Giving back to the community near your company through philanthropic efforts can benefit both your business and society as a whole. Whether large or small, the role that companies play in shaping their surrounding communities can’t be overlooked. Companies have an economic impact, as every dollar spent on local community initiatives will add value. Beyond that, research has found that companies that align with local causes encourage additional philanthropic efforts in their society.
Giving back to society can quickly become a central identity tenet for a philanthropic organization. As social responsibility continues to influence consumer purchasing pattern, blending business operations with passion has never been critical than now. Being philanthropic and making charity part of your brand makes economic sense. Recent research claims that most consumers prefer to transact with a brand that supports initiatives in their local community. It also found that close to 67% of consumers are reluctant to do business with a brand whose value differs from that of the local community. These are ways companies can establish a relationship with local communities and showcase their community spirit.
Volunteer
Giving back to society goes beyond just offering financial support. As such, companies can look for volunteer opportunities within communities surrounding them and use their talent for a philanthropic cause. One way to get involved in community work is to establish a program that encourages involvement in community initiatives. Both large and small enterprises can take inspiration from volunteer programs, where workers can volunteer on their own or through company-coordinated efforts such as visiting children orphanages and cleaning roads. Research in 2017 found that workers volunteered close to 1.78 million hours to their societies. Besides brand awareness, volunteer programs can be an excellent tool for retention and recruiting. Millennial now takes the lion share in the workforce and have a strong belief in giving back to society. Studies have shown that two-thirds of the younger generation would only take a job if the organization in question prioritizes corporate social responsibility. Companies are volunteering time to sensitize communities on the importance of using renewable energy instead of fossil fuel to reduce pollution. Others have rolled out programs to give out energy efficient devices and solar panel to make the environment as habitable as possible.
Sponsorships
One way businesses can overgrow and reach broad audiences is to invest in sponsorship programs. From a soccer tournament to a cross-country race, associating a company with local activities can help build its reputation and convey its commitment. Local events can help a brand get positive exposure while national ones can make it garner some social media mentions or positive press. Tying your business to a sponsorship program can help the target audience form a favorable opinion about a brand. Research claims that consumers are more likely to invest in a service or product they learned about in a sponsorship program.
Participate in the Local Chamber of Commerce
Participating in the local chamber of commerce is one of the simplest ways of being an active member of the community. Being a member of the local chamber of commerce comes with benefits such as referrals, networking opportunities, and access to resources. Your local chamber of commerce also creates opportunities for a business to get involved with volunteer programs and philanthropic causes. Companies that are members of a local council gain significant credibility. Consumers are more likely to choose a small business that is a member of a local chamber over a corporate business that isn’t a member. Favorable perceptions about a brand always pay off in the long run, with most customers preferring to transact with companies that are members of a local chamber of commerce. Business leaders can influence society for better, and any form of philanthropy can have a positive impact on a brand. However, the entire philanthropic experience will be rewarding if an organization targets initiatives that are dear and near to their heart. A personal approach to philanthropy will ensure a company and its staff don’t lose interest after giving back to society for only a few months. The consequences of that will likely be favorable business results.
