Weaving social impact into your business model will count you among the ranks of Ben and Jerry’s, Toms, Method, Warby Parker, Etsy, Patagonia along with 1300 certified B Corporations and 1,000 Ventures for Good, but interestingly enough, the strategy will also improve your sales bottom line.
- 55% of global online consumers say they willingly pay more for goods and services from companies committed to social impact, and 52% of them said they did so in just the last six months, according to the 2014 Nielsen Global Survey on Corporate Social Responsibility.
- In fact, 53% of consumers would pay a 10% premium for products from a high impact company, Havas Media Labs found in its survey of 50,000 consumers.
The surveys illustrate the importance of a company’s reputation when people make purchasing decisions, especially with respect to social impact, which isn’t surprising since 40% of a company’s reputation rests on perceptions of its corporate social responsibility, according to the 2011 Pulse Survey by Reputation Institute.
Webpage FX, a digital marketing startup, instituted a program that rewards employees by donating to school building in underdeveloped countries in order to inspire workplace morale, but also, show the public the company values social good.
“Giving back and being generous is a great way to start building trust. Clients like to see there are real people working here who care about others. It’s a powerful way to start building emotional connections with people while also getting to give back to others,” Trevin Shirey, WebpageFX’s Senior Outreach Strategist, told Entrepreneur.
For information on how to get started with social impact and our pro bono consulting services, please visit our site at StartingUpGood.info.