Coronavirus pandemic has completely changed the way that companies do business. It has created a need for brands to reduce their operating costs, safeguard revenues and recognise the importance of charitable giving - which is affecting customer buying decisions.
And hence, more and more businesses today are focusing on “cause marketing” that’s a requirement more than ever before.
Cause Marketing is a kind of marketing wherein a for-profit business collaborates with a non-profit business to boost their corporate social responsibility (CSR). In return, it helps in increasing sales, improving brand loyalty and building more brand awareness and advocates.
Below are some latest trends, key facts and statistics that every for-profit business needs to know before planning their next cause marketing campaign.
1) 71% of millennials will pay more for a product if they know some of the proceeds go to charity
2) Nearly two-thirds (64 percent) of consumers around the world will buy or boycott a brand solely because of its position on a social or political issue they care about
3) Consumers are 64 percent more likely to recommend companies to their friends if the company is socially responsible.
4) People are willing to pay 6% more for a product from a socially responsible company.
5) A third of consumers (33%) are now choosing to buy from brands they believe are doing social or environmental good.
6) Nearly two-thirds of global consumers (62%) say they use social media to address or engage with companies around CSR.
7) 40% of consumers seek purposeful brands and trust in brands to act in the best interest of society.
Undoubtedly when a brand aligns with a social cause, it has a power to build deeper connections with their customers, turn them into brand ambassadors and persuade them to take action towards a social cause.