5 Benefits of Being a Socially Responsible Company
Socially Responsible Companies can also be referred to as having CSR; Corporate Social Responsibility. Being socially responsible requires your business to consider your environmental, social, and economic impact, as well as ensuring your employees or any manufacturers are paid and treated fairly. So, what are some of the long-term and short-term benefits if your company is socially responsible?
Brand Reputation
As you know, your brand reputation is of the utmost importance. It can sway a customer into either purchasing from you, or avoiding you! More than ever before, consumers are becoming increasingly aware of the negative impact that their purchases can cause. By ensuring that your company is socially responsible, you build a reliable reputation as a brand that really cares about its employees, the environment, and your economic impact. Customers are generally far more likely to buy from a reputable, socially aware and responsible brand, knowing that their purchase won’t harm the environment or your employees!
Media Attention
If you’ve managed to successfully ensure that your company is socially responsible, not only will you reap the benefits of a positive brand reputation, but you’re also more likely to attract positive media attention! Brands that are socially and ethically unaware tend to wind up with a negative press image. Socially responsible brands however can gain a lot of positive media attention, which can attract a wider range of customers to your brand.
Customer Loyalty
Building a socially responsible company encourages your one-off customers to become long term customers. When a customer knows that a brand is socially responsible, they don’t have to worry about any damaging effects on the environment or staff members when they purchase from you which means they’ll feel comfortable purchasing again! You will be the brand they return to and recommend to others when they’re in search of an ethically made product or service! Customers are also more likely to pay premium prices for products when they are aware that the item has been ethically produced by a socially responsible company.
Happy Staff
Treating your employees fairly means they’re likely to stay with you for a longer period, meaning you’re more likely to have a loyal, talented group of workers surrounding you. It also means that you’ll have a better chance of attracting applicants for roles that you advertise, as more people will apply for a position where they know they’ll be treated well. Being socially responsible can also really motivate your staff. If your employees know that the work they put in is rewarded with fair treatment and payment, the chance of them having good job satisfaction is increased, thus creating a better working environment that can inspire your valued staff.
Interested Investors
If you’re looking for investors, being socially responsible is a great way to attract them. Investors recognise a company’s social responsibility as a commitment to building a better brand in the long term. Investors will be attracted to brands that have a great reputation, with positive media attention, a loyal customer base, and a happy work team. These things inform the investor that your brand has integrity and compassion. Nobody wants to invest in a company that they wouldn’t be proud of!
Want us to help increase your public CSR via a strong public relations strategy? Get in touch today via our contact page!
Megan is a PR & Content Marketing Intern at Unearth PR
Instagram ~ @meg.selway