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June 29, 2018 3 min read

Businesses and companies today are beginning to develop a stronger sense of social responsibility. It’s being implemented into business strategies more and more.

This social responsibility can be locally or globally focused, be it for equal pay, women’s rights, mental health, environmental causes and so on. It takes a scrupulous company to put the needs of others before their own bottom line, and consumers definitely take notice. In fact, giving a damn about social impact can transform a company’s success in several ways:


Customer Engagement

If they know that they are buying from a socially responsible company, many consumers will develop a stronger appreciation and affection for the brand. Even better, many of them are willing to pay more for a product or service if a portion of the sale is funnelled back into beneficial causes. Customers are also far more likely to provide free advertising (word-of-mouth) if they feel passionate about the core principles of the company.The relationships a company forms with their customers is the single most important aspect of business.

Competitive Edge

Companies that involve themselves in the their community, both at home and beyond, truly stand out from the crowd of competitors. If you offer customers more, they will patronize you more. Taking on commendable social responsibilities makes your company feel modern, proactive, and genuinely important to the world.

Brand Improvement

The projection of a positive image will undoubtedly affect the perception of your brand and its overall value. A company that is not only socially conscious, but also financially profitable, increases value proposition greatly. When company employees are engaging with potential customers in the community, they provide indirect marketing as a result. Any cause that benefits others is worth implementing, but those brands who take particularly strong positions within the realm of social responsibility tend to see the greatest brand valuations.

Keeping The Best

Many employees will happily accept the opportunity to become a part of something “bigger”.Employee productivity, engagement, satisfaction, and retainment all benefit as a result. The employees of other companies that are doing less will also be more attracted to becoming employed by those who are doing more, further amplifying the competitive edge. When the resources and direction are provided, working for the greater good has a remarkable way of bringing out the best in people. Some companies with huge numbers of employees can have massive social impact as a result of hundreds or thousands of people actively influencing change. At the end of the day, those who can take genuine pride in their work are just more likely stay involved with such work.

Examples of Social Responsibility

TOMS - "Through your purchases, TOMS helps provide shoes, sight, water, safe birth and bullying prevention services to people in need."

Bombas - "This fact is the driving force behind Bombas. Bombas exists to help solve this problem, to support the homeless community, and to bring awareness to an under-publicized problem in the United States."

Warby Parker - "Since day one, over 4 million pairs of glasses have been distributed through our Buy a Pair, Give a Pair program. Alleviating the problem of impaired vision is at the heart of what we do, and with your help, our impact continues to expand."

Sevenly - "Now widely recognized as one of the world's leading 'social good' companies, Sevenly activates its signature 7-Day Campaigns and curates ongoing, cause-themed Collections created to change lives by raising funding, awareness and followers for the world’s greatest causes."

The Best Deodorant - "We're on a mission to change the world and together we can do that one deodorant at a time.  Before anyone in our company get's paid we give to the great causes we support.  The Best is focused on 3 Causes that impact children, animals and business."


*This article has been adapted from Investopedia.