If you want to dive into strategic corporate philanthropy, the first thing you need to do is consider your motivation. Is it networking and to generate new leads? To support causes important to you as an executive or your entire team? Is it to position your company as a good corporate citizen because you think it will help you in some other way? It is because it just feels like the right thing to do? There’s no right or wrong answer here. But asking yourself the “why questions” will lead you to the right strategy.
Whatever your motivation is, when nearly 90% of consumers say they’re more likely to buy from a company that supports activities to improve society, then you need to integrate corporate philanthropy into your marketing and sales strategy. (REFERENCE: Creel, Timothy (2012). “How Corporate Social Responsibility Influences Brand Equity.” Management Accounting Quarterly.)
You should also consider the benefits corporate giving has on your staff. Recruitment and retention will become increasingly more dependent on whether your company can give employees the sense their job is making an impact in some way.
No one can tell you how much time or money you should be giving. This is a decision for your executive team and completely dependent on your core values, size, revenue, and business goals. What we can say is that you need to make sure you are being strategic about every effort you make. If you do not take the steps to plan and have a calculated purpose for every donation and volunteer hour, these resources could very likely be wasted.
Once you know your WHY, the HOW will be more straightforward. Engaging in philanthropy as a HR recruitment and retention tool might lead you to surveying staff on their preferences and capacity. While engaging in philanthropy as a marketing effort might lead you to analyzing charitable giving opportunities as a path to developing relationships that will lead to sales.
Contact Blackbird Philanthropy Advisors today to get started on crafting a strategy today.