Why Corporate Social Responsibility Is A Game Changer For Your Brand?
If you’re trying to take your business to the next level, consider utilizing Corporate Social
Responsibility (CSR). There are so many businesses just like yours that work diligently to build
a positive brand and strive to make a difference.
You may ask, Is CSR important for my business? Can it help my brand? Is it worth my time?
The answer to each question is YES.
Having a CSR program will allow you to address how your business will give back to the community,
engage in charitable causes, and provide positive social value. The key aspect behind CSR is to
maximize profits and pursue prosocial objectives also known as benefiting society as a whole.
Let’s explore the importance of incorporating CSR to pivot a business model to another tier
higher than where it is.
First, Understand how CSR will help a brand grow
Corporate Social Responsibility will not only create brand awareness but it will lead to a positive
brand image that is critical to the success of your business. A brand MUST be inspirational and
memorable to its stakeholders and most importantly to its customers. Customer interactions with
brands are changing per day. So, keeping up with these changes is fast-paced but also
increases the opportunity for growth.
One of the most important things on any brand marketer’s mind should be CSR. For a company
to expand its brand it must stay engaged and tailor its supply to meet the demand of their
consumers. Based on findings from over 12 years ago, it is still evident that consumers will
spend their money on brands that reflect their values and concerns (Mark Choueke, 2009). To do
this, ensuring their identity is recognizable to a projected target audience is vital along with
maintaining impactful behaviors.
Always consider that your brand should be an element or factor that can effectively change an
existing situation or activity in a significant way.
Secondly, address the benefits of having a strong CSR
The benefits of a strong CSR will provide signals on the overall health and financial performance
of a company. In specific, the expectations that should be set should lead to an experience for
positive stock returns. If taking a look at the expenditures, keep in mind that there may be a
reduced shareholder value. A business implementing this responsibility can recognize that it is in
a position to help society and acts upon that role.
In the 2018 Global Human Capital Trends report, corporate leaders were surveyed and 77%
agreed that CSR is a very important component of a comprehensive corporate strategy. Each of
the listed components below are benefits of a strong CSR that any business should take into
● Customer Loyalty
● Retainable and Talented Staff
● Increased in Sales
● Improved Financial Performance
● Positive Business Reputation
● Organizational Growth
● Operational Cost Savings
● Quality brand recognition
This will lead to the creation of a better brand image and to understand the CSR activities can be
used as a marketing strategy to build and sustain a competitive advantage.
What’s the CSR’s Return on Investment?
The measurement of CSR will be presented as useful and has been integrated within the world of
business. The ultimate goal is for a company to take responsibility and be naturally sustainable.
To receive a clear understanding of how to properly measure Return on Investment (ROI) these
few factors must be addressed; (1) What are they doing? (2) How well is it working? (3) How
sustainable are they?
Once each of these items is effectively evaluated and addressed, the ROI will become evident.
When trying to identify the potential for ROI in your company’s current portfolio, incorporate the
use of targeted training. This type of training will strengthen not only your skills but those of
your employees who represent your brand.
Based on the Corporate Leadership Council, companies that provide high engagement rates have
20 percent better performance and 87 percent lower staff turnover rates. To see an improved
ROI, ensure to include tailor-made engagement opportunities that can take the necessary
objectives of your business to the next level.
The Lumina Foundation provided an example within its Regional ROI Executive Briefing of a
company that pivoted a successful ROI. This company was Regional’s Bank where it assessed
administrative personnel and tuition reimbursement for employees between 2011 and 2015, there
was an overall ROI of 10 percent. This investment showcased that there was an enhancement in
the workplace which included career opportunities and higher employee performance ratings.
Key tips/strategies to consider when developing a CSR program
We have designed five key tips that will help build a sustainable CSR Program. Please see
1. Build your strategy around your company’s core competencies;
2. Recognize issues that matter to your customers;
3. Develop CSR initiatives that make your employees proud;
4. Measure the ROI of your CSR efforts for the C-suite and your investors; and
5. Expand your company’s definition of CSR.
Our President and CEO Brian Wyatt couldn’t have summed it up any better by stating, “I
strongly believe that the health of our businesses heavily depends on the health of the
communities we serve. We are nothing without our people.”
This responsibility is the most strategic marketing tool. So the question is, why aren’t you
implementing this for your business? Take the time to implement the provided steps as it will
help your company’s needs.
How can you know that your CSR program is effective?
To achieve measuring your company’s CSR, understand that it has become more common to
business practices. Think of a CSR as a Win/Win.
It will affect the “internal” (employee engagement, productivity, turnover rate) and “external”
(increased sales, customer loyalty, brand awareness) growth. By creating and participating in
CSR initiatives, your company should have the opportunity to showcase its core values and
create trust among your employees and your buyers.
A better way to determine beginning the process of developing CSR for your business, think of
all the successful businesses that implement this responsibility. The list is lengthy, but here are
some successful businesses that just might ring a bell:
● Wells Fargo
To learn more about CSR, watch the recording of our virtual webinar called, How Corporate
Social Responsibility Is A Game Changer For Your Brand that was held on Thursday, April 29,
2021. The webinar discussed the developmental stages and implementation of CSR programs
that can help grow your brand and the community that it serves.
The key focal points that it highlighted are:
● What is Corporate Social Responsibility (CSR)
● How to Develop Effective CSR Policies and Programs
● How to Get The Best ROI from CSR
● How to Empower Your Teams with CSR
● How to CSR Can #EXCELERATE The Growth Of Your Brand
To view the recording, please click on the link – bit.ly/ChangingTheGameWithCSR