CSR is a commonly used term these days, it stands for ‘corporate social responsibility’ and can be used to explain efforts made by a business to ‘improve society in some way’.
These efforts can vary quite a lot; from setting up ‘sustainable’, ‘ethical’ or ‘green’ business processes, to simply donating a percentage of profits to a charitable cause.
Consumers increasingly refuse to accept unethical business practices or organisations that act irresponsibly. One reason for this is the advances in social media, meaning that negative or destructive practices quickly fuel conversations online. In today’s world, organisations are accountable for their actions like never before.
CSR has only become a key component in a company’s business strategy in recent decades and may seem like a trivial element of any business to older generations. However, the direct benefits to businesses are very clear:
Gain Competitive Advantage
Building a reputation as a responsible business will give you a competitive advantage. Companies often favour suppliers who have responsible policies. This is because it can have a positive impact on how they are seen by their customers. Some customers don’t just prefer to deal with responsible companies, but insist on it. Understanding the wider impact of your business can present opportunities to develop new products and services.
Increased Customer Engagement
CSR can help you engage with your customers in new ways. Since the message is about something “good,” it can often be an easier way to talk to your customers. This is an underused tool for business-to-business communication.
Enhanced Employee Engagement
Having a good reputation makes it easier to recruit employees. CSR will help you retain staff. Employees may be motivated to stay longer, thereby reducing the costs and disruption of recruitment and retraining.
CSR can also raise employee spirits as they feel they are making a difference, and happy employees almost always equal better output.
Increased Media Coverage
Activities such as involvement with the local community are ideal opportunities to generate positive press coverage.
How much good a company can do for its local community, or even beyond that, is known as corporate social responsibility.The better the benefits, the better the media coverage.
Increased Cost Savings
One of the easiest places for a company to start engaging in sustainability is to use it as a way to cut costs. Whether it’s using less packaging or less energy, these savings add up quickly.
At Sales-Promotions, we strive to be the greenest and cleanest company in our industry. As such, we have invested heavily in technology to ensure that all of our campaigns can be run on a digital platform. This ensures that communications and payments can be conducted virtually, removing the need for a paper trail and reducing our carbon footprint.