Saturday, 21 July 2018
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This Old House - Do-it-Yourself

Just 'Doing' Good is Not Enough

Written by Posted On Monday, 09 July 2018 22:07

I am sure you have heard the old saying “People do business with people they know and trust.” Let’s take that a step further. People do business with companies they know, trust and have community impact. Did you know that 96% of consumers have a more positive image of that company, 94% are more likely to trust that company, 93% will be more loyal to the company and 90% are likely to switch brands?

Those are phenomenal statistics and one way to utilize and maximize the impact for you as an agent or broker is to strategically develop marketing strategies that utilize cause marketing. Just ‘doing’ good is not enough… you’ve got to tell people about it. It may seem self-serving but it really isn’t. I explain later.

What is cause marketing? Cause marketing aligns a brand with a cause in the community, such as sustainability, helping children or homelessness. Yes it is great to support worthy causes but if you think strategically it can have an even greater impact – for the cause and for your business.

The Philantrepreneur Foundation, a nonprofit that advocates for community engagement, has developed what we call the 3 Pillars of Cause Marketing. The 3 pillars include congruence of interest, impact investing and meaningful marketing, and when executed strategically provide results that are mutually beneficial for the company and nonprofit.

Cause marketing can have a measurable impact on the business, cause and customers - building goodwill and loyalty. Small businesses can use cause marketing to differentiate themselves from their competitors and form a stronger connection with customers. Huge corporations use cause marketing on a regular basis.

How the 3 Pillars work

1. Congruence of Interest
Look at your business target audience, mission and core values, then choose a cause or nonprofit that aligns well with them. The closer your cause is to your true brand, the more likely customers will make a clear connection. As with all partners, make sure the nonprofit you choose is a good fit for your business.

2. Impact Investing
You invest in marketing for your business so why not make it have an impact. This could be in the form of funds, services or in-kind products to a nonprofit.

Build your campaign around specific goals, creating a clear understanding of why you are employing cause marketing and how you hope it will affect your bottom line. This will allow you to develop and execute tactics to meet those goals. The goals might include raising awareness and increasing positive brand reputation, educating the public about the cause and nonprofit, and driving appropriate social change. By setting measurable goals, you can track milestones and see how effective your campaign is for both your business and the nonprofit.

3. Meaningful Marketing
Cause marketing is most effective when it engages your customers but it will also catch the attention of potential clients. Everyone loves a good heart-warming story. Also remember the statistic – 90% of consumers will switch brands. Enhance the experience by weaving the story of the cause and its relationship to your brand into existing communications efforts, such as in-store signage, e-newsletters, your website, social media and more. It's essential for cause marketing to align with your overarching marketing and communications strategy. Incorporate your campaign into your existing strategy by making sure it is communicated through the channels you are already using and educating your most informed and trusted advocates: your staff and partners

Resources to start your cause marketing journey:

Check out the Agent with Heart™ program right here on Realty Times.

In the Las Vegas area? Regular workshops are offered on Marketing ROI. To learn more visit: www.DrVictoriaBoyd.com

Image source: freeimage4life/Flikr.com

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Dr. Victoria Boyd

Dr. Victoria Boyd is an author, trainer and consultant, and president of The Philantrepreneur Foundation. Dr. Boyd has served in numerous leadership positions in the nonprofit sector and was an instructor of nonprofit management at UNLV. Her books cover topics in the business and nonprofit arena, she is host of The Wealthy Teacher Show, and can be found on all major social media platforms. Have a question or want her training in your agency? Contact her today.

www.DrVictoriaBoyd.com

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