Why Being Socially Responsible is Good for Business ROI
Sure it feels nice to do a good deed, but did you know giving back can lead to greater business success? It’s certainly true when it comes to social responsibility ROI in a corporate setting. Here are a few social return on investment examples to prove that doing good can help your business.
It’s certainly true when it comes to social responsibility ROI in a corporate setting. Here are a few social return on investment examples to prove that doing good can help your business.
1) It Boosts SEO & PR Efforts
By participating in charitable events (think 5k runs, corporate challenges, etc.), businesses get free coverage from the media. It gains potential participation for your cause and also highlights your willingness as a corporation to help your fellow man. In other words, it’s good PR coverage. Let’s be honest—it’s always better for someone else to say nice things about you than to say them about yourself.
In the same vein as media coverage, SEO rankings receive a bump when your business is mentioned or your website is linked online. This “earned media” coverage is a legitimate way to boost your SEO rankings. It also helps further your social cause in the process. Social responsibility ROI can find its spark through free coverage and take off like wildfire.
2) It Solidifies your Brand
These days, consumers want to feel like they are part of something when they spend their hard-earned money. The most successful organizations are those that make their customers feel like they are part of something bigger than themselves. By building a reputation as an organization that gives back, consumers are more likely to stay invested in your brand. As an added benefit, they may recruit their friends to become part of your mission too. Corporate social responsibility ROI starts with a loyal customer base.
3) It’s Good for Social Media Credibility
By sharing philanthropic endeavors on social media, you gain even more shares about your cause and your brand from followers. Make sure you publicize your event or fundraiser on a variety of different social media platforms for maximum exposure.
4) It Can Increase Sales
Most consumers are willing to invest more in a brand they relate to and feel good about. Companies that show a high level of social responsibility are naturally more attractive to prospects and customers. In addition to aiding market share, it perpetuates the circle of gaining more resources to re-invest. An analysis of project ROI will help set reasonable expectations about what you will gain from a philanthropic endeavor and ensure that you are focusing on the right causes and events for your brand. Nothing is one-size-fits-all; not even philanthropy.
5) It Creates Happy Employees
Just as consumers are loyal to brands they believe in, employees are loyal to employers who exhibit a high degree of compassion and social responsibility. Good employers will have harder working employees because they believe in the mission. It also boosts social media sharing and word-of-mouth brand recognition. It is far more expensive to hire and train new employees than to keep current employees. The organizations who create an atmosphere of teamwork and “we’re all in this together” retain good employees.
While the obvious benefit of social responsibility is helping your fellow man, it can’t be ignored that there are tangible benefits to your business and brand. Be thoughtful and purposeful in your social messaging and let your followers help spread your message. In doing so, you’ll build your brand, create happy employees, and gain more resources to further invest.