Using your business as a tool to accomplish community goals is a great way to improve your brand’s reputation. Philanthropy is more than just a nice thing to do, it’s also a valuable addition to your business’s overall strategy.
We’ll guide you through the ways to incorporate philanthropy into your business and explain the advantages of doing so.
Developing a Philanthropic Strategy
In order to be truly effective in your philanthropic pursuits, your business will need to be prepared to answer all of the following questions:
- What issues will we be addressing?
- Why these particular issues?
- What form will the philanthropy take?
- How will it be accomplished?
- What is the long-term goal?
- How does it fit into our company’s core values?
If you need help, there are many great networks for social responsibility that can guide and support you along the way to building a finalized strategy. Getting advice from people with experience in the world of corporate philanthropy can help you avoid mistakes and get started sooner.
Decide on an Approach
Philanthropy uses a variety of different forms. Some businesses take a strictly monetary approach and make donations to different charities or causes throughout the year. Others decide to donate products and services specific to them.
Whatever approach you decide to use, it’s important to make sure that it aligns with your business’s identity and that it plays off your strengths.
The Advantages of a Solid Philanthropic Strategy
If you take the time to create a philanthropic strategy that is the right fit for your business, the rewards can be great. Successful philanthropy take time, but can build positive, lasting relationships between your business and your community. Working directly with your community will build brand familiarity, and possibly, bring in new customers. Additionally, successful projects reflect well on your business and can convince consumers to use your product or services.
Business that give back to their communities can increase their exposure to local markets and improve their reputation. People gravitate towards businesses with strong ethics and a giving spirit. So, being charitable can actually be quite profitable.
If a philanthropic approach to marketing is something you’re interested in, Standard Marketing can help you pave the way. Visit our services page for more information.