Power in Numbers: The Benefits of Cause Partnerships
"[Small] businesses [...] are missing out on the great benefits hidden on the other side of socially responsible companies." - Chidike Samuelson, Guest Writer of Entrepreneur
Of course your business gives back – you donate to charities, encourage employee volunteer days, sponsor dinner galas and attend charity events in your community. You even have a page on your website devoted to your company's commitment to giving back....
Sound familiar? That is because you are not alone. These are just a handful of corporate giving "one-and-done's" we see every day.
Corporate Social Responsibility (CSR) is meant to encourage for-profit entities to make a genuine, positive and meaningful impact on society. However, the applications of CSR programs today have evolved into a mirage of cringe-worthy PR stunts and short-lived marketing campaigns. The truth is, most corporate-community interactions lack authenticity... Resulting in enough employee eye-rolls and consumer skepticism to tarnish a brand and tank morale.
So, What’s the Big Deal? CSR is the new norm, but without careful execution, it could do more harm than good. Those companies successfully activating a social purpose are no longer implementing CSR as a “strategy.” Instead, their CSR is an integral part of their purpose-driven business model.
Embedding CSR in your company means getting everyone onboard - from staff, to upper management, to consumers. Finding a purpose that resonates across multiple levels of stakeholders can be difficult, but it is absolutely necessary to find your company's right-fit cause. Remember, by finding the right cause, you are able to build a logical and legitimate foundation to your community outreach. That means no more eye-rolls, and no more suspicions.
Think About It: Even if your business is committed to supporting a cause, doing so in any meaningful way is a lot of work. Lest we forget, you already run a business/juggle a more than full-time job!
Lucky for you, the National Center for Charitable Statistics (NCCS) reports there are more than 1.5 million nonprofit organizations registered in the United States alone. Chances are, the cause your business has carefully chosen to support already has a devoted, nearby following in the shape of a reputable nonprofit. Why not reach out to this organization? After all, you would be forming a partnership based on a common interest and common neighborhood.
The key is to build your cause partnerships into strong, long-term relationships. Instead of the one-off gala sponsorships and donations, really dive in. Studies show the more intricate a partnership between a for-profit and nonprofit becomes, the more benefits are felt across partners, stakeholders and communities.
Consider the work of Bruce Burtch, a nationally-recognized cause marketing expert with more than 30 years of experience in building successful cross-sector partnerships. Having such extensive experience, Burtch decided to categorize his observations into two lists: “The distinct benefits a nonprofit can receive from partnership with a for-profit organization,” and “The distinct benefits a for-profit organization can receive from partnership with a nonprofit.” Below are the top ten benefits on each of Burtch’s lists:
Top 10 Ways For-Profits Benefit from Partnering with a Nonprofit
- Increase sales of products or services
- Increase employee engagement, job satisfaction and reduce turnover
- Increase customer and brand loyalty
- Attract the best employees through community involvement
- Increase community goodwill by having your leadership and organization recognized for the good they create in society
- Increase shareholder return
- Reach new markets and new customer demographics
- Increase employee skill development, team building and leadership skills
- Draw media attention and coverage for free
- Attract new business partnership and relationships
Top 10 Ways Nonprofits Benefit from Partnership with a For-Profit
- Increase funding
- Connection to new business partners and strategic relationships
- Receive pro bono services
- Attract loaned executives, i.e. high-level advisors
- Attract in-kind donations (equipment, furniture, computers, software, etc.)
- Provide professional development for employees
- Attract new volunteers
- Provide volunteer management
- Increase media coverage and improve media relationships
- Develop earned income opportunities
[Triple] Bottom Line: Majority of businesses miss the mark when it comes to CSR and fall short of its true potential. Successful CSR initiatives align with businesses’ social purpose and relevant cause; subsequently supporting that cause through community partnerships. The partnerships that foster more dynamic, scaleable programs reap the most benefits - so, why not do it right?
Article Published May 3, 2018