If millennials are one thing, it’s socially conscious consumers. Studies show that millennials are more likely to purchase from a company that gives back to its community, volunteers, and supports a charity. By aligning your brand with a cause, you can attract a niche audience and receive more business because of your donation.
If you have a couple extra dollars to spend, why not spend it on something that can benefit others and show a return on investment?
1) Brand Awareness
A major reason why companies choose to support a cause is because it’s a way to show what the brand stands for. Marketing campaigns and PR releases showing support of a certain group can resonate with a niche audience and encourage them to buy more. By letting consumers know more about your corporate identity, they will be more likely to choose you over a competitor.
2) Support Community
Supporting a local charity can be extremely beneficial for a local small business. The organization will likely give shout outs to their supporters with your logo on apparel. Small business or big, local community or overseas, any partnership with a charity is an excellent way to help those in need.
3) Helps Others
Obviously! Donating is always a good thing. Even with how many other reasons there are to donate to help your business, the bottom line is you are giving money to those who need it more than you do. The hardest part about donating to a cause is picking which one, there are hundreds of thousands!
4) Tax Deduction
The IRA will let you donate up to 50% of your adjusted gross income for tax deductions. As long as you follow these specific requirements on what qualifies, donating to charity is an excellent use of your money if you would rather choose where it goes instead of handing it over to the government.
5) Team Building
Don’t have money to donate? There’s always your time! Volunteering can even have more of an impact since you are physically interacting with your cause and really get to know others who share that passion. By spending time together outside of work, your company culture will get a boost and friendships will bud in a way that happy hour can’t provide.