In recent years, you may have heard companies are dedicating more time to building their social responsibility and highlighting how they do so on online. To put it simply, social responsibility means that individuals and companies should act in the best of interests of their environment and society. What does social responsibility look like for a business? For a company, that could mean they donate to charities or display meaningful for support for social movements (Business News Daily).
As a business, you have to go beyond just saying you care. Consumers don't want to feel duped; gaining their trust is important and you have to do it the right way. You have to actually walk the walk and show you care about social change. Being socially responsible is not only choosing to do the right, but it's also a powerful marketing tactic. The benefits of being socially responsible include:
Satisfied customers and stakeholders: More and more consumers are choosing to purchase from organizations that support the same causes and social movements they care about. Consumers want to feel good when they buy products or services. Many stakeholders will support and invest in like-minded brands or companies as well. According to Investopedia, approximately "52% of U.S. consumers factor values into their purchase choices."
Improved public image: Consumers remember the organizations and companies that appeal to them with ethos. They're also more likely to recommend it to their friends, families, or colleagues; thus, they'll market your brand or business for you. Word of mouth is arguably one of the most powerful forms of marketing because people trust businesses or brands that their others, especially loved ones, already support.
Build a powerful team: People want to work for companies that share their interests and values. While it's important to practice what you preach online or where your business donates money, you need to implement the same passion in your office and care for your team. Hire diverse candidates and support employees by encouraging their feedback, supporting their ideas, and rewarding their hard-work. Provide competitive benefits and compensation including health benefits, ample PTO, flexible schedules, etc.
Don't stop at social responsibility. Do what you can to continuously develop and strengthen other parts of your business. For example, strengthen your corporation's cultural responsibility initiatives to become more inclusive of different religions, cognitive abilities, and more. Also do your best to become more sustainable and improve your environmental responsibility.