In business settings, corporate social responsibility (CSR) is essential. It plays a crucial role in creating a positive perception of the consumers and encouraging employee retention.
Research reveals that 67% of employees like working for socially inclined organizations, whereas 92% of consumers prefer purchasing products that support a cause. This shows that businesses that give back to the community will likely affect have their public reputation positively improve.
As such, most entrepreneurs are starting to invest in initiatives that help them achieve their CSR goals. Some of these include organizing charity events or implementing volunteer activities. Both can be very rewarding in terms of brand awareness and customer loyalty.
There’s also a good alternative for entrepreneurs like you. It involves hosting fundraising campaigns instead of organizing a new cause. Just look at examples such as when Dan’s Plumbing partners with Beyond Blue. Companies can join a fundraising campaign to support causes like raising mental health awareness.
Advantages Of Hosting Fundraising Campaigns
If you collaborate with charitable companies to host fundraising campaigns, you’re bound to enjoy different benefits. They include:
- Participating In Fundraising Campaigns Boosts Employer Branding
Research shows roughly 88% of employees believe businesses shouldn’t focus on just making revenue at the expense of society. In other words, it’s clear that the modern workforce only wants to be part of a company that supports a purposeful cause through CSR initiatives.
And so, if your organization is still indifferent when it comes to social and environmental issues, it’s time to reevaluate your business strategy. This means you should start asking yourself how you can contribute to the greater good with your social endeavors.
An excellent place to start is by hosting fundraising campaigns. For example, you can organize an employee volunteer day where your workers get together and lend their hands toward community service.
During the event, you’ll highlight the cause you’re supporting and encourage attendees to purchase your products. Then, 90% of the earnings will go to that specific cause. This creates a positive environment for your employees, helping you establish a good employer branding image.
- Joining Fundraising Events Helps Attract Investors
If you plan to expand your company, you’ll need to raise funds to get started. You can only do this if you have a good credit score to apply for funding from banks. But if you don’t have it yet, a good option is seeking financial support from investors.
Nonetheless, if you’re not yet actively supporting causes, you might not convince would-be investors to support your expansion. The reason is that a study shows that 73% of investors say that their investment decisions often depend on the efforts of the companies to improve society.
As such, you must start taking action to show potential investors that you care about giving back to the community. And what better way to do this than hosting fundraising campaigns? For instance, you may invite investors to the event to observe how you can use their money and how it can impact communities. That way, you might encourage them to invest in your company’s future growth and social responsibility efforts.
- Fundraising Campaigns Create A Positive Customer Perception
Most consumers are now aware of social and environmental issues. And if they see that a company has an opposing view on these issues, these clients will likely switch to a different brand. A study reveals that 54% of customers stopped purchasing from a store due to its stand to an issue. Similarly, 90% of surveyed clients trust and stay loyal to socially responsible businesses compared to those that don’t.
With these insights, it means that if you refuse to support causes, you’ll lose consumers who have been loyal to your brand. It’ll cost you revenue as it affects the perception of prospective clients. For instance, if those customers write negative reviews about your inability to ignore a campaign, online users will see it. This might result in a loss of sales opportunities as research shows that 94% of consumers reveal that bad reviews convinced them to avoid a company.
Fortunately, you can still avoid this by hosting a fundraising campaign that aligns with your brand values. If you believe in diversity, you may host an event where all proceeds go toward supporting organizations that fight against racism and sexism. Doing so can encourage consumers to take action once they see this inclusive initiative in your campaigns.
Conclusion
Ultimately, CSR efforts are now a huge consideration for most customers. This is also what investors believe in before they start funding expansion projects of a company. Would-be investors want to see entrepreneurs with an inclusive vision and an understanding of their community’s needs.
Thus, businesses start supporting causes through fundraising campaigns. Engaging in fundraising campaigns is said to bring forth different benefits. They include improved employer standing, better chances of getting outside investment, and positive client perception. Don’t hesitate to explore fundraising events options for your business if you want to enjoy the mentioned advantages.