Written by Market My Market’s content team, with contributions from Tanner Mowery, Hannah Kernal, Lindsay Bennett, Katie McLoughlin, and Jordan Kimmel
Over the last couple of years, the marketing world has seen a drastic change in the way businesses operate. With a plethora of social media platforms to actively showcase your brand and what your company is really about, the importance of social responsibility has skyrocketed. People don’t just want to know about your values, they want to know how your business is helping society at large. Today we will be breaking down the trends of social responsibility on businesses throughout recent years, as well as the impact a good strategy can have on your local community, employees, and more.
As a leader in the digital marketing space, Market My Market has a deep understanding of the different ways in which a socially active organization can give back and thrive. Our dedication to actively monitoring and keeping on top of best business practices allows Market My Market to continuously deliver data-driven success.
Contributed by Tanner Mowery, Content Writer
What Is Corporate Social Responsibility?
Generally speaking, corporate social responsibility—or CSR—is a business model that pushes social accountability to the public, stakeholders, and others relevant to a company. Incorporating CSR into your business’s overall marketing strategy and working model can be incredibly helpful, encouraging forward thinking and the creation of new and unique processes that create a more positive impact on the world and humans.
For many companies, CSR often includes moving toward greener and more sustainable processes along multiple chains of command. Maybe production switches to a new methodology to decrease its negative impact and carbon footprint, shipping becomes compostable or recyclable, or a company reduces reliance on other unethical business practices. However, CSR may also involve a business’ philanthropy and donations to smaller charities pushing for positive change.
Contributed by Hannah Kernal, Content Writer
Why Corporate Social Responsibility Matters in Marketing
In previous decades, many companies focused primarily on their bottom lines. However, recent changes in thinking have pushed companies towards increased social and environmental responsibility. According to a recent study by marketing strategy consultants Simon Kucher & Partners, more than 85% of consumers are willing to pay more to support businesses that offer environmentally friendly products. Additionally, CSR extends to responsible marketing strategies. Making CSR a cornerstone of your branding and marketing strategy can have a wide range of benefits for your organization, including the following:
- Improving your customer’s perception of your brand
- Helping you draw and retain highly-qualified candidates
- Showcasing your company’s accountability to investors and stakeholders
- Improving your bottom line
- Increasing engagement with your customers
While many company executives assume investing in CSR will be detrimental to their bottom line, this is not always the case. When companies brand themselves as charitable and socially responsible, they can attract new customers and increase sales. However, it is essential to note that many consumers can see through empty attempts at CSR. For example, if a company advertises they are implementing sustainable practices to manufacture its products but is not following through on these promises, its brand image could be irrevocably damaged. Employing ethical and truthful marketing practices is in the best interest of your company, especially when venturing into the world of corporate social responsibility.
Contributed by Lindsay Bennett, Content Writer
4 Ways to Incorporate CSR Into Your Business Strategy
While speaking about CSR is essential, putting these words into action in your business strategy is better for your local community and the world at large. You can make changes throughout your entire organization to positively impact and ensure you are doing your part. Some ways you can be more socially responsible include the following:
One way to demonstrate your strides to be more socially responsible is to make strategic donations to causes that align with your company values. You can do this by giving a portion of your profits to charities, sponsoring a charity event, or planning a company volunteer day to give back to your community. When you make donations to charities, you can show your employees and customers that you embody the charity’s ethics.
Get Involved in Your Community
When thinking about social responsibility, you may feel intimidated by global problems that seem too big to fix. However, you can make significant changes by thinking locally. Supporting local schools and community centers and donating to local projects show your customers you care about using your profits for good.
Provide Employee Support
In addition to supporting your customers, you can also support your employees with socially responsible practices and programs. This can boost your company’s productivity and morale and show your customers that you treat your team with care and respect.
Evaluate and Rework Products
Finally, you can implement socially responsible practices by reviewing and changing your products and services to reduce your carbon footprint. This may include the following:
- Switching to more eco-friendly packaging
- Sourcing more sustainable materials
- Streamline manufacturing to reduce waste
- Installing smart sensors to turn heat, air, and electricity off when it’s not needed
- Reducing transportation emissions
- Installing solar or wind-power systems
It’s important to communicate these changes with shareholders so they stay updated on your business practices and see the work you do to be more socially responsible.
Contributed by Katie McLoughlin, Content Writer
Develop a Strong Marketing Strategy With Market My Market Today
If your business is interested in incorporating a positive corporate social responsibility, look no further than Market My Market. Our team of digital marketing experts can work together with your business to observe and support your interests and partnerships to deliver data-driven success. Complete our online contact form or call (866) 270-2250 to get more information about our services.
Contributed by Jordan Kimmel, Content Lead