One of the most significant marketing areas that medium to large corporations tend to focus on heavily is corporate philanthropy. This is because data has shown it to be the most effective in building a brand and seeing positive growth. In addition, focusing on corporate philanthropy is a great way to have a win-win situation with your community. You can provide resources and funds to those in need while still benefiting from providing your time. But, are the benefits truly work it? The following includes detailed information about the process of corporate philanthropy and the advantages that come with it.
Brand & Charity Connection
One of the most common mistakes made by business leaders is associating with charities that both don’t compliment their business and aren’t passionate about. This is why you are often going to see corporations align themselves with similar charities in terms of value or agenda. For example, suppose your company produces family products such as toys and educational material. In that case, you may find it beneficial to align yourself with a charity or non-profit organization that seeks to provide certain services for families. This allows you to remind within your company’s industry and market yourself to the right demographic.
Corporate Philanthropy Expansion
Wanting to start your own philanthropy project within your business is a great way to grow your brand. However, many business leaders tend to run into not getting charities to work with them but getting their own employees to care about it. Expanding your philanthropic efforts is critical to the survival of your program. This is why it is essential to conduct an employee survey to gather data on what type of charities they want the company to give back to. Doing so can provide you with a plethora of options and ones that your team is going to be excited to work with in the future.
The Benefits
Providing free facilities, funds, and time can seem crazy from an outside perspective, but corporate philanthropy comes with a good amount of benefits. Business leaders will often focus much of their attention on this part as they understand the incredible benefits that come with it. Free media attention, new relationships, and public approval are just a few of the benefits that make corporate philanthropy extremely worth it.