You’ve probably read the recent headlines about corporate ethics violations, toxic leadership and outright misleading stakeholders. Worse yet, a now disbanded firm pursued the fielding of a medical testing device that they not only knew didn’t work, but would have left patients with potentially false results causing them to not seek proper medical attention.
There are numerous examples of the super-rich falling from grace…far too many to mention here.
A common thread seems to run through all these downfall examples.
Organizations who lose sight of the true purpose behind global-driven business will surely fall behind the competition and face possible extinction.
What today’s consumer buying habits tell us is that there is a solid red line between holding a profit-driven attitude and striving to make the world a better place for your customers.
For those that wonder how being a better grounded citizen can increase profits, first let’s take a look at who today’s buyers are.
While many of us in the “historical” generations tend to love picking apart how millennial habits are different than our own, they are your most numerous consumers in present-day spending. As a matter of fact, they’re expected to outnumber all previous generations by 2036, so you’ll want to not only appreciate these differences, but embrace them, especially for their long-term business.
Recent marketing surveys have demonstrated that 78% of millennials want companies that take a stand on social and environmental issues and 70% have expressed that they would be willing to spend more on brands that support causes which are important to them. It’s not difficult to realize the deep impact that philanthropy has on attracting customers to your business.
Think of it this way…public giving is the greatest of all business cards!
Of course, we’re not suggesting that giving to others to get free advertising is a strategy; you should support the charities you truly believe in and the rest will follow.
Helping others is a good thing and allows your business to be a part of something that benefits the world you live in.
Let’s look at the top seven reasons why you should consider transforming your business into one that contributes to the greater good.
1. The greatest business leaders today practice active philanthropy.
Look at Microsoft founder Bill Gates who founded the Bill and Melinda Gates Foundation, providing everything from educational resources to underprivileged communities to healthcare support to third world countries. The Tony Robbins Foundation is known for providing 2,000 grants to Health & Human Services organizations and offering educational opportunities in various correctional facilities. They are all recognizable names for both their businesses and the good they do for their communities.
2. Your business gains increased value on a global scale.
Through helping others across the globe, your business becomes a recognizable brand associated with something good. If you have employees, you can include them in supporting campaign activities which not only makes them feel that they are part of something bigger, it increases their sense of togetherness and identification with your company.
3. You create a legacy that lives beyond profit.
If you can make regular contributions to a specific charity, you’ll be able to help those nonprofit organizations that must compete for any type of philanthropic funding…and less than you think is available from corporate sponsors. Those that think outside of profit margins set themselves beyond the competition in a sustainable way.
4. An opportunity to network with other donors.
Some nonprofit organizations hold events that may be exclusive to donors. This may be a fantastic opportunity to put your business in front of other donors. Any additional opportunity for exposure leads to increased attention to your product or service, which is the whole idea for networking. Also, you’ll have the opportunity to share industry insights or collaborate with other business owners like yourself.
5. People helping people is contagious.
Encourage your customers to follow your charity and offer them an easy way for them to contribute through your own website or social media page. This not only increases funds for the charity but also creates a shared bond, linking your customers right back to your business.
6. Establish a theme.
Helping the right cause links the idea of your business with identification to that theme. For instance, Noonday Collection connects with women across the global, providing sustainable jobs for 4,500 women artisans in 14 countries. They also donate 10% of sales to Adoption Trunk Shows to families who are in the process of adopting a child. Their ambassadors sell these products with a greater sense of meaning than just turning a profit.
7. It sends a positive vibe to your customers, providing a “Make the World a Better Place” appeal.
Developing a brand that is associated with positive feelings and greater purpose creates a sustainable emotional connection to your work. Instilling this feeling in your customers is paramount to corporate-like success.
A sustainable strategic outlook for your business should include those supportable organizations that closely align with your own values. One thing to keep in mind is that your philanthropic actions should not be a one-time event (people will notice) but rather a continuous relationship that will ultimately become part of your business identity.
The more value you can provide for the world directly impacts an increased value for your own business. Make a stand today and help make your world a better place to live and thrive!
