The significance of philanthropy within society isn’t difficult to understand. With so many needs for support across the world, work that’s dedicated to helping others is invaluable. Large corporations typically have a lot to give, so who better to lend a helping hand?
Corporate philanthropy programs can play a big role when it comes to charitable donations and community support. So, what exactly does philanthropic marketing entail and why is it important?
What is philanthropic marketing?
Simply put, philanthropic marketing is cause-related marketing. Consider the way in which some companies offer certain products in pink to support breast cancer research, for example.
Matteo Tonello, an expert in corporate governance, explains that “charitable contributions can increase the name recognition and reputation of a brand or company among consumers.” While some companies have high enough profits to donate easily, others can benefit financially from charitable giving programs.
How to make it happen
The marketing involved with corporate philanthropies should always begin with the people. Getting out into the community for face-to-face interactions is so important when it comes to philanthropic work.
The aim is to fully understand your audience—to know their challenges and what their experiences are in the world. Ask your community what they need. What can you as a company do to help support them better?
Ultimately, it’s about giving more than just money. It’s about showing up, donating time and energy, and showing how much you care. Therefore, it’s great to get employees involved in the action as well. Can you organize a volunteer day once a month or a couple of times a quarter? When the whole team is truly passionate about the cause, it will be evident in the work they do surrounding it. Word will get out to friends and family, and the ball will start rolling in the right direction.
Here’s why it’s important
Philanthropic marketing plays a significant role within society for many different reasons. While some corporations may have self-serving motives when it comes to philanthropic work, there will always be benefits to corporate giving programs. Not only can the direct financial aspect be incredibly impactful, but on an even larger scale, it can help raise awareness for the cause.
Tonello states, “corporate support of local causes improves the quality of life in communities where the company does business.” Communities who feel genuinely supported by local companies are likely to thrive.
Additionally, employee relations are likely to improve within corporations where the team members feel they contribute to the community and play a role in something greater than themselves. Doing work that’s meaningful and fulfilling is so important when it comes to employee retention and satisfaction.
Find out what exactly your community needs and what you can do to help make that happen. A clear mission and a passionate team are all that’s needed to take the first step!