Social Responsibility Pays Off
Our team at the Caliber Group believes that every good company should align with a worthy cause or non-profit organization. Socially responsible, for-profit companies recognize that their contributions serve those in need and help build their community.
The serendipitous impact for business: Customers do purchase products or use services that support a cause or charity.
For example, market research firm Mintel recently released a study that stated 35 percent of customers will pick an environmentally friendly product over one that isn’t as “green,” even if the “green” product costs more.
Another research firm, Penn Schoen Berland, has published similar results. For example, it found more than 75 percent of consumers believe companies should be socially active and responsible. Thirty-eight percent of those surveyed are inclined to purchase products or use services from those businesses.
Sustainable and environmentally friendly practices seem to remain a good choice, even if the initial costs are more expensive than using a traditional method. And customers want their companies to be as socially responsible as possible, and they’re expressing their opinion with their pocketbook.
(Thanks to pfala for the photo)
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