The Magic Corporate Social Responsibility Can Do For Your Business In 2020—Doing Good Is Good
What can be better than motivated and happy employees enhancing your brand’s reputation by helping others?
Today, in the 21st century earning profit is not the only objective that can reap fruits in the business world. But companies have to do a lot more to gain a handsome amount of market share. Now, the customer base is more aware and their expectations have also become high. Therefore, business firms need a high competitive advantage to stand out in the fierce competition they face in their particular industry. And what can be a more fruitful competitive edge than corporate social responsibility?
Albeit corporate social responsibility (CSR) isn’t a legal requirement for the companies but still, it holds much importance for the success of the organizations. A research was conducted in 2015 which revealed that 91% of consumers around the globe demand. Businesses to work reliably for the environmental and societal issues. Moreover, 84% of customers prefer those products which follow CSR and benefit their communities.
So, if you really want to attain a huge market share then you need to know the magics CSR can do for you and here you go!
- Up-gradation in the Public Image
In the present era where there is a continuous tug of war competition between companies to gain the customers’ attention and their will to buy your product, adopting CSR helps you to win this tussle. Companies get much praise when you do something beneficial for the community.
Your brand reputation gets more improved due to your work for the society. And when you become successful in improving your brand’s reputation you just become successful in making more profits. Customers appreciate your efforts for the community and buy from you happily.
Just don’t stop publicizing your initiatives regarding CSR and your work for the society. Use social media for this purpose. This act will benefit you a lot for the up-gradation of your public image and ultimately earning more profits.
- Cost Saving—a Big Edge
In the main CSR competitive advantage, cost-saving is the further edge. When you adopt corporate social responsibility in your business, you reduce the resources usage, wastes, and harmful emissions. This way, you benefit your environment and yourself too by saving money.
This is just like a ‘buy one, get one free’ offer. Businesses take responsibility for the welfare of their society and in return, they benefit their own firm by reducing their costs. Which is beneficial for the organizations in two ways. On the one side, the total expenditures are lowered down while on the other side profit percentage is increased with an increase in sales due to customers’ attention.
- Amplified Employee Satisfaction
The way a firm treats its society tells about its treatment to the employees. If a company thinks about its society then why it wouldn’t think for its employees? Definitely, the employees of an organization implementing corporate social responsibility would be more satisfied when they get respect and honor in their workplace.
Satisfied employees ensure more efficiency in their work. Engage your employees in volunteering public service acts. This way, their personal development will be made and their will to work more enthusiastically for the company will also be increased.
For example, in the present pandemic of Covid-19 Asim Jofa, a clothing brand, is working for making medical suits for doctors. This act of them is apart from their profit-making objective. This act has gained public attention and their employees’ motivation has also been increased that they are working for something good.
What can be better than motivated and happy employees marketing your brand’s reputation by helping others?
- Powerful Competitive Advantage
In the strong competitive world, you need a strong and powerful competitive advantage in order to stand out. Working for corporate social responsibility gives you this strong edge over your competitors.
Customers lean towards that organization which serves something different. And when they come to know that a firm is working for their society, they think that firm is working for its customers. They feel for that firm’s products. And getting such emotional feelings from the customers is a great success for any business organization.
Therefore, it’s the best magic when you have a competitive advantage over your competitors along with benefiting your surroundings and to your own company as well. Hence, working for corporate social responsibility is a ‘must to do’ thing for businesses.
- Free Publicity Through Constructive Media Attention
In the 21st century, the power of media cannot be underestimated. It can place a thing to the heights of Mount Everest and even can burry anything to the depths of the oceans. And businesses always try to attract the positive attention of the media. Because once media starts airing against your business then the chances of your crash increase to a higher level.
Therefore, magic corporate social responsibility helps a lot to business organizations to keep a positive relationship with the media. When businesses do something good for their society, media provides free publicity by covering the good work being done by the organizations. This way, you get an emotional place in the customer’s mind as well as a free advertisement of your brand.
- Enhancement of Creativity
The magic corporate social responsibility makes your employees re-energized and help them to try new ideas. It makes them think out of the box and they work for bringing innovation to the company. This all becomes possible because they start to believe that their company feels for them and their society therefore, they also must put their hundred percent in return.
Employees’ creativity is enhance due to the involvement of the business organization with the environment and society at large. Employees feel empowered and they start to think differently and try to innovate the processes for problem-solving. They develop better methods and techniques to do their jobs efficiently & effectively.
- Healthy Society Ensures Healthy Business
For the good health of your own business, it is mandatory that the society in which it operates must be healthy too. Because if the society is weak and struggling.Then the businesses in that society will also be struggling for their existence.
Nevertheless, a healthy society is of the utmost importance & compulsory for the growth and successes of your products & services. You wouldn’t be able to build good relations with your customers if the economy is already in crisis.
In such a situation, customers would be worried about their expenditures and they will not pay any attention to your innovative products and offers regarding it. Therefore, if any business starts working on magic corporate social responsibility, they would be mitigating the chaos in such societies. The environment would become better to business with. And working for such societies would result in a healthy environment for businesses in which they can work happily and prosperously.
In sums and substances, adopting magic corporate social responsibility is a win-win situation for business and society. Both go together. If society is neglecte by business organizations, society neglects business firms as well. Due to which businesses have to pay a lot in the form of business failures. But if they implement CSR in their business, it pays off a lot more. It makes your customers happy and your society much happier. So, if CSR makes your customers happy & makes you feel happy then why you are not creating it as a part of your main firm’s values?
