Profit with Purpose? Prove it.

"89% of Americans would switch brands to one that is associated with a good cause... and 79% continue to seek out products that are socially and environmentally responsible." - Cone Communications CSR Study, 2017

Businesses of all sizes and industries can benefit from Corporate Social Responsibility (CSR). So, why have only some companies committed to serving a social purpose? An innate fear of uncertainty continues to drive a wedge between early adopters and the vast majority. In the case of CSR, most business owners immediately ask, "Is it really worth my time, money and effort? How do I know the whole 'Do Good to Do Well' movement isn't just a fad?" No doubt, tangible ROI and continuity are valid concerns for any business owner, but extensive research and time-tested applications continue to support the case for CSR.

So What's the Big Deal? Evidence of socially responsible business practices being profitable, even necessary, are emerging every day. Cone Communications, a Boston-based PR and marketing agency, is a leading source of international CSR research. Cone recently released its 2017 CSR Study on Americans' perception of brands and social activism. The study used a "demographically representative sample of 1,000 Americans to glean their attitudes, perceptions and behaviors around corporate social responsibility." (Pg. 37) Not only did the study illustrate the impact CSR has on brand perception and loyalty, but the willingness of consumers to utilize their voice and purchasing power to instill change. Social media has evolved into a global platform for consumers to become "a company's staunchest supporters- or detractors." (Pg. 35)

Think About It: Whether you want to implement a social purpose in your business plan or not, Millennials could soon force your hand. On trend with Cone's 2015 CSR Study results, the 2017 report finds Millennials to be the greatest drivers of corporate citizenship in America. The study found "80% [of Millennials] believe companies have the obligation to help people or take actions to improve issues that may not be related to their everyday business." (Pg. 31) Not only do Millennials expect CSR from your company, they are more likely to research your business practices to authenticate your claims. A demand for demonstrative change and accountability? Buckle up.

[Triple] Bottom Line: Millennials are the largest generation in US history and approaching their peak spending years (Ages: 35-55 for American Consumers). For better or worse, Millennials are going to have a massive impact on the US economy and business standards around the world.

The Cone infographic below shares some pivotal findings from the 2017 Cone Communications CSR Study. Take a look: