London Inc. November 2020 - 40

LONDON GIVES

The competitive
advantage
GIVING BACK' IS GOOD FOR THE SOUL...
AND IN MANY CASES, GOOD FOR THE
BOTTOM LINE
EVERY COMPANY - Regardless of size - has
the ability to give back to its community. This can
encompass anything from donating time to an
animal shelter to raising thousands of dollars for a
hospital or healthcare foundation.
But proponents of corporate philanthropy sometimes face an uphill struggle in helping
owners, board members, shareholders
and other interested parties
understand the sound strategic
value of giving back.
In some cases, those with an
eye on profits may even view
corporate giving as a negative thing since it seemingly
removes money from the
bottom line.
With the right information,
however, it becomes apparent
to those same people that philanthropy is actually a sound investment
in the long-term financial success of the
business.
Corporate philanthropy programs can create
a powerful competitive advantage if they are
planned strategically - with a meaningful focus on
the organization's core business and target market
- and carried out effectively. This advantage can
even translate to profits very quickly.
For example, within months of distributing a
supply of gift cards to their customers through the
Donors Choose campaign to benefit education,
home design retailer Crate and Barrel noted a
40 | londonincmagazine.ca | NOVEMBER 2020

16 per cent increase in sales among those who
received the cards.
By developing their corporate philanthropy
programs with the secondary business goals in
mind, CSR managers can achieve greater success
with demonstrating the value of giving back to the
senior company leadership. What follows
are a few benefits to consider when
developing a philanthropy program.

BOOSTING BRANDING
AND NAME
RECOGNITION
Charitable contributions and
high-profile volunteering
efforts can increase brand
recognition in a competitive
marketplace more effectively
than many types of marketing
and advertising.
Even more importantly, the reputation built in the consumer's mind is
connected to positive things that, in many cases,
have a direct impact on the individual or someone
they know and care about. This makes the impact
of the branding even more effective as it promotes
goodwill.

IMPROVING THE QUALITY OF LIFE
By getting involved in causes that directly impact
members of the local community - whether near
where the business is headquartered or in all the
various communities where a large organization


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London Inc. November 2020

Table of Contents for the Digital Edition of London Inc. November 2020

TOC
London Inc. November 2020 - 1
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London Inc. November 2020 - TOC
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