Philanthropy in business has become a trend that is sweeping the globe. It's not just big, it's huge. Large businesses are more likely to capitalize on this trend, however smaller businesses are realizing its advantages as well. Video is the #1 form of communication, in fact according to a Forrester Research study: one minute of video is worth 1.8 million words.
Employee recruitment, engagement & retention
Philanthropy creates a competitive edge by making your workplace a more appealing and engaging place to work, meaning employees work harder and stay longer. A Patagonia employee said “Our grants and local outreach efforts are tied to how much we bring in, which makes it exciting to work extra hard to bring in more sales. We also benefit from seeing those dollars at work doing good things in our local community,”
“Among 357,000 people surveyed [...], those who had a positive experience of giving back at work were four times more likely to say their teams were willing to give extra to get the job done. They were also more likely to be brand ambassadors eager to express pride in their employers and to say they want to stay with their companies for a long time.” - Forbes
Philanthropy elevates your brand by cultivating a positive emotional connection, better social engagement and more branded content to broaden brand awareness. A well developed philanthropic program will resonate with your audience more than any creative ad campaign.
Connection with the local community
When you work to support your local community, people can see and appreciate that. More than that, they seek it out.
"82 percent of U.S. consumers consider corporate social responsibility (CSR) when deciding which products or services to buy and where to shop." - Entrepreneur
Achieve a social impact
If you choose your grantee wisely, the change you make in the world can become part of your marketing material as well. The Elton John Aids Foundation, for example, can proudly claim that have supported 546,000 lives in only 1 year. It's an extremely powerful statement to be able to show the positive change you are making in the world.
TED alone currently has 34 talks on Philanthropy and counting. These talks are highly visible, highly paid, prestigiously attended networking events that promote your business ideas in the best way possible. There is literally no better way to pitch your business.
Awards & accolades
Philanthropy opens your business up to a whole host of new awards & accolades such as the Fortune Annual 50 Best Places for Giving Back, the Financial Review Philanthropy 50, the Telstra Business Awards, the Creative Partnerships Awards and the QCF Philanthropist of the Year Awards.
Social License to Operate
As this trend grows bigger and bigger, it's likely that businesses that don't participate will look increasingly selfish.
"...private companies can’t just do what they want and ignore the needs of communities. Rather, they need to acquire and maintain a Social License to Operate – which is the level of acceptance or approval continually granted to an organization’s operations or projects by the community and other stakeholders." - Philanthropy.org
Partnerships are increasingly crucial to a businesses's sustainability in today's world, and businesses are more likely to partner with a business that they can be proud to associate with. Your business will get more partnership opportunities if it can be seen to be interested in more than just money.
Publications & media
Publications & media themselves are interested in corporate philanthropy more than anyone else, so they have an incentive to find socially responsible businesses to write about. Corporate social responsibility (CSR) will be much more likely to earn you media promotions than the core of your business's activities.
Credit and authority
Purchasing decisions are made easier for your customers when they can alleviate any fear or guilt they might have by saying ‘well regardless of how it turns out, at least I can sleep better knowing I made the world a better place’. Salesforce donates 1% of their income to charity. Doesn’t seem like a lot does it? However in 2017, salesforce was voted #1 on the Fortune 50 Best Workplaces for Giving Back after making a total of $137,000,000 in philanthropic donations.
So while making the world a better place is a fulfilling pursuit in itself, Philanthropy can also help businesses in 10 unique different ways. If every business did that, we would be able to take those less fortunate and allow them to share in our success. We could bridge the gap between the rich and the poor.
By creating video marketing about your philanthropic purpose you can maximize your impact on the world. If you would like to make a Philanthropic Marketing Video then book a strategy session with us or simply contact us now and we'll help you figure out the best way to make it happen, no obligations.