Connect with us

Hi, what are you looking for?

Economy

[B-SIDE Podcast] Bang for your buck: how businesses can change the world a dollar at a time

Follow us on Spotify BusinessWorld B-Side

Jeremy Meltzer, founder of cause marketing platform i=Change, explains how brands and consumers can make a difference, a dollar a time.

“Cause marketing” is a term coined in 1983 by American Express to describe its campaign to raise money for the restoration of the Statue of Liberty. American Express donated one cent toward restoring the statue every time someone used its charge card. As a result, the Restoration Fund raised over $1.7 million.

Businesses on i=Change give back a dollar to a specific cause with every sale they make. “Customers understand what a dollar is,” Mr. Meltzer told BusinessWorld reporter Patricia B. Mirasol. “It’s more understandable than ‘we give back 1% of our profit to charity.’”

He added: “Don’t think about how clever you can be. Think about how authentic you can impart your message to your customers.”

TAKEAWAYS

Cause marketing differs from corporate social responsibility.

Corporate social responsibility is an umbrella phrase for how corporations behave and choose policies, guidelines, purchasing practices, and waste management. Mr. Meltzer described it as a broad term that looks at the way businesses are responsible for a whole series of indexes. 

“Businesses realize they operate as part of a broader community,” he said. “To be successful, businesses realize they need a social license to operate. A business can’t thrive in a community that doesn’t. Cause marketing, on the other hand, is more specifically geared around how brands are giving back to causes hoping to achieve a marketing result.”

Authenticity, transparency, and simplicity get your message across.

“Cause marketing hasn’t been done properly in the past,” Mr. Meltzer said. “We set out to reimagine it as an experience for the customer and a solution for the retailer, to make it simple for them to give back and simple for them to integrate [giving back] in the customer experience.”

He adds that authenticity is crucial in cause marketing. Brands need to be transparent and support causes that are aligned with their core values, else customers will see through the false ploy. 

“Don’t think about how clever you can be. Think about how authentic you can impart your message to your customers,” he told BusinessWorld.

Mr. Meltzer cited the US brand Reformation as a company that knows how to do cause marketing: “Similar to Patagonia, that brand has become synonymous with  transparency, synonymous with impact, synonymous with being a steward of the community and of the environment.”

It’s easier to understand a dollar than ‘1% of profit.’

Most of the businesses on i=Change give back a dollar to a specific cause with every sale they make. “Customers understand what a dollar is,” Mr. Meltzer explained. “It’s more understandable than ‘We give back 1% of our profit to charity.’” 

Mr. Meltzer said that being a force for change makes a business relevant, and that both product and purpose have to be part of the new normal. He hopes that more businesses become stewards of the community and the environment and that they would consciously choose to integrate these values with the way they do things.

“We cannot continue living in a world where profit is the lens in which we measure success. We are all intricately connected to our communities, to our environment, and to the broader world,” he said. “It’s only a lack of vision and imagination and consciousness that prevents us from understanding the importance of that.”

Follow us on Spotify BusinessWorld B-Side

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Globe Telecom, Inc. said on Friday that it had inked loan facilities with BDO Unibank, Inc. and Land Bank of the Philippines for P10...

Economy

Metro Pacific Investments Corp. (MPIC) announced on Friday that its president and chief executive officer, Jose Ma. K. Lim, will be retiring effective Dec....

Economy

REAL ESTATE developer Arthaland Corp. raised P3 billion from its Series D preferred share offering, according to the Philippine Stock Exchange, Inc. (PSE) said...

Economy

Venture capital firm Kickstart Ventures, Inc. on Friday said the Ayala group had invested in SlashNext, a company that combats phishing attacks. Kickstart manages...

Economy

Volunteerism has been a key part of Globe’s corporate culture through its various employee engagement programs. In contributing to nation-building, the company is encouraging...

Investing

The UK Government’s Flexible Working Taskforce has published practical guidance for employers designed to support hybrid working models, in a bid to help organisations...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.