Consumers tend to prefer to spend their money with companies that they view as philanthropic. Studies have also shown that millennials in particular will spend more money on brands that support causes, so it’s clearly well worth considering the impact of your business’s relationships with charities.
It Can Define Your Brand Identity
The charitable initiatives of your company can be a big part of your brand, positioning yourself as reliable and ethical. The charities that you support or help with fundraising can position you as reliable and ethical. This can also differentiate you from your competition, support your brand image, and help you to stand out to job applicants.
Increase Your Reach To A Wider Audience
For national and regional businesses, having a charitable presence in your community can increase your reach to a wider audience. Sponsoring a local sports team can introduce your brand to a wider audience. Donating to national charities can boost your visibility on a national level, and national volunteering introduces your organization to local and regional charities. This could be a great opportunity for networking.
Boosts Employee Morale
Seeing the company they work for support charity can increase positivity amongst employees. Feeling proud to work for somewhere that cares can improve employee loyalty and retention. People might have individual charities or causes that mean something to them, but they can’t support them as much as they like. Offering a scheme at work, such as offering days off for volunteering, can increase morale and the commitment of your staff.
Better Public Relations
Sharing stories about sponsorships and charitable events and donations can benefit your company in several ways. Media coverage can let the public know what you’re doing and reinforce to your employees that they have the right choice in working for you. Charity stories on your website will let visitors know about your charitable presence in the community and it can show clients that you are committed to charitable causes. If managed well, relationships with charities can improve your reputation.
It’s Good For Your Community
The most obvious benefit of working with charities is making a positive impact to the charity’s cause. However you decide to support your charity, working with a charity to help them achieve their goals can be incredibly rewarding, both for your company and for you as an individual.
Conclusion
By choosing to support a charity, whether you choose a local, national, or international cause, you are actively helping people, organizations, and communities by donating your money, time, or resources. It can be very easy to get caught up in the day-to-day business of running your own organization, but taking the time to give something back to a charity can give you a new perspective on work and life. This is without the doubt the biggest benefit, but don’t discount the other advantages of working closely with charities, as they can make a big difference to your staff morale, public relations, and ultimately, your bottom line too.