Business
There are many powerful reasons to consider investing in cause marketing, including its impact on the community, its influence on your customers, and even its effect on your employees.
If you'd like to receive experienced, skilled help in creating and executing an effective cause marketing campaign, make sure to contact our team at Mid-West Family Springfield Illinois today! We'd be happy to discuss all the different services we offer, and how they can benefit your brand.
