Healthy society, Healthy business
From the very beginning of our childhood days, we were taught to be socially responsible by doing our bit for society, environment and animals etc. We used to have designated sessions where we had to showcase projects on the betterment of society. This facet of our schooling days is found in the entrepreneurial and business world too. Being a citizen of our society, we are bound with our duties to do every bit we can.
An international study by an MNC company reveals that developing economies such as India, Brazil and Turkey etc. are way better than the developed countries in purchasing purpose-led products. India leads this survey with over 88% of those surveyed opted purchasing those products which were contributing to society in one or the other way. This provides a big impetus to the companies which ignore their Corporate Social Responsibilities. The survey provides an insight for the companies about the varying purchasing trends among customers. Amid all this, one may ask a very naïve question. How is this going to help my business? As already mentioned, nowadays customers tend to buy products from those companies which have their predefined set of social responsibilities in a different arena. There are many renowned companies working with the purpose of serving their society. It’s interesting and noteworthy to know that Rolex (most precious watch brand) is owned by a trust which works for the betterment of orphans and blinds. This is one of the prime reasons why despite being very costly it is bought like a hot cake across the globe.
There are several reasons mentioned below which could persuade entrepreneurs and business persons to work with a social responsibility.
- Providing business with a moral sense and true motive
When we work with a righteous will to serve our society, there is a sense of pride and satisfaction. This ardour can hardly ever be bought by any physical or materialistic gains. There are some things which we don’t do for the sake of profit but for the purpose of humanism and goodwill.
- Positioning your staff towards social welfare
When we work with a mindset of providing purpose-led products and services, our colleague and employees also get enthused and charged with a positive impact. They work with a sense of togetherness and affinity which makes them understand their contribution towards their societies.
- Social media and marketing
There are many platforms which can be utilized for spreading the messages of the good piece of work done by entrepreneurs and companies which could eventually help them win hearts of many prospective buyers. Consumers often notice and appreciate the efforts of companies working for different strata of society. They become the source of mouth publicity for the companies.
- Mapping out projects and initiatives
Multiple companies have started showcasing their Corporate Social Responsibility Initiatives to their loyal customer base. This makes their customers taking pride in their decision to choose that company. It helps in spreading good mouth publicity. Companies map their projects on numerous occasions to enliven and bring their past good work in favor of their present business.
Apart from the above-mentioned initiatives, there are multifarious ways by which one can broaden one’s customer base by working for a social cause.