Connecting strategy to purpose will help create shared value and it just might change our world.
Business success boils down to purpose. It is the No. 1 driver behind successful companies and aligns with the pursuit of profit. How a company acts on its purpose links to branding, customer loyalty, employee retention and stakeholder engagement.
Fast Company’s Sherry Hakimi said, “A purpose mobilizes people in a way that pursuing profits alone never will. For a company to thrive, it needs to infuse its purpose in all that it does.”
Bottom line, without purpose, a company is just managing people and resources. With purpose, a company mobilizes and engages people and resources. Read more after the jump…
CSR initiatives have many advantages that can be applied to any business, regardless of its size or sector.
As the year wraps up it is time to look at the top CSR companies that “walk the walk” not just “talk the talk” when it comes to putting socially responsible practices into action. These are the companies that demonstrate a commitment to their local and global community. Here are a few companies leading the way:
Bosch Group: For the Bosch Group, a German multinational engineering and electronics company, sustainability means securing the company’s long-term success while at the same time helping protect the environment for current and future generations. The company continues to operate by the values of founder Robert Bosch, who said, “I have always acted according to the principle that it is better to lose money than trust.”
Program Highlight: Ninety-two percent of the share capital of Robert Bosch GmbH is held by Robert Bosch, which spends dividends exclusively on charitable initiatives. At the same time, the Bosch Group’s corporate structure helps ensure its financial independence and enables the company to plan for the long-term and make investments that secure its future. Bosch focuses on four sustainability-related areas of activity: environment, products, associates, and society.
Nonprofits, how are you engaging your corporate partners in experiencing the non-cash value of your organization? When was the last time you invited your corporate partner on a site tour or a behind-the-scenes experience with your services, or asked them to participate in a volunteer opportunity?
A few years ago, I was invited to Children’s Hospital Colorado for a half-day session at the hospital. I was with a small group of other agency partners, community influencers and donors, and we spent the day meeting with doctors, sitting in clinics and touring different departments throughout the hospital. My eyes were opened to the expertise, resource needs and opportunities as well as the challenges in health care.
I also participated this spring in a Denver Public Schools Day of Service with Noble Energy and the Denver Broncos where we helped move classroom furniture at Cheltenham Elementary School, participated in field day activities and met with the principal and teachers. As a parent, education is a top priority for me, and being able to step into the hallways for the day and feel the impact of budget cuts was eye-opening. Read more after the jump…
This year, Patagonia announced that it would donate all Black Friday proceeds to grassroots environmental groups fighting to protect natural resources like water, oil and soil. The company expected to rake in about $2 million across its 80 global stores and Patagonia.com. In reality, Patagonia recorded $10 million in revenue – five times what the company expected – and is still promising to donate 100 percent of that revenue to the environmental groups.
Facebook launched a new tool this week that will make raising money for specific campaigns or fundraiser’s much easier for nonprofits through the social platform. Nonprofits will be able to launch specific campaigns on their Pages, similar to the event functionality, showing users how many people have contributed, how much money they want to raise, and suggesting possible donations. The social network is also improving its Donate button, making it available in individual posts as well as Pages. Users will be able to contribute money directly from the News Feed, with a single-page form used to process payments via PayPal, credit, or debit card.
Millennials – they seem to be all the marketing world is buzzing about these days.
And for good reason. According to Dan Schawbel’s January 2015 Forbes article, “10 New Findings About The Millennial Consumer,” there are 80 million Millennials with $200 billion in annual purchasing power in the U.S. alone. No wonder companies are clamoring to find ways to engage them.
I recently read an Advertising Age article about Target’s new cause marketing campaign (launched July 13) in which, for every Up & Up brand school supply purchased between July 13 and Aug. 2, the retailer will donate one Up & Up brand school supply product to a child in need via the Kids In Need Foundation. While this tactic may not necessarily be new – in fact, here is a list of ten “Buy One, Give One” Companies – I’m intrigued by Target’s use of this approach to build awareness and share for a specific category within a specific brand. (This is an approach we are seeing more frequently as the “Buy One, Give One” model continues to grow in popularity. As indicated in this Winter 2014 article in the Stanford Social Innovation Review, companies such as Kiehl’s, Sephora, Whole Foods and Aveda have also introduced buy one, give one items.)
This week, more than 100 employees from Certified B Corporations around the Denver, Boulder, and Fort Collins areas volunteered in their communities, tangibly showing how they are using business as a force for good by “B-ing the Change” in Colorado. Similar efforts are taking place around the county, and the world as part of this global effort.
Colorado has an especially strong B Corp community with more than 40 local companies certified including New Belgium Brewing, Rally Software, Moye White, GoLite, Namasté Solar, Door to Door Organics, and the Gary Community Investment Company. Nearly all of the 40 companies in Colorado participated in this program throughout the week – a remarkable showing of how invested our businesses are in the communities in which we live, work and play. Read more after the jump…
Cause marketing is here to stay. That is the conclusion reached by Cone Communications in its recently released 2013 Cone Communications Social Impact Study, which takes a comprehensive look at 20 years of cause marketing-related data. A few notable statistics right off the bat:
54 percent of U.S. consumers bought a product associated with a cause over the last 12 months, increasing 170 percent since 1993.
89 percent of Americans are likely to switch brands to one associated with a cause, given comparable price and quality, jumping nearly 35 percent since 1993.
91 percent want even more of the products and services they use to support a cause.
I had the opportunity to attend the third annual South by Southwest (SXSW) Eco conference in Austin last week – an offshoot of the SXSW brand focused on “innovative solutions taking us beyond sustainability.” Attendees ranged from business owners providing sustainable products and solutions to corporate sustainability managers from Fortune 500 brands. And while the rooftop gardens, sustainable product labeling and corporate social responsibility programs that were highlighted are more than impressive, there were several themes in each of the sessions I attended – and most of them are very similar to what marketing professionals face on a daily basis.