If you are a lender who hasn't yet heard of cause-related marketing, (CRM) then now is the time to learn what it is and begin implementing into your business marketing strategy. Cause-related marketing (CRM) is a mutually beneficial collaboration between a business and a good cause designed to promote the former's sales and the latter's cause.
In this article from Grant Space, there is a story of how cause-related marketing got its start. Here is a recap of that story, "American Express first coined the term in 1983 to describe its campaign to raise money for the Statue of Liberty's restoration. American Express donated one cent to the restoration every time someone used its charge card. As a result, the Restoration Fund raised over $1.7 million and American Express card use rose 27%. One study found that more than 9 in 10 consumers are likely to switch brands to one associated with a good cause, assuming comparable quality and pricing."
As you can see, having your lending business promote and give to a worthy cause is definitely a good idea for all concerned. The Rules of Thumb blog from MoneyThumb would like to refer our readers to another article, this one from Inc.com, that will further help you understand the value of implementing cause-related marketing into the success strategy of your lending business. For your reading convenience, we have listed the main ways that cause-related marketing is a smart choice from that article:
- It makes you a desirable employer--reports show that the younger generation is much more drawn to companies that support a charitable cause.
- Your business will qualify for charitable donation tax deductions
- Customers love companies that give back--The majority of consumers (85% to be exact) have a better outlook on and prefer businesses and brands that support a charity they care about.
- It provides your lending business with free publicity--Especially if you are providing support for an organization that is big on social media, your support of a good cause will be widely shared by the organization.
- Giving back simply makes us feel good
If your lending business has yet to get involved in cause-related marketing and you need tips on how to create your first campaign, follow the great advice given here by Search Engine Journal. The article provides 6 steps to creating a successful cause marketing campaign. The article goes into detail with advice for each of the 6 steps, but for your convenience, we have listed the 6 steps below:
- Choose a cause somehow related to your niche
- Choose a cause you feel passionate about
- Create a simple but memorable message
- Give more than just money
- Create a strong advertising campaign
- Use social media to your advantage
Cause-related marketing, (CRM) is quickly becoming a staple of smart companies' business plans, and getting on the bandwagon can be fun and profitable. It really has to do with your mindset and having a true passion for a worthy cause.
We would love to hear your story of how your lending business is implementing cause marketing into your success strategy. Leave us a comment below and share your experience. Who knows? We may use your story in a future blog post to show how well CRM works for lenders and other businesses.