How Entrepreneurs Can Enhance Brand Equity Via Corporate Social Responsibility (CSR) Initiatives

Nothing exists in isolation. Interdependency is a real and an essential aspect of both life and business. It’s important that every brand, established or start-up, should give back to the environment/community that it serves. It is where the concept of CSR (Corporate Social Responsibility) or taking up social causes comes to play. Whether it’s organizing education for below-poverty-line children, empowering women or cleaning water bodies – every CSR initiative must have a higher purpose. The objective should be working towards a better life, a better world.

Are you wondering why this is essential for your business? CSR initiatives give your brand an edge. Here’s how!

It enhances your organization’s brand equity

CSR initiatives help to improve and build your brand. People’s perception of your organization is crucial. It impacts shareholder and customer views of your brand. When you project a progressive and positive brand image, investors will perceive your brand to be financially lucrative. And social influencers will admire that your brand is socially conscious. It will also help you maximize on the customer goodwill. And gradually, all these will expand your customer base as well.

Responsible acts lead to cost-efficiency

Every able entrepreneur engages in cost-effective practices. Reducing energy wastes and making minimal use of packaging, helps in preserving environmental resources. Furthermore, it conserves expenditure as well. An impressive example is by GE, whose corporate office recorded 57% energy savings by reducing fluorescent bulbs used in company headquarters. The brand invested in energy-effective ones instead. It was an eco-friendly choice made by GE. It won the customer, employee appreciation as well as resulted in huge savings.

A CSR initiative should be in sync with your core product, service and company mission. To get clarity on this, you can check out CSR causes Jason Guck supports. That way you can design your CSR strategy better.

Creating a pool of talented people

Your employees want to feel counted for their efforts and ideas. They want to get connected to any project, concept or thought dedicated to a higher cause. Planning a CSR practice allows employees to brainstorm and share their best ideas. For companies, it is a gateway to know their employees beyond the list of KRAs.

Taking part in a social cause or CSR act boosts employee confidence and morale. It translates to better work and increased productivity. As an entrepreneur, you get to identify a set of talented employees. It will help you take on other projects knowing that your workforce has the caliber to deliver it. Last but not the least, as an entrepreneur you feel a sense of pride for your creative and talented workforce.

You can stand out from the competition

Today, most brands are investing in aggressive marketing tactics to make profits. So, when you take part in CSR initiatives, you strike out the game. You are not perceived as a brand caught up in the rat race. Instead, as one that wants to make a difference in society and provide something thoughtful to the customers at large.

Today, several social causes need hand-holding from successful entrepreneurs. Regardless, whether your brand is a start-up or an established name, there’s always a social cause that you can choose to take on. Check whether the CSR initiative aligns with your business offerings and values. It will help you gain better brand mileage and recall value.

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