As millennials rise towards the movement of social responsibility, 70% of them claim to spend more on brands that support charitable causes.
When it comes to brand purpose and social responsibility, evidence shows that “giving back” will also build profitable success. In fact, aiding in sponsorship is predicted to reach $2.14 billion by 2019, making it a vital key to boosting reputation sales, and the overall morale for your business, employees, and the local neighborhood.
Not only will volunteering with charity help gain traction with new and exciting customers, it provides the perfect opportunity to get involved in your community.
Boost Loyalty in Customers
Community-focused philanthropists like Ryan Hibbert and Roger Crandall believe that charitable campaigns define the many strategic initiatives of the company – from geographic footprint to providing aid to the local organizations.
According to the 2017 Cone Gen Z CSR Study: How to Speak Z, 9 out of 10 of Gen Z see their finances as the primary way to aid charitable efforts, especially in buying products from brands that support of an environmental or social cause. In fact, 72% of consumers claimed to have donated to charity during their purchase, despite the 44% saying they did not know anything about the cause itself.
Enhance Employee Morale
A 2016 study by Deloitte, revealed that millennials were more likely to rate their corporate culture as positive if they participated in community and outreach activities. So, what does this mean for your business? Not only is it a great off-site activity for team building, it also allows them to feel like a valuable member of your corporation.
Hosting charitable campaigns will provide valuable experiences and attract potential employees that will want to contribute towards a positive work environment. In fact, 77% of employees feel a deeper connection to purpose-driven businesses. This encourages them to participate in a cause that is both meaningful to them and uplift morale in the workplace.
Benefit the Community
While tax deductions are one of the benefits of corporate donations,
the public will also notice the actions of a company that is making a real effort to improve its local surroundings.
For example, Brixio, a Utah-based tech company, chose to donate to the Livestrong foundation after several employees and their loved ones were diagnosed with cancer. Your charitable donations could help improve schools and parks, give a safer outlet to children, aid in the effort to cure diseases through non-profit medical organizations, and help feed the homeless.
The best way to seek out potential opportunities is to engage both employees and the community. Surveying the local grounds will align the company’s donation options with causes that have the greatest meaning to your workforce.
Supporting charities will not only change the future of your business and work culture; it can also lead a dramatic impact on other local corporations around you. Therefore, whether you decide to support a local sports organization or a host annual outreach program within your community, pick a cause that you truly believe in and encourage your customers to get involved.
Not only will this make your community a better place to live in, it will also benefit the growth of your business.