Increasing Business Profitability

Increasing Business Profitability

Corporate social responsibility is a fast-rising trend in the business world.

More than ever, companies are now aware of the business profitability that comes from using a small part of their earnings to impact humanity.

Also, the public is becoming more humanely aware. This has given rise to philanthropic activities that the world has never seen before. Consumers are now holding and expecting brands to be socially accountable, a major factor that now drives customer perception.

According to research carried out by Cone Communication and Echo Research, 90% of respondents surveyed worldwide are more likely to switch to, trust, and be loyal to socially responsible companies than those who don’t. Another research shows, More than 90% of shoppers worldwide are likely to switch to brands supporting a good cause with 76% of employees saying it’s important for their company to make a difference in their communities. 

Though these perspectives have their place in the present times, impacting humanity and making the world a better place should come naturally to you as a business person.

Also, if you make money off people or resources provided by nature, wouldn’t it be nice to give some back? If not for the sake of philanthropy but so the resources you tap from do not deplete and the people you earn from can continue to patronize you.

With these known, here are three ways you can increase business profitability using Corporate Social Responsibility:

  • Directly Impacting Your Target Audience/Customers

Every business has its customer base or target audience.

The strategy is to identify challenges limiting your target audience and develop a CSR initiative that helps tackle one or more of these challenges.

By doing this, you engrave your brand into the heart of your customers and put your products in their faces consistently, leading to business profitability and customer loyalty.

  • Partnering With Nonprofit That Directly Impacts Your Target Audience/Customers

There are specific non profit organizations that serve/impact your target audience. Here you want to identify these organizations and partner with them in such a way that your business receives free PR opportunities.

If you are a new brand, partnering with an already-established nonprofit brand is one sure way to acquire quick credibility.

  • Customer and Employee Engagement

Rather than creating programs to directly impact your customers, here work with your customers and employee to design programs that are relevant to you and your business.

By engaging your customers and employees in humanitarian activities, you establish your brand in the heart of your customers and build a lifelong relationship for both your employees and customers who will forever be grateful to you.

Imagine keeping your employees and customers happy; the two main factors that drive business profitability.

To pull this off, you may need to dedicate resources and time to designing, executing, and evaluating your impact. This is one discouraging factor for many business executives. 

The best strategy is therefore partnering with a strategic nonprofit that can place your brand in the spotlight throughout the process. 

No wonder Alison DaSilva, the executive vice president for research and insights at Cone Communications stated, that it is no longer a question of participating in Corporate social responsibility or not anymore with the options available, “It’s now a question of to what extent will they do so, and how will they create and communicate real and meaningful impact.

Are you thinking of establishing your brand in the heart of your customers, growing your profit base, and increasing market share with corporate social responsibility? 

I would love to discuss this with you. You don’t have to worry about the planning and logistics that goes into creating an impact through your brand. Through my Organization Nash and Friends, an incorporated 501c3 in the US and Kenya, your company can feed and educate orphan children in Kenya while enjoying some of the awesome benefits that come from doing so. 

You can learn more about sponsoring an orphan child or schedule a convenient time to chat briefly using the link below.

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