Cause marketing is a strategy used by for-profit businesses that focuses on a collaboration with a non-profit organization. It identifies a need of the community or the business's target audience and seeks to answer that need while simultaneously increasing awareness of what the business as a whole has to offer. Cause marketing is often highly effective. As many as 87% of consumers will buy a product or work with a company because the company supports something that's important to them.
Take a look at the key benefits of cause marketing and how they can impact your brand.
1. Increased Sales
Consumers are often more willing to purchase products or services from companies that are aligned with a cause they care about. They may also prove more likely to justify larger purchases when they know that some of those proceeds are going to an important cause.
The feel-good effect may increase the odds that consumers will make a purchase that they might not otherwise have made, or that they will pay more for a product than they would have if it were not aligned with that cause. Cause marketing is more than just a trend, it's a tried-and-true method that can go a long way toward raising consumer interest.
2. Enhanced Brand Reputation
When a business shows they care about an important cause, their reputation goes up. People often view companies that are committed to social and environmental issues more positively than they do companies that do not have similar associations.
Consumers may link the business and the cause in their minds, creating that deeper sense of connection and leading them to feel more positively about the company as a whole.
3. Increased Customer Loyalty
Customers are choosing to vote with their wallets. They want to work with brands that have the same standards and support the same causes they do.
Supporting a meaningful cause helps you build a deeper relationship with your customers. If you support causes that are important to your customers, they will be more likely to remain loyal to your company as a whole.
4. Greater Employee Engagement
Employees, like consumers, care more about what the company is doing and what it supports than many business owners think. In fact, employees are more likely to be highly engaged with companies that support causes that matter.
A company's employee feels as though working for a company that supports those causes also means that they have participated in those activities, which means that they may feel an overall more positive association with the company.
Not only can that lead to increased engagement, but it can also improve overall employee retention.
5. Positive Impact on Society
Cause marketing campaigns often have a significant positive impact on society as a whole. However, not only can they help raise funding for essential social and environmental issues, but they can also help raise awareness of those issues.
This means that more people are likely to address those concerns and provide the support those causes need. Spreading awareness of important causes not only benefits the business but also benefits the community as well.
6. Competitor Differentiation
What makes you different from your competitors? Ultimately, what sets you apart, and why should customers trust you instead of your competitors? The causes you choose to support with your cause marketing campaigns can go a long way toward setting you apart.
By aligning with a unique cause or issue, particularly one that supports your brand values, you can stand out in a crowded marketplace. Customers who share those values will also be more likely to find your brand.
7. A Cost-Effective Marketing Strategy
Cause marketing is often implemented at a relatively low budget compared to other marketing tactics. With cause marketing, your business is often teaming up with nonprofit organizations and promoting the campaign together, ultimately saving you money in the end.
You can often spread your reach further through cause marketing than you would through some of your other marketing efforts, since people will be more likely to spread the word in person and on social media when you support something they care about.
8. More Partnership Opportunities
Creating a cause marketing campaign can open the door to connecting with other businesses and organizations within your local community. It allows you to network with other businesses.
Partnering with other local businesses can help you reach new audiences. Furthermore, a positive association between you and a business they already support can increase the odds that customers will choose to support your brand, too.
9. Raising Customer Insights
To many customers, social and environmental issues are a key part of who they are and the brands they choose to support.
Your cause marketing campaigns can allow you to connect with customers on those levels, providing you with more insights into who your customers are, what they want, and how you can deliver on their expectations. You may also gain more information about overall customer preferences as part of your cause marketing efforts.
Are You Ready to Launch an Effective Cause Marketing Campaign?
Cause marketing can offer a number of critical benefits to your brand.
At Midwest Family La Crosse, we use cause marketing as part of a comprehensive cause marketing strategy that can allow you expand your reach and improve your ROI by using multiple strategies to engage with customers and reach out to them.
Contact us today to get started on your cause marketing efforts!