Corporate social responsibility is a buzzword in the business world right now. Although it might sound like it’s something that is reserved for the likes of Apple, IBM and Google, this marketing strategy can also work wonders for small businesses. If you are looking for another way to boost your brand’s image, try taking a page from the playbook of some of the world’s most valuable companies.
What is CSR, and Why is it Important?
Corporate social responsibility is a term that refers to an organization’s attitude and efforts towards improving society at large, including philanthropic practices, economic factors, environmental awareness and more. Businesses across the country and around the world practice CSR, because it can be beneficial to both them and society at the same time.
The Advantages of CSR
Today, consumers are on the look-out for companies with a do-gooder attitude. In fact, nearly half of consumers are willing to pay a premium for socially conscious or environmentally friendly brands.
As a result, corporate giving has increased as much as 15 percent in recent years, outpacing individual giving by five-to-one. And now, this trend is trickling down to small businesses.
Practicing Corporate Social Responsibility in your own Business
Although it might sound complex, CSR is a marketing strategy any small to medium-sized business can benefit from using.
The most common type of corporate social responsibility is supporting causes through financial donations. For example, Google has demonstrated its commitment through its investments in renewable energy. Although your company doesn’t quite have the financial resources that Google does, you could still benefit from making modest contributions to local causes that matter.
Volunteering Your Time
Another common CSR strategy you could try is volunteering. Whether it’s just your leadership team or your whole organization, a commitment to volunteering is a way to show your target audience that your company has a vested interest in your community.
While there are still concerns about COVID-19, your organization could choose to participate in virtual fundraisers, fitness challenges or golf outings.
It goes without saying that many Americans today have strong beliefs when it comes to social issues. As a result, many of the world’s most valuable brands have begun weighing in on important social issues.
One study found that this tactic is popular with consumers. In fact, 71 percent of millennials in America hope that companies will take the lead on social issues they believe to be important. Although local businesses shouldn’t feel compelled to weigh in on national issues, they could win favor with consumers by championing a local cause.
Fat Guy Has the Answers to your Branding Questions
At Fat Guy Media, we understand creating brand building strategies, like corporate social responsibility, can be a challenge for a local business. From logo design to content development to web design, we will create a customized, comprehensive marketing plan to help your business prosper. Contact us today to learn more.