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Cause Marketing – A Strategic Approach
Cause Marketing is becoming an increasingly popular marketing tool – and for good reason. A number of recent studies have documented the fact that a large percentage of consumers carefully consider a company’s reputation when making their purchasing decisions. In fact, 8 out of 10 consumers prefer to do business with companies and organizations that support causes, and 41% or respondents in a recent Cone Inc. survey said that if two products were the same quality and price, commitment to a social purpose trumps factors like design innovation and brand loyalty.
Cause Marketing can shift brand perceptions, increase sales, boost employee morale, and gain new consumers, but it has to be done right. Here are a few tips to keep in mind if your organization is thinking of getting involved with cause marketing.
Be Strategic – ensure that the cause you decide to align with is the best strategic fit for your company’s brand, mission, and values. If you don’t believe it, your consumers won’t either.
Cause Marketing is still marketing – treat a Cause Marketing campaign the same way you would treat any marketing campaign. Define your target, develop objectives, stay on strategy, build metrics into the program, execute flawlessly, and measure success.
Be Transparent – Tell your consumers what you are doing, why you are doing it, and don’t be afraid to share the results. Consumers are savvy and they want to know that their hard earned money is truly benefiting the cause not just providing a marketing platform for your brand.
Cause Marketing provides a win-win for brands and non-profit organizations. When executed correctly, the results speak for themselves.