WHAT’S IN IT FOR MY BUSINESS?

Marketers today face a dynamic, interactive environment where consumers and employees demand increasing engagement from companies and brands with which they interact. One of the most authentic ways to communicate your brand story, your mission in action, is to support a cause. Cause marketing enables companies of all shapes and sizes to develop a mutually beneficial partnership with a cause on a campaign or ongoing basis.

BENEFITS

The many benefits of cause marketing for businesses of all sizes include:

Greater awareness for company product or service
Increased sales
Access to new audiences
Competitive advantage
Increased brand image and awareness
Higher employee retention
Highlight to be used in employee recruiting
Opportunity for new strategic partnerships
Technical expertise from nonprofit partners
Training and development opportunities for upcoming company leaders and staff

CONSUMER INTEREST

According to Cone’s 2010 Cause Evolution Study:

83% of Americans wish more of the products, services and retailers they use would support causes.

In addition,

80% of consumers are willing to switch from one brand to another brand that is about the same in price and quality, if the other brand is associated with a good cause.
61% are willing to try a new brand or one they’ve never heard of if associated with a cause.

And from Edelman’s goodpurpose Study 2010:

64% percent of global consumers believe it is no longer enough for corporations to give money; they must integrate good causes into their everyday business.

GROWTH OF CAUSE MARKETING

The IEG Sponsorship Report predicts that cause marketing will be the fastest growing category of sponsorship spending in 2010, and projects that corporate cause sponsorship will rise 6.1% to hit $1.61 billion in 2010.

CAVEAT

Cause marketing is certainly not for every company and is not a replacement for a comprehensive corporate social responsibility strategy. While considered a marketing tactic, seasoned cause marketers know that these cause-related initiatives must be firmly grounded in strategy and backed by the highest levels of organizational commitment in order to be effective and well received by stakeholders. Authenticity is key in cause marketing campaigns. Companies that approach cause marketing strategically, with the right nonprofit partner, can earn valuable returns in important organizational goals. The Cause Marketing Forum is here to support you as you undertake your cause campaigns – join us at an upcoming event or as a member!

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