Should Your Business be a Social Enterprise? Your Customers Say Yes!
Times are changing. Technology has improved vastly since the days of dial-up Internet. We are living in a world of high-speed information, smart homes and augmented reality. Consumers are also changing. Their expectations of businesses are shifting from “nice-to-have” to “need-to-have” on multiple levels, but particularly it comes to charitable giving.
It wasn’t that long ago that many small businesses didn’t need to have a website or use social media. But now, many consumers expect a business to have an online presence. Similarly, the same is beginning to happen with social enterprises.
Data shows consumers today believe businesses need to support causes beyond their bottom line.
Many American want companies to speak up for issues that are important to them. Just take a look at the data released in the Cone Communications 2017 CSR Study. 78% of Americans believe it is important for businesses to stand up for social justice issues. And as consumers, they seek out businesses that are socially conscious. 71% of consumers want to know about and support social enterprises. Plus, 87% will purchase a product because the company stood up for or advocated for an issue they care about.
In addition, not only do consumers look for businesses that are charitable, they also develop loyalty to those brands. 90% of consumers will switch to a business who gives back and 81% are more loyal to socially-conscious brands. Furthermore, 66% of consumers will pay a premium for products or services from charitable businesses.
The data is clear. Consumers want businesses to make charitable giving part of their DNA.
Another finding we found intriguing – some of the most hot-button issues are the ones that many Americans expect companies to support. These issues include domestic job growth (94%), racial equality (87%), women’s rights (84%), immigration (78%), climate change (76%), gun control (65%) and LGBTQ rights (64%), just to name a few.
This data supports the fact there’s a sea-change underway to the small business world, led by consumers who expect more from the businesses they patronize. Now more than ever, a business’ commitment to charitable giving matters, and the opportunity for everyone – businesses, consumers, and nonprofits alike – is great!
Just imagine a world where every business is committed to charitable giving! Consumers today are starting to expect just that, and we at G1VE are excited to help!