Cause marketing is a highly successful marketing tactic that can help you reach your target market, improve brand recognition, and increase the opinion potential customers have of your brand. As many as 87% of customers will buy a product because the company supports a cause that they care about. Customers also tend to prioritize companies that they feel are responsible and caring, or that advocate for issues that matter to them.
Is cause marketing right for your business? It may depend on several factors, including your business goals and values. Take a look at these key questions and how to determine whether cause marketing is a good fit for your brand.
What are you hoping to accomplish for your business through your current marketing strategy or as part of your cause marketing efforts? Cause marketing is an effective way to:
Build brand awareness
Drive sales
Improve overall customer loyalty
If those are at the top of your priority list for your business, you may find that cause marketing can help you accomplish your goals. On the other hand, if your focus is in other areas, you may find that cause marketing is not the most effective tool in your arsenal.
Understanding your overarching business values is an important part of getting started with your cause marketing efforts. Cause marketing is most effective when the cause you support aligns with your business values and mission.
For example, for several years, Toms Shoes had a "buy one, give one" model that was incredibly popular in their market. A restaurant might have strong values around making sure that everyone in their area has adequate nutrition, while a sustainable clothing brand might focus on environmental causes. Pay attention to the causes that are in line with your business values and how they and how people perceive them may impact perception of your brand.
Pay attention to how those causes actually function and how your brand can become part of them. Keep in mind that you want to support reputable causes that are providing genuine value.
Some audiences are naturally more interested in cause marketing than others. Furthermore, some people are more invested in their chosen causes than others.
For example, people who are interested in environmental sustainability may also be very interested in green living items, from cloth diapers to reusable unpaper towels. Parents with young children may be more interested in causes that are likely to specifically impact them. Pay attention both to whether your target audience is socially conscious and to what causes they are most likely to be interested in. You may want to look at what types of causes the members of your target audience typically interact with or what they are likely to support as well as what things most interest them.
Keep in mind that if your target audience is not interested in your cause, or in supporting important causes in general, your cause marketing efforts might not resonate with them.
Think about what you want to accomplish with your cause marketing campaign and how you will determine that you have achieved your goals.
For example, you might want to think about improved brand loyalty or increased brand awareness. As part of other campaigns, you may want to focus heavily on increased sales. Think about what "success" means as you take a look at your cause marketing efforts so that you can put together an effective campaign and pay attention to the right metrics as your campaign progresses.
Cause marketing is most effective when your efforts make a real, meaningful impact on the cause you choose to support. That can mean a significant time and money investment for many brands. That doesn't mean that you shouldn't engage in cause marketing if you feel that you can make only a small impact or you have limited resources! Instead, it may mean that you need to carefully choose the cause you want to support, or partner with other business and organizations to make a larger-scale impact.
You may also consider the benefits of focusing on smaller elements of that impact: for example, how you can help a specific individual or group, rather than a larger one.
Ultimately, whether cause marketing is right for your business depends on your situation and goals. By considering these factors and carefully evaluating the potential benefits and challenges of cause marketing, you can make an informed decision about whether it fits your overall marketing strategy.
Are you thinking about launching a cause marketing campaign? Mid-West Family South Bend can help. Contact us to learn more about our cause marketing services and how we can help you advance your brand.