First of all, what is an Annual Giveback Strategy? A giveback strategy is an intentional plan for the year to give you purpose and direction for how you will help the causes you care most
about. Secondly, why do you need an Annual Giveback Strategy? When you have enough on your plate and are already stretched thin in resources, should you really have a giveback strategy? Our answer: absolutely yes! In fact, here are SEVEN reasons why you need an Annual Giveback Strategy:
1. Consumers care about social responsibility now more than ever!
The statistics don’t lie:
81% of millennials say they want to support brands with corporate citizenship.
90% of consumers want to know how companies are supporting charitable causes.
85% of consumers have a more positive image of a company that gives to charity.
Shoppers under the age of 40 prefer to give back where they shop.
It’s important for you to give back because that is what your customers (and potential customers) are looking for in a company they support.
2. You can build long-term relationships with charitable organizations
In giving back, you build meaningful relationships. These relationships lead to even more connections in the community as you continually expand your network. Plus, you will gain more knowledge, understanding, and empathy for the cause and organization that you partner with. By working with charitable organizations, you build a mutually beneficial relationship, both professionally and personally!
3. You and your company become a philanthropic leader of your community
Wouldn’t it be great to become a true leader of your community, known for your philanthropic impact and social responsibility? With an Annual Giveback Strategy, you achieve that.
By creating strong and sustainable communities around us, we are ultimately strengthening our business and brand, too. You become a community leader that instills a sense of pay-it-forward, which encourages future generations to do the same—see good, do good. Lead the way to a more ethical corporate community!
4. Personal fulfillment—it feels good to give back!
Heard of “the helper’s high”? Yep, this is a thing. Acts of altruism are connected to positive physical and mental effects, including lower blood pressure, increased self-esteem, less incidence of depression, lower stress levels, and even longer life and greater happiness. Giving activates the part of our brain that releases feel-good chemicals like serotonin, dopamine, and oxytocin.
5. Employee retention and satisfaction
Staffers who believe their organizations give back to the community are up to 13 times more likely to look forward to coming to work compared with those who do not perceive their employers to be generous towards the community. Successful giveback strategies and corporate social responsibility (CSR) programs can be designed in a way that really connects a company’s employees to philanthropy in a meaningful way. It’s no secret that employees who are more satisfied with their place of work are much more likely to stick around—giving back is an effective way of satisfying and retaining your staff!
6. Increase brand loyalty
Philanthropy increases brand loyalty when you practice it genuinely. With a giveback strategy, you share a mission and purpose with your consumer base that includes generosity and impactful contributions to the community. Customers are impressed with this philanthropy and want to continue supporting your business for the extra mile you go in doing good.
It is crucial to retain loyal customers alongside your efforts to gain new ones: loyalty is a powerful tool that sells while you sleep! You want your customers to feel good shopping with you so that they continue to do so, and knowing that your company is an ethical brand is sure to make them feel good! Plus, not only will they continue to buy from you, but they’ll advocate on your behalf to their social networks!
7. You will make an impact on your community
Through intentional givebacks and spending, you will make a genuine impact on the community that has given so much to you. Your community will be more vibrant, connected, and better off with each act of goodwill you contribute. Truthfully, your philanthropy goes farther than just the cause it supports, because it helps inspire a more charitable community and sense of togetherness for the purpose of doing good in the world. Don’t you want to be a part of making a difference?
It gives back to give back! Undeniably, making the efforts to be a philanthropic leader in your community can be life-changing for both you and your business. Want to find out how The Virtual Effect can help maximize your impact and intention? Reach out to us today. Happy giving!