Doing Well by Doing Good

When your company engages in a mutually beneficial collaboration with a cause (also known as cause marketing) you can help those in need while generating brand loyalty, positive press and support from consumers, employees and thought leaders for your business.

Statistics have shown that cause marketing is a great strategy to employ when you want to differentiate your brand from your competitors. The Do Well Do Good Public Opinion Survey found that 70 percent of consumers are willing to pay more for a product that supports a cause.

A cause that dozens of big names are currently donating to is the Hurricane Sandy relief effort. The American Red Cross donations toward this cause recently reached $130 million. Here are a few of the major contributors:

  • Toyota USA — $1 million
  • BMW — $1 million
  • Lady Gaga — $1 million
  • AT&T — $1 million
  • Wells Fargo — $1 million
  • Enterprise — $1 million
  • Apple — $2.5 million
  • Goldman Sachs — $10 million

Ferrari created a buzz about its business while raising more than $1 million for the American Red Cross by auctioning off the first 2013 Ferrari F12 Berlinetta available in the U.S.

Cause marketing can tie your business and its products and services to a charitable cause while boosting revenue and your company’s overall image. Consider supporting a cause. You can start by donating to the American Red Cross here to help those affected by Hurricane Sandy.