For years, the vast majority of the public has shared sentiments that large corporations operate in unethical ways that harm society. Thankfully, these perceptions are beginning to change as more and more businesses are putting effort into initiatives that benefit the public. Understanding how these types of initiatives can improve your organization can make it easier to start implementing them yourself.
Here is how investing in social good can bring value to your business.
What Is Social Good?
In recent times, the term “social good” has come to refer to instances in which businesses and corporations engage in practices that benefit the environment or society. While these efforts may seem selfless, they can also benefit organizations in keyways.
How Social Good Benefits Business
Engaging in social good can benefit businesses in many profound ways. Understanding the many ways it can benefit your business can make it easier and more approachable to start engaging in these initiatives yourself.
Here is how social good benefits businesses.
Increasing Brand Loyalty and Engagement
Over the years, consumers have become savvier and pickier when it comes to determining which businesses they’ll support. Whereas social good may not have been a factor to consumers in the past, today, it is an important one that can have a significant impact on their decision to purchase from a business.
By engaging in social good, consumers who are partial to certain causes will be more likely to be loyal to your business. This deeper sense of loyalty can spark increased levels of engagement and allow your business to grow in new and exciting ways.
Investing in Communities Means Investing in Your Business
For businesses that operate in certain communities, the success of those businesses can be significantly affected by community support. This means that investing in your community can result in a rise in sales and an opportunity for growth.
Consumers understand the role that businesses can play in their community as both forces for good and forces for bad. By engaging in community efforts that support others, those in the community will be more likely to frequent your business and give you their support.
Reducing Employee Turnover
In the past, it was commonplace for individuals to get a job after college and stay with their company for the rest of their professional careers. Today, however, the gen z and millennial workforces are much more prone to change companies and be more discerning about where they work.
In particular, the newer generation of workers is more intent on doing work that is both fulfilling and a force for good in the world. This being the case, companies engaging in social good have a greater chance of both attracting the best talent and keeping employees committed and loyal to one’s company.
How Your Business Can Get Involved in Social Good
While you might be convinced of the value of investing in social good, you may not be sure where to start. Having some inspiration can make it easier to choose an avenue for your business to start engaging in social good.
Here are some ways your business can get involved in social good.
Sponsoring Community Events
For small to mid-size businesses, sponsoring community events can be a great way to connect with one’s community while also supporting it. These types of events can be holiday celebrations, concerts, or even drills for disaster recovery plans.
Sponsoring events like these will allow you to market your business while also imbuing your community with a deeper sense of connection to your brand.
Being Mindful About Suppliers
For many businesses, suppliers are usually chosen based solely on cost and efficiency. Unfortunately, while these are important criteria, this often means that businesses are giving their money to the largest corporations that can cut costs.
Seeking out local suppliers and suppliers owned by people from marginalized groups can make an immensely beneficial impact on your community. In addition, these suppliers will likely go out of their way to point others to your business since you’ve offered them support.
Make Your Operations More Sustainable
Engaging in more sustainable practices is an easy way to start engaging in social good today. By doing so, you’ll gain the loyalty of certain consumers while also making less of a negative impact on your environment. Some easy ways for your business to begin being more sustainable include:
- Minimizing the amount of waste produced
- Reusing materials when possible
- Using products that aren’t harmful to the environment
Charity and Philanthropy
Engaging in charity and philanthropy is a great way to get good publicity for your business while also helping others in meaningful ways. Which types of charities you choose to support will likely depend on your type of business and which charities operate in your local area.
In addition to donating to charities, your business can also engage in philanthropic acts. These can include things like sponsoring children’s sports teams, donating supplies to schools, or awarding scholarships to poor students to help them break the cycle of poverty. These acts will cause people to associate your business with community welfare and instill them with a sense of brand loyalty.
Social Good Can Help Your Business Succeed
For many business owners, social good seems like an admirable cause that doesn’t necessarily help their business. In reality, this is far from the truth and many organizations have benefited from engaging in the practice.
From lowering employee turnover rates to inducing consumers to be loyal to one’s brand, social good can benefit businesses in a plethora of ways. If you’re interested in experiencing the benefits that can come from social good, start exploring ways to help your community and environment to reap the rewards of this increasingly popular practice.