Corporate Social Responsibility (CSR, also referred to as corporate conscience or corporate citizenship) is a form of corporate self-regulation integrated into your business. CSR is a built-in policy in which a business monitors and ensures it is active in society.
The goal of CSR is to embrace responsibility for the company’s actions and encourage a positive impact through its activities on the environment, consumers, employees, communities, stakeholders and all other members of the community who may also be considered as stakeholders.
CSR is a world-wide trend, driven by the desire of consumers to support socially responsible companies. With social and environmental issues top of mind, many of today’s customers make purchasing decisions based on a company’s reputation. Consumers are becoming more aware of the environmental and social implications of their day-to-day consumer decisions and are therefore beginning to make purchasing decisions related to their environmental and ethical concerns.
Businesses are able to incorporate corporate social responsibility through a variety of ways, including: donating to charities, organising or participating in volunteer programs, hosting charity functions, or implementing environmentally friendly policies in the workplace.
The benefits of cause-related marketing can include:
• Enhanced public perception of your brand
• Increased sales
• Positive media coverage
• Creation of a unique selling point over your competitors
• Strong incentives for consumers to switch to your brand
• Increased long-term customer loyalty
• Improved relationships with supply chain and retailers
• Improved employee morale and loyalty
If you need some business planning advice or have further queries on corporate social responsibility, please contact The Quinn Group by calling 1300 QUINNS (784 667) or submit an online enquiry.