Corporate Social Responsibility Fosters Loyalty
“Social responsibility is the factor most likely to influence brand loyalty compared with lower price, availability, quality, and product prestige.” – Goldman Sachs, GS Sustain 2021
Whether it is supporting human rights, protecting the environment, or removing community hardships like poverty or poor access to quality education, organizations are getting involved. Leaders, companies, and industries are responding to the growing demand for social good and they are reaping the financial benefits.
Benefit: Increased Trust and Loyalty
A company’s image and brand are viewed positively when they publicize their socially beneficial commitments. Companies looking to solidify that reputation have gone an extra step to prove that their impact efforts are prioritized and effective.
A great way for companies to build brand awareness in recent times has been through social media engagement, which has played a huge role in helping to promote philanthropic and social impact efforts. Consumers are also passionate about participating in these efforts for good. 52% of U.S. based social media users want to share their own photo participating in the collective moment (Cone, 2016). #SocialGood has 1.2 million posts on Instagram alone! Even though that strategy may get the message out and facilitate a conversation, social media has been confronted by a series of controversies in recent years. Many often wonder if they can believe what they read or see on social media. A growing number of companies have started to look elsewhere to certify their commitment to worthy causes.
One of the top third-party endorsements is the B Corp Certification. It is an additional verification that helps companies stand out among a crowd of competitors in their commitment to people, planet, and profit. While it is a strenuous process, B Corp designation reaps enormous benefits with consumers, such as increased brand loyalty and ability to attract top talent. (Learn more)
Benefit: Attracting Talented Teams and Strengthen Communities
Socially responsible companies tend to attract employees who are eager to make a difference in the world—in addition to simply collecting a paycheck. 88% of the majority workforce say their job is more fulfilling when employers provide opportunities to make a positive impact (Cone, 2016).
Community engagement both with employees and external community members are displaying substantial results through their strength in numbers. Employees are feeling boosts of productivity and morale, while locals are experiencing healthier cities, job opportunities, and accessible resources. Clearinghouse, a for-profit B Corp, created 2,400 jobs, 1,000 units of affordable housing, and 50,000 families with supported services all in one year (B The Change, 2019)
Benefit: You Can Join In!
The good part is that anyone and everyone can partner with other members of your community and professional network. Neighborhoods and teams are hosting Green Trivia nights, organizations are becoming B-Corp Certified, and people are finding ways to create community-driven and environmentally friendly experiences at work, at home, and online. (Learn more)
Currently, there are over 4,000, globally distributed B Corp Certified companies. Ben & Jerry’s, a well-known B Corp, is now the leading ice cream brand in the United States with revenue topping $6 billion. People want to work for, buy from, and invest in businesses they believe in. B Corp Certifications, getting involved, learning more, and having fun in the process has been the most powerful way to build credibility, trust, and value for businesses and for ourselves. As employees, employers, and community members, it is up to us to commit to improving the lives of people, caring for the planet, and building greater profit along the way.
Contact the author, Jenny Morgan, for questions on how to learn more and get your company involved! Learn more at www.pactthree.com.
