There was a time when businesses didn’t have to worry about much competition in the market as there were plenty of barriers to entry. Monopolies were common and businesses were in control of what they produced and how they produced. However, things have changed considerably. Now, markets are customer-oriented, which means they have to make things that people want. In addition, setting up businesses has also gotten quite easy so there is tough competition. As marketing methods and modes change, businesses have to come up with unique ways to promote their business in order to appeal to the customers.
Lots of new tactics have been adopted by marketing professionals for this purpose. One such strategy is marketing by giving back to people. Simply put, giving back gives you a warm and fuzzy feeling inside as it is good for the soul, but it is also good for business. Research has revealed that nearly 85% customers favor businesses that give back to the people by supporting causes they care about. Small business owners are able to take advantage of this because they have strong ties to the community and provide support when possible. This helps them in establishing a foundation with their current and potential customers. Here’s an interesting video by Las Vegas Video Production company about marketing that gives back to the community.
Nonetheless, businesses have to be careful when they decide to market their business by giving back to the people. Authenticity is essential in this regard. Therefore, they should only support organizations they truly believe in. Some businesses may consider this an unnecessary expense, but there are a horde of benefits they can enjoy. Listed below are five reasons why it is worth the expense:
- Boost Visibility
One of the primary reasons why marketing by giving back to people is recommended for businesses is because it can boost visibility. People notice when you give back and it can spread through press coverage, social media efforts or even through word of mouth. All these efforts can also help your search engine optimization, which enables potential customers to find your business. This can go a long way in helping new businesses that need to build brand recognition.
- Big Impact
Giving back to the people can undoubtedly make a big impact. Whether a business chooses to give to national and large charities or opt to give their support to local organizations, they will have a big impact on their audience. People are going to talk about the business, which is the whole purpose of marketing.
- Strengthen Market
When a business chooses to give back, it can provide support to the local economy. Their charity is just an investment in the infrastructure, which can be helpful in the future. Businesses are basically strengthening their own market by helping people. These people will return the favor by buying your products and services and also recommend to others. Thus, your marketing goals of increasing name and recognition, boosting sales and expanding your audience are achieved.
- Introduces to Influencers
A business that decides to market by giving back to people gets the opportunity to come into contact with influential leaders of the community and from other areas as well. These kind of connections can make a huge difference in the future for creating awareness about the business, as well as its products and services. A business can form relationships with influencers through the shared commitment of giving back to the people. This can turn out to be an excellent source of advice over time and they can be great for referrals, thereby growing your business.
- Employee Motivation
One side-benefit of giving back to the people is that your employees are also motivated. They feel good to be part of a business that helps out the community, especially one they are a part of. This can increase productivity and also aid in spreading a good word about your business. These employees are going to indirectly market your business, products and services by praising the place they work. This kind of word of mouth marketing is immensely valuable for every business.
Thus, these five reasons show that marketing by giving back to the people is undoubtedly effective in helping businesses grow their customer base and increase their visibility in new areas.