Companies are constantly on the lookout for any possible advantage that can help them to grow their business or attract new customers. If there’s a new technology that can that can help them to boost productivity or increase efficiency, for example, then companies will jump on it. Perhaps surprisingly, there’s another powerful tool available to companies that can help them to cultivate more loyal customers and engaged employees: philanthropy.
While philanthropy is often seen at odds with business, the two activities actually pair incredibly well together. Take a look below at some of the ways that philanthropy can help strengthen your business!
Today’s customers are increasingly aware of how businesses’ philanthropic activities and use that knowledge to shape their purchasing behaviors. In fact, according to one study, 82% of all American consumers factor a company’s charitable or community outreach efforts–also known as corporate social responsibility (CSR)–into their decision making when selecting products or services to buy. As a result, increasing philanthropic engagement and CSR can help companies to attract new customers and keep them coming.
However, philanthropy and CSR can only grow a business’ customer base if customers know those activities, which iss why it’s crucial for businesses to incorporate CSR into their brand image. If your company is involved with a particular cause, make sure you share that on your website, on product labels, or even in direct messages to your customers. Host a public event where you can raise funds or awareness for the issue you support as well as demonstrate your own philanthropic tendencies.
It’s no secret that employees perform their best when their morale is high. While you could try to raise spirits through some friendly inter-office competition or by taking employees out for drinks on the company tab, volunteering is another great way to energize employees. After your staff has spent some time outside of the office for philanthropic or community building activities, they may work in teams more effectively, report higher levels of satisfaction with their jobs, display greater leadership qualities, and other benefits. You can even consider giving employees paid days off to volunteer if you really want to make the most of these advantages!
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