70% of chief executives see CSR as crucial business issue
Howard Lake | 23 October 2002 | News
Corporate Social Responsibility is a crucial business issue for 70% of Chief Executives, according to a survey by The Chartered Institute of Marketing (CIM).
The survey confirmed that cause-related marketing continues to gain widespread approval as a way to provide mutual benefit for business and the wider community.
The research findings were presented today as part of the launch of the latest Critical Marketing publication on cause-related marketing, a joint venture between Centrica and The Chartered Institute of Marketing (CIM).
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“Cause-related marketing is not about philanthropy or altruism,” says Sue Adkins, speaking at the event. “It’s about connecting for the benefit of the business and for others.”
The CIM defines cause-related marketing as a “partnership between a company or brand and a charity or ’cause’ by which the charity benefits financially from the sale of specific products”.
Adkins explained: “If price and quality are equal, customers would choose the product or service linked to cause-related marketing. CRM links brand affinity/equity with customer perception and loyalty.
A number of key processes for the successful implementation of good programmes were presented at today’s launch, including effective planning, negotiating the partnership, reaching a formal agreement, and finally communicating the program in a way that is compelling, consistent and constant.
It was also emphasised that all companies, large and small, could benefit from a responsible approach in the community.
Adkins cited the example of Nambarrie Tea Company. “With a staff of just five, it created tremendous sales, awareness, and a high level of image tracking though association with Action,” she said.
She added that the big five corporates, however, have yet to take a cause-related approach, but the race is on to be the first to get there because it makes such good business sense. “Any programme has got to make sense in the market place, and has to run through the whole business. If you’re going to do it, do it well”, concluded Adkins.
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.