According to the IEG Sponsorship Report, companies all across the country will spend about $17.1 billion on sponsorship opportunities. This includes sponsoring various events, arts, and causes. In fact, on cause marketing alone, companies will spend about $1.61 billion this year, up over 6% from last year.
Why are companies spending so much on cause marketing? Are they really that genuine? Or do they have something to show for their good works?
Associate your brand with a positive cause
Consumers respect cause-related marketing. It helps to humanize your company, showing your customers that you aren’t just concerned with turning the highest profit possible, but that you also want to help make a difference in the world. This breeds credibility, and it puts your company in a positive light with customers.
Associating your brand with a positive cause can also be useful for separating it from the competition. It’s a powerful differentiator that can actually motivate customers to do business with your company rather than one of your competitors.
Even your employees could become more loyal when you associate your brand with a positive cause. It allows them to feel like they’re doing more than just a job…that they’re actually working to make a difference.
Connect with consumers on a deeper level
Supporting causes your customers care about gives you something to bond with them over. It’s like you and the customer are working together to help make the world a better place. This allows you to create a much deeper relationship with the customer than you would just by being the typical company that interacts with them on standard purchases.
This new, deeper connection can be helpful in creating more loyal customers. It can also increase your visibility, allowing you to connect with customers who may not have even known you existed until you tied your brand to a cause they cared about.
Give your brand more stories to tell
Charitable contributions and cause-related marketing make for great press release topics. These press releases cut through the clutter of boring, self-indulgent press releases that reporters receive all day long. Everybody loves a feel-good story, and by helping raise awareness for a cause, you can generate more media coverage and positive publicity for your company and the cause you support. It’s a win-win.
Build your business around your corporate values
Cause-related marketing shouldn’t be done just for the sake of generating publicity or earning more sales. That’s not what this is about. It’s about selecting a cause you’re truly passionate about…a cause that matches your personal beliefs and corporate values. Everything else is just fringe benefits of cause marketing. So, if you’re not truly passionate about it, perhaps you should look into another method of generating positive publicity for your company.
Do you have any experience with cause marketing? Share your stories by leaving a comment.
This article is written by Mickie Kennedy, founder of CauseWire, the nonprofit newswire. Download your free copy of 7 Cheap PR Tactics for Success in Any Economy here: http://www.ereleases.com/7cheaptactics.html