When first approached with the idea of doing a blog on cause marketing, I had little to no knowledge of what the heck cause marketing actually is. Out of curiosity, I asked several of my fellow classmates and was almost always confronted with the same, “What are you talking about?” look of dumbfoundedness.
So, friends, I am here to enlighten you on the wonderful world of cause marketing.
What is Cause Marketing?:
Cause marketing is the partnership of non-profit businesses with corporations in order to benefit both companies. Both partners combine their assets in order to connect with a larger body of consumers, increase value both socially and economically, and to communicate the values of both organizations.
Why do it?:
Cause marketing is different than typical corporate philanthropy in a couple of ways. One major distinction is the proceeds generated from cause related marketing are not outright gifts to the organization as they are in philanthropic efforts and therefore are not treated like typical tax deductible gifts. Nonprofits benefit both from the added exposure from their corporate partner and their fundraising efforts. The corporations in turn benefit from increased brand loyalty and enlarged brand reputation. Typically brands who participate in cause marketing have an increased positive brand image, which leads to consumers choosing that brand over competitors when faced with a purchasing decision.
Cause marketing, if done correctly, can be seen as a win-win for both partners. Everyone gets expanding exposure and enlarged brand image, which in turn can lead to increased revenue for both parties!
If you’re wanting to learn more about cause related marketing, I found http://grantspace.org/tools/knowledge-base/Funding-Resources/Corporations/cause-related-marketing to be a particularly helpful site when writing this post!
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