Cause Marketing: What is it, who does it appeal to and why your brand needs to adopt it?
Will Australian consumers switch to your brand if it’s associated with a good cause?
Research states that 58% of them will
Cause marketing is a relatively modern marketing strategy that has taken the world by storm. You may be asking yourself, what is cause marketing and why should your brand adopt this strategy?
To define it simply, it's when a brand aligns itself with a cause to drive social impact and create brand value. An authentic alignment between a brand and its cause partner allows the brand to develop a credible social purpose. This is then marketed in a way that empowers the brands customers, its employees, partners, and even their audience, to become collaborators in creating social impact around that purpose.
When executed well, it has the power to transform your brand and business.
Who does it appeal to?
93% of consumers would buy a product associated with a cause. People want brands to be socially conscious. They are willing to try new brands that act responsibly. These consumers are even willing to pay more.
Yet, Millennials are the demographic that connect most with cause. And, research states that by 2025, 75% of the workforce will be accounted for by Millennials. As marketers and business leaders, we need to be aware of the change and adjust our brands accordingly to be relevant to a shifting audience.
When choosing between two comparable brands, Gen Y is more likely to support the brand which acts purposely. Comparably, Millennials connect with brands on a deeper level and need to feel trust in the cause they are supporting. From a Millennials perspective, it’s not the assurance of just doing good, but, the connection of the cause with their values.
As the marketing environment continuously changes, it has become harder to deliver valuable results and, like many in the industry, we are asking the same question - how do we engage consumers in this new environment? Firstly, stop trying to promote your brand. Instead, get behind something that matters, to those who matter. If your brand has a strong authentic cause at its roots, then your cause becomes your content. Do it right and your customers - your loyal clan - will shout it from the rooftops, with it, promoting your brand.
Recently, our venture at Sierra Marketing has led to a purposeful act; supporting a cause which is future driven. We campaigned to raise funds for Landcare NSW by combining a fun activity with a great cause. We ran the City2Surf; a great personal challenge, but did something amazing along the way, raising over $2,600 for Landcare NSW.
With an office full of Millennials, the campaign was granted to be a success. Our team engaged wholeheartedly and campaigned for each of our fundraisers. We engaged our friends, families, clients and audience, who came to our pledge and supported our cause with solidarity. It was through our direct experience that we realised the value of this strategy, and how it connected our brand on a deeper level with our audience.
Our preliminary results were evidence of the commercial benefits - improved brand health and awareness. The social benefits were also evident, as we were able to raise funds and increase awareness of the cause and the work of Landcare NSW.
Does your brand need to evolve a cause marketing strategy?
Simply put, yes! Any brand can reap the benefits of a cause marketing strategy, no matter if you are consumer-facing or in a B2B environment. Here are 5 reason to get on-board:
1.Improved trust and loyalty - Consumers, particularly Millennials, are seeking more from brands that extends far beyond a pricing or tactical strategy. Creating a purpose for your brand will assist to build brand loyalty and gain market share over your competitors in two way: consumers are loyalists to brands that make them feel good, and secondly, it empowers them so they feel as if they are doing good.
2.Engaged Audience - Become relevant to an audience who shares your beliefs. Open your doors to loyal customers who will back your brand and reward your business for doing good. These consumers are passionate and will shout it on the platform where you want to be heard.
3.Increase in employee engagement and retention - Be recognised for the character and personality of your workplace. A business that consciously and genuinely endorses social & environmental impact will motivate and empower staff to do well. Be recognised as a leader in your industry for creating a culture of giving and choice employer amongst others.
4.Triple Bottom Line - Doing good will enable your business to do well in more ways than one. Convert your bottom line into a triple bottom line and enjoy the benefits!
5.Brand awareness and perception - Doing well will not only help your audience see you with a new pair of eyes, but will also help open the eyes of a new demographic.
Cause marketing is about what your brand does and, just as importantly, what it enables, rather than what it says it is. When you take a cause marketing approach, it doesn't have to mean a complete repositioning of your brand. A cause marketing campaign can be a credible and powerful first step on a path towards purpose. For brands that already have an established brand purpose, cause marketing can also be a strong way to bring your brands purpose to life.
Become a 21st-century brand and reach new milestones; it’s simpler than you think to get started. Take the first step into the future and be in control of your brands direction. The results will surely astound you. Contact our Marketing team via email or call us on (02) 9280 3162.