Every brand needs a story- especially startups. In the beginning stage of your business it is imperative to clearly and concisely communicate what your brand stands for. To turn your idea into a success, you've got to entice and keep the interest of potential customers and investors.
This is why branding is so important. Proper branding helps set you stand out from your competition. Great brands connect with consumers at an emotional level. The bottom line: to engage customers or investors, you need great branding to go along with your remarkable product/service.
Cause branding is when you make your community part of your brand's story. More specifically, cause branding refers to a for-profit company's strategy to partner with a nonprofit organization with the goal of mutual benefit.
What does this mean for a for-profit company?
Committing to a cause branding marketing strategy ensures that your company delivers more value than just the high-quality product/service you offer. You're also giving customers, investors and employees an opportunity to do good. Who could resist that? There are also a number of business advantages to doing so:
- Your brand will stand out from the competition. As a new business, setting yourself apart from customer's other options will be the key to your success.
- Entice new customers and turn them into loyal fans. Because your customers will feel good about themselves after buying your product, they will very likely share with your friends and increase your word of mouth (free marketing!).
- You'll be very attractive to journalists and have the opportunity to garner a lot of press attention.
- Great people will want to work for you. Your employees will be productive, loyal and happy to work for a company with strong values.
What's in it for the nonprofit partner?
Tactical cause marketing partnerships often bring resources to the nonprofit (money, product) as well as visibility for their mission. When the partnership is strong, and deeply ingrained in the core values of the for-profit company, the nonprofit will also gain constant, consistent support. Sometimes this comes in the form of employee education, event participation and fundraising.
Effective branding identifies, creates and maintains satisfying relationships between a company and its customers that results in value for both. Cause branding is the same, but it is about value and values. Cause branding creates value for the company, the customer and the community.