Contribute to a Greater Cause
When you give back or align your brand with helping the world, people notice.
Having a greater cause behind your brand matters — not just for consumer perception of what your brand does, but for your ability to do good in the world. A social impact edge isn’t for every company, but when you give back or align your brand with helping the world, people notice. Research from Zeno’s 2020 Strength of Purpose reported that when consumers perceive that a brand or company has a strong purpose, they are six times more likely to defend or protect the company if there’s ever a misstep. They’re 4.5 times more likely to recommend it to their friends and family and become a champion behind it.
But despite this research, Carole Cone on Purpose shared that only 24 percent of their business respondents reported having a purpose embedded in their business. And while it’s true that you shouldn’t add purpose or social impact for the sole purpose of resonating more with consumers, it is important to assess: What does my brand stand for? How do we help the world? How can I connect my profit with a greater purpose?
Sure, your product is a great help to customers — that’s why it’s doing well. But there’s a deeper consideration here. Can you extend the use of this product to those who require it most? This is similar to the TOMS model of thinking, where one pair of shoes is donated for every pair purchased. The shoes "help" the customers that buy them. But even more so, on the social impact end, they help underprivileged children internationally who don’t have shoes.
Another powerful example of an entrepreneur using their services for good is real estate developer Christopher Senegal, who is tackling gentrification in a Houston neighborhood called Liberty Square. “Gentrification is always a sensitive topic in neighborhoods that are changing," Senegal shared via email. "I’m facing the topic head-on. Not by protesting or trying to stop it but instead, identifying ways to be involved in the process." At 33, he began developing middle-class townhouses in the neighborhood when he saw the development patterns in surrounding areas.
“I realized that doing so would keep the culture of the community intact while improving the neighborhood and increasing tax dollars, which would improve schools,” he shared. “I made it a point to not only bring those that are originally from the area back from the suburbs but also only hire from the neighborhood and build a team of successful African American professionals around me. My construction team, realtors, preferred lenders, insurance agents and inspectors are all from the community.”
