How can corporate philanthropy enhance brand reputation and customer loyalty?

Some ways to get started: - set aside a percentage of proceeds from ever product sales - let your consumers decide on what charities to support - try one pilot program with one national partner - survey your employees and lift up a common cause There is no one tried and true way. But, what sets it apart is it is strategic - a win for both the charity and the corporation. This ability to serve multiple purposes is transformative. Philanthropy is an engagement and a retention tool, a sales support, an innovation hub and so much more. It has the ability to catalyze, to organize. to create where other funds cannot. And when you see tears in your leaders eyes because they have been changed for the better…you have truly won.

There are indeed many benefits to corporate philanthropy. It helps improves corporate reputation by demonstrating its commitment to social responsibility. Employees too are more likely to want to work for a company that is involved in philanthropy as community involvement gives them a greater sense of purpose. It boosts sales and increases customer brand loyalty while attracting new customers. It reduces risk by building goodwill with key stakeholders. Philanthropy attracts investors and shows corporate commitment to sustainability and long-term growth. It also builds community goodwill by supporting local organizations and causes and meets social needs by addressing issues such as poverty, education, and healthcare.

Community partnerships and involvement is so critical to being a good corporate citizen. It is also helpful to define communities. Often organizations have local communities, regional communities, business communities and we all have this overall human community by living on one shared planet. How do we think about each of them within our volunteer framework? I learned a new phrase this week from my good friends at Realized Worth: “Freedom within a framework.” Each community is different and has different needs…one might need access to food, one might be under resourced in education. So the biggest insight I have to offer for all communities is that to know one is simply that…to know one. Do the deep work to have the most impact.

To help define and align the company's social impact strategy, whether through a corporate foundation or corporate giving program, you can start with: ? Perform an internal assessment- What has the corporate foundation and community giving program done to date? What are the “must do’s”? ? Conduct a competitor landscape review- Do competitors have a corporate foundation, community giving program or both? What organizations or causes are the competitors funding? Where are the differentiation opportunities? ? Review Best-In-Class companies in other industries- What do other regulated companies like banking or utilities do in corporate philanthropy? What are some of their best practices? How do they communicate their work and impact?

In order of priority for me, I would offer up the following advice. Partner with: - Sustainability - Marketing - Economic Affairs - Product Teams - Human Resources Social impact is a separate strategy from a philanthropy strategy in my mind. It requires a different level of commitment and accountability and innovation, but the impact can be incredible!

To be most effective, it is important to identify the firm's values and mission: What is to be achieved through the firm's social impact strategy? The firm must identify the needs of the community-- its most pressing social issues. Specific goals and objectives and targets for measurable success must be set. A plan of action must be put in place, taking into account needed resources. Partnerships with like-minded organizations may enhance the firm's philanthropic efforts and efficiency. Employee involvement is crucial. So is marketing, to communicate the firm's social impact story with employees, customers, and investors. Finally, the firm must evaluate and improve its strategy and make needed iterative changes to ensure success.

A company's social impact strategy needs to be understood as a key piece in building brand equity. It is not simply about feeling "good" or checking off a corporate citizen box. Rather, aligning and leveraging a social impact strategy to the vision, mission, and goals for the company builds brand awareness and trust among communities, stakeholders, and policymakers.

Do you have a champion internally? Have you listened deeply? If you have a clear strategy that has been articulated-the helpful tools that I have found include: - a solid grant agreement that allow you to walk away from your funds if necessary - quarterly check ins with your grantees - defined scopes with agreed KPIs - defined budgets that you understand down to a penny and cannot be adjusted by 10% without your approval - a governance role for you if requested - a formal policy for volunteers, giving and product donations - technology that will make your life easy (as an aside I don’t care for the tech being sold to corporates…) And a solid project plan with quarterly reviews

The best way to start to leverage your giving is to leverage your impact. First build collaboration amongst your grantees. Then, why not raise additional outside dollars for them? Leverage your funds to get more funding in so it’s a bigger program. That makes it a win for everyone especially the beneficiaries. Then, you are truly a strategic partner to your grantees and can partner with them to tell each others stories, highlight each other. For me, if you do the good work and make the most impact…the brand story follows.