That’s not a typo in the title. The question for today is, “How can supporting a cause affect your bottom line for the better?”
Perhaps you’ve heard the phrase “cause marketing” bandied about in recent years. Examples of this type of marketing include Tom’s Shoes, which offers its customers the opportunity to provide a pair shoes to someone who doesn’t have any every time they buy a pair. Another example is Product RED, which isn’t even a specific product or service at all. It is an initiative started by the rock band U2 that allows any company to provide products and services to consumers that are co-branded with their logo (and are usually red in color). A portion of the proceeds of each sale goes to combat AIDS.
Cause marketing is perhaps the most nascent form of creating a movement from a business. People buy Tom’s Shoes even though they can get better made shoes for less because they believe they are making a difference in the world by doing so. They pay more for a red one than a blue one from their favorite company for the same reason. Naysayers will tell us all that people can give more by buying cheaper products and giving more directly to the charity of their choice However, these companies have seen sales grow and profits increase simply by making it convenient for people to make a difference.
How can your company incorporate cause marketing into your existing products or services?