Research indicates that consumers are increasingly interested in whether companies contribute to causes close to their hearts, making cause-related marketing more prominent than ever. Interestingly, one study found that 81% of consumers say brands must earn their trust, and 66% think brands should take a stand on social and political issues. These and other statistics demonstrate that cause-related marketing can be a driving force for business growth in today's world.
Nevertheless, the big question is: Is cause marketing right for your business? To answer, you'll no doubt need to examine several factors, including your business goals, values, and target audience. With that in mind, here are some key questions to think about when deciding whether cause marketing would be a good fit for your business.
What are your business goals?
Cause marketing requires an investment of time and resources; arguably more than other marketing strategies. Before making that investment, it's important to consider how it correlates to your business goals.
For instance, cause marketing can be an effective way to build brand awareness and improve customer loyalty. It can strengthen your brand position within a local community, and even drive sales in some cases. If these are important goals for your business, cause marketing may be worth exploring.
Which causes align with your business values?
Cause marketing is most effective when you support a cause that naturally aligns with your business values and mission. One example of this would be a sustainable clothing brand that supports environmental causes. It's a great fit; it works. On the other hand, supporting a cause that contradicts your company's values and mission statement can be off-putting to potential customers and even result in accusations of hypocrisy.
Who is your target audience?
It's essential to understand your target audience well. Are they passionate about specific causes? How does their passion influence their perception of different brands? Cause-related marketing can be particularly effective if your target audience is socially conscious and values brands that support issues they care about. In contrast, if your target audience doesn't care about any one issue, then cause marketing may not be worth pursuing.
How can you tell which category your target audience falls into? It boils down to doing research on your ideal customers. Social listening can be a part of this research: as you keep a pulse on social channels like Facebook, Instagram, YouTube, TikTok, etc., you'll be able to discern which causes really resonate with your core demographics.
How will you measure success?
Even though cause marketing is a unique kind of marketing initiative, it's still vital to have clear metrics and goals in place for measuring success. How else will you be able to gauge your campaign's performance and make needed adjustments for future efforts?
What kind of metrics should you include as key performance indicators (KPIs)? It will depend on your specific objectives and circumstances. For instance, you'll likely use different metrics if you want to measure increased brand awareness vs. increased sales. Some key metrics to track include:
- Social engagement metrics (likes, shares, comments, etc.)
- Web traffic metrics (total number of visitors, bounce rate, etc.)
- Leads generated
- Total sales
- Sales uplift
Can you make a meaningful impact?
If you personally are invested in a particular cause, you may also want to consider whether your business can make a meaningful impact on the furtherance of that cause. If so, what will it cost you in terms of time, money, and other resources?
If your efforts can make a real difference for the cause you support, you may attract more customers to your business. But more importantly, you'll enjoy the satisfaction of knowing that you used your resources to further a cause near and dear to your own heart.
Partner with Mid-West Family Rockford for your next cause marketing campaign
In summary, whether cause marketing is right for your business depends on your unique situation and goals. Do your customers care about a specific cause? Does it align with your brand values and mission? How much are you willing to invest? It's important to consider these and other factors when deciding whether to take the plunge and jump-start a cause marketing campaign.
If you decide to pursue cause-related marketing, you may need to partner with an experienced agency that can optimize your upcoming campaign's impact and ROI. That's where Mid-West Family Northern Illinois comes in. Our team of experienced experts can help you develop and deploy a winning cause marketing campaign that fulfills all of your needs and goals. We'll help your business leave a real impact on your selected cause.
Reach out to us today to begin the conversation!
