Cause related marketing is a buzz word going around in the marketing sector. As a business owner, you may be wondering why this type of effort needs to be one key component of your next marketing campaign. What is it? Why should you put your money here? Cause related marketing often called CRM, is a type of collaboration between your business and a nonprofit. The goal is to promote your sales as well as the organization’s cause.
What Does It Mean to You?
As a business owner, it can be beneficial to you to create a CRM effort. There’s one single reason for this (besides the fact that it is a socially responsible thing to do!) That is, consumers of all types like it. The term was first created by American Expression well back in 1963. It wanted to help raise money to restore the Statue of Liberty and, in doing so, helped to encourage the use of its credit offers. The campaign was pretty straightforward. Consumers used the American Express credit card and, when they did, one cent of what they spent went to the restoration effort. The result was over $1.7 million donated to the effort. However, more impressively to the company, was that its credit card use during this timeframe rose 27 percent.
Clearly, creating an effort like this – even one that does not require as much out of pocket from the company itself, can help boost sales and improve the public’s opinion of any business. Cause related marketing should be a key component of your next campaign, but creating an effective effort means really understanding your target audience and working with a worthy cause that is within the mission of your business. Making it work, can be an exceptional opportunity.