Why are Corporate Partnerships important?
In a world increasingly attuned to social impact, corporate partnerships have evolved into potent instruments for businesses to intertwine profit with purpose.
Beyond the altruistic allure, these partnerships present tangible advantages for both businesses and the causes they champion. Let's delve into the realm of charity partnerships, examining their importance, the requisite steps, inspiring instances, and how platforms like Virtue can streamline this process for businesses of all sizes.
Aligning with Charities is good for business
Through the power of cause marketing - charity partnerships are a great way for a business to support a cause and align with the customer values of conscious consumers.
This is incredibly important, as recent studies have shown that 75% of consumers are more likely to stay loyal to a brand that supports a social or environmental cause than brands that do not.
Here are a few of the benefits of building corporate charity partnerships:
Enhanced Brand Image - Forging ties with a noble cause cultivates a positive brand image, drawing socially conscious consumers who appreciate socially responsible businesses.
Increased Customer Loyalty- Demonstrating commitment to a cause fosters trust and loyalty among customers, leading to repeat business and positive word-of-mouth marketing.
Employee Engagement:- Active involvement in charitable initiatives boosts employee morale, nurtures team cohesion, and attracts talent-seeking purpose-driven companies.
Increased Sales and Profits - Research indicates that consumers are more inclined to support brands associated with good causes, potentially resulting in revenue growth.
Improved Community Relations - Establishing strong connections with local charities showcases a commitment to the community, fostering goodwill and fortifying relationships.
Steps to Forge a Successful Corporate Partnership:
1) Understand your customers and their values
Partnering with a charity is a great way for a business to connect with customers. Given that, it is important to understand what values your customers care about so you can support a charity that aligns with them.
2) Research charities and causes that align with those values
After you understand the values of your customers, it is time to look into charities that you can support and find out what charity you should donate to. If your charities care about the environment you might want to look into causes that protect animal habitats or combat climate change.
You can take a What Charity Should I Donate to Quiz? to find the best fit or read through this post to help narrow your options.
3) Define Goals
It is important to understand your goals for the partnership. You have to understand how your business wants to support the charity and what metrics will you use to measure success.
and how you can measure them. Are you looking to raise a certain amount of money for the cause? Or, is there feedback that you are hoping to receive from your customers based?
4) Choose the right partnership(s)
Choosing the right partner is crucial. Conduct thorough research on potential charities, evaluating their transparency, financial responsibility, and alignment with your company values. It is also important to understand how the charity views the partnership. Many smaller or local charities will take a more hands-on approach and work with you to build lasting partnerships.
Depending on your geography and how you want to support the charity - you have to understand what needs to be in place to ensure that the partnership is compliant.
4) Activate Partnership
Once you've chosen a partner, co-create a collaborative plan outlining specific activities, delineated responsibilities, and clear communication channels.
Ensure both parties have a say in shaping the partnership for mutual benefit. Actively promote your partnership through various channels, from marketing campaigns to internal communication efforts, and encourage employee engagement through initiatives that foster ownership and excitement.
5) Evaluate Partnership
Regularly measure and evaluate the partnership's impact. Track progress towards defined goals, identify areas for improvement, and adapt your approach as needed.
Inspiring Examples of Charity Partnerships
There are many great examples of charity partnerships. From Patagonia and their support for environmental conservation charities to Stanley and their Glow Week Campaign.
If you're looking for more examples - check out our previous blog post on Brand Values.
Virtue: Streamlining Charity Partnerships for Busy Businesses:
Start supporting in 5 minutes
With an existing Database of over 40,000 charities and causes on the platform, Virtue means you can go live with your partnership in as little as 5 minutes.
Plus - if you have your own cause that you would like to support you can add it directly to Virtue
Campaign Analytics
It is important to understand how your customers are reacting to the partnerships. With Virtue, you can track how your customers are engaging with the campaigns and giving
Automated Giving!
One of the biggest time sinks for a business supporting a cause is the admin that goes into it. This involves tracking orders, processing refunds, and paying the cause.
Virtue automates this entire process so you can focus on what matters most.
Support Causes from sales with store and checkout donations. Virtue is an easy to set up fundraising app for eCommerce brands built on Shopify, WooCommerce and Magento.
