Corporate philanthropy trends are showing an increasingly significant amount of overlap among cause marketing, corporate philanthropy, public relations and CSR – unsurprisingly so, as companies continue to recognize their potential to receive recognition not only for their brands but also for their community involvement.
These companies must create and execute the strategies necessary to maximize success in this domain; a good step in the right direction is in internalizing some of the key takeaways from a December 10 Advertising Women of New York (AWNY) panel, “Beyond Corporate Philanthropy – How Social Responsibility Drives Marketers’ Bottom Line Results.”
Sponsorship is out, strategy is in.
While corporate philanthropists have known this for some time, it appears that advertisers and marketers are starting to understand it as well. Using philanthropic dollars to support sponsorships is a trend of the past. Companies are trying to limit the amount of money they spend on traditional sponsorships, instead seeking out opportunities to partner with organizations and support initiatives that will help drive their businesses forward. In addition, companies want their brands to be tied in to a cause that their consumers feel passionate about. David Shiffman, SVP Media Research Director, Media Vest talked about consumers and their perception of brands, noting that “Consumers see brands in a different light… they will make decisions based on what a company is doing.” This echoes what we know to be true based on data from the 2009 Edelman Good Purpose survey: it found that 64% of consumers say that they expect brands today to do something to support a good cause and that two out of three people (67%) would switch brands if a different brand of similar quality supported a good cause.