Consumers in 2018 have no problem accessing information. In a time where finding a company’s track record is a mouse-click away, reputation is key. A scandal gone viral can be the only thing needed to affect an otherwise strong company.
In 2017, United Airlines experienced this firsthand. A video showing officials dragging a passenger off a flight lead to uproar across the world. Many wanted a complete boycott of the airline, a frequent result of company scandals.
Most companies are not handling a major PR crisis like United’s. But that does not mean that positive brand image is any less critical to success. Millennial consumers have steadily-increasing purchasing power in the global economy, providing a unique challenge. To appeal to millennial consumers, companies must recognize value differences from previous generations.
Prioritizing social responsibility marketing (SRM) is one of these differences. This strategy focuses on customers wanting to make a difference through their purchases. Social responsibility marketing takes many forms. Sustainable packaging, volunteer-focused ad campaigns and product donations are all possible SRM strategies.
A majority of millennial consumers look for social responsibility marketing when purchasing. This age demographic expects companies to be upfront with social responsibility, spending more on ethical, helpful products. But the shift toward social responsibility is more than an opportunity for a company. For the millions that struggle with food and water insecurity globally, SRM is good news.
Here are the top four ways that social responsibility marketing helps fight poverty.
- By Providing Food
With consumers pushing for social responsibility, ground campaigns are a frequent response. The intention of these programs is to provide aid, such as food and water, directly to those in need. Notable companies have launched major campaigns that do exactly that.
Kraft Heinz Company set a goal to provide one billion meals by the year 2021. By doing so, Kraft Heinz Company has shown a company priority for social responsibility. Given the impact on global poverty of so many donated meals, the situation is a true win-win.
- By Empowering Women
A branding focus toward social responsibility marketing can provide unique benefits to women. Consumers have pushed companies toward sourcing their products in a socially-responsible way. With increased attention on sourcing, programs to hire women and offer products made by women in developing nations have emerged.
Coca-Cola launched an initiative to hire five million women by 2020. In the age of social responsibility marketing, this is hardly out of the ordinary for a company to do.
- By Helping at the Corporate Level
Besides helping those in need, SRM helps companies be successful. A company that is socially-responsible can use social responsibility to connect with consumers. By helping improve global conditions, a company creates positive brand associations. These positive brand associations are critical to customer loyalty. With people placing high importance on social responsibility, that loyalty is essential.
- By Preserving the Environment
Changing consumer preferences push companies toward behaviors that help the environment. In practice of implementing an SRM strategy, making products has changed. Processes have become better for the environment and produce fewer pollutants.
Beyond socially-conscious production materials, basic operations have become better for the environment too. A focus on minimizing waste and maximizing resources has emerged. Recycling and conservation have become standards, not perks. For the environment, this push is long overdue.
On the whole, social responsibility marketing has changed the way companies do business. Consumers continue to demand better practices from companies, and companies are listening.
– Robert Stephen
Photo: Wikimedia Commons