A research on the science of generosity by John Haltiwanger states that “giving makes us significantly happier than receiving.”
Applying the principle to operational activities could appear impossible, as the fundamental purpose of a firm is to make money.
Untrue. This myth is being debunked by “Cause Marketing,” also called “Cause-Related Marketing,” which aims to restore some of the things that companies have taken from the environment.
The idea was first put forth by Philip Kotler in his groundbreaking book Marketing 3.0. Kotler provided “solutions to make the globalized world a better place” via Cause Marketing.
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A recent Global Cause Evaluation Survey found that 55% of consumers do not appreciate doing business with organizations they believe employ risky business practices. It is interesting to note that 76% of respondents stated they believed a company could be successful while still supporting a good cause. Monaem Ben Lellahom wrote about the poll in her book Cause-Related Marketing: A Win-Win for Brands, Charities, and The Consumer. The survey was published in Entrepreneur magazine.
Take the Loop movement as an illustration. According to Esha Chhabra’s Forbes article Why Global Brands Are Supporting This New Way to Recycle, TerraCycle, a waste management firm located in Davos, unveiled a new recycling model called the Loop in January of this year. First off, a lot of well-known businesses have recycled their packaging and adopted the Loop concept, including The Body Shop, Nestle, Unilever, PepsiCo, and P&G.
According to Unilever CEO Alan Jope, “We want to build things that can be re-used and put a stop to the ‘take-make-dispose’ culture of consumerism.”
The CEO of TerraCycle, Tom Szaky, told the media that the business model calls for large investments of money, people, and other resources, so it took a lot of work to get all of the original partners—PG, Unilever, Nestle, Mars, and PepsiCo—on board.
These days, even medium-sized and small businesses are starting to show interest in the cause. Other significant players are assisting cause marketing in other ways in the interim.
Apple: If you return an old Apple gadget to Apple, you will receive an Apple Store Gift Card if it can be refurbished; if not, Apple experts will find another way to recycle the used equipment. Additionally, Apple disassembles 200 iPhones in an hour so that the parts can be used to create new sets.
Lush: Get a free face mask at any Lush location when you return five black packaging pots. Recycled pots are packaged in new materials.
Levi’s: Return used clothing and shoes to any Levi’s location to receive a 10% coupon off your next purchase.
H&M and ZARA: Bring in any unused branded clothing to the H&M shop to receive a 10% coupon off your next purchase.
Adidas: The shoemaker has established a precedent by pledging to use only recycled polyester for its clothing and footwear by 2024.
Experts urge businesses, however, to choose a strategy that is appropriate for their industry. They advise against making a KFC joke. A chicken vendor sold buckets of chickens at a fundraiser to raise money for breast cancer research.
The reaction to that advertising was, predictably, divided. In Forbes, Sara Davis stated that nearly 56% of Washington Post readers thought the activity was “misguided.”Is a Brand Required for a Social Cause?
It would be prudent to include it in your web design portfolio and make it a “part” of the business structure. Furniture firm Pepperfry recently disclosed a more serious response, citing the same. When you go to the checkout page, you have the option to donate Rs. 30 to Grow Tree’s tree-planting initiative. It makes sense to recycle in this way as a furniture firm. The concept of “cause and effect” appears to be here to stay.