Customers don't buy mere product benefits from companies but also the bond of affiliation. They want to be associated with the brand that is in tune with the lofty social values and standards. The type of marketing, which blends social concern and brand building, is known as Cause Related marketing (CRM). CRM can be a very effective method that works with twin purposes-it can enhance the image of the brand and simultaneously help a social cause gain the much needed visibility. This article explores the varied dimensions of CRM.
As societal expectations have increased, customers have moved away from merely buying products for their benefits to developing c of affiliation with products and brands. Customers seem interested in being associated with brands that are in tune with lofty social values and standards and are good corporate citizens. Research from Hong Kong indicates that almost 20% of the customers would avoid a brand whose parent company was not perceived to be a good corporate citizen. In other parts of Asia, more than 75% of consumers say that they would switch to brands associated with a good cause. This shows the power of corporate responsibility and benevolence and indicates a need to understand how brands can enhance their appeal through the use of cause marketing.
When brands show social concern and sensitivity, it adds to their strength and enhances their brand image and reputation, and allows them to hold fast to `soul branding'. Brands use these types of motivational levers to boost their image, which will, in turn, win the customers' unremitting patronage. Research has shown that social empathy is a powerful motivator and business corporations that have embraced these deep social values have remained successful in building powerful brands and eventually have robust relationships with their customers. |
