Cause marketing has been a long recognized endeavor between nonprofits and for-profits. There are many classic examples (Children’s Miracle Network, Susan G. Komen for the Cure, St. Jude Children’s Research Hospital, etc.) that have shown the synergy cause marketing brings. Ashley Halligan, an analyst at Software Advice, recently wrote an article outlining strategies nonprofit organizations seeking an enduring cause marketing relationship should take to begin the quest and achievement of such a partnership. An excerpt from Halligan’s article:
“Both nonprofit organizations (NPOs) and for-profit businesses (FPBs) have long recognized the mutual benefits of establishing cause marketing partnerships:
· The nonprofit can advance its mission through association and sponsorship by a recognized business, without investing its own limited resources.
· The business can raise brand awareness, demonstrate social responsibility, and boost customer interest in its products or services. In fact, a 2010 Cone Inc. study cites that 80 percent of Americans are willing to switch brands–of equal quality and nature–if a brand supports a good cause.
Here are four steps to help you establish successful, enduring cause marketing relationships.”
1) Assess Your Goals
2) Develop a Shortlist of Potential Business Partners
3) Start Some Conversations
4) Initiate and Nurture the Relationship
Read the complete story on the Software Advice blog here.