3 Companies Generating Profits With A Purpose

In any business, being profitable is one of the most important things, right? Without profits, it’s hard to keep the lights on. However, money isn’t everything.

In today’s day and age, it is so crucial to stay in touch with your consumer base. Across the board, consumers are getting younger. Millennials are currently the largest consumer cohort and by 2026, Generation Z will wear the crown.

That said, these younger generations have come to expect more transparency from companies. They like to know that they can do good with their money and that the companies they open their wallets to are aligned with causes they care about.

So, as we look to the future, we should switch our lens to focus on how to make profits with a purpose. There are some really great companies already leading the charge with these charitable initiatives.

1. TOMS

Probably one of the most renowned examples of giveback initiatives comes from TOMS, the casual footwear brand that skyrocketed to fame with its buy-one-give-one model in the early 2000s. For every pair of TOMS sold, a new pair was donated to a child in need.

Recently, the company moved away from its famous BOGO model but they are still dedicated to charitable giving. Now, TOMS pledges a third of its profits to grassroots good, including cash grants and partnerships with communities to drive sustainable change. Most prominently, the company says that when you buy TOMS, you help fund access to mental health resources for the millions of people who need them.

2. Bombas

While TOMS may have moved away from BOGO - Bombas, the sock brand seen on Shark Tank - has embraced it openly. For every item purchased, the company matches an essential clothing item donation to those in need. The company donates the first, second and third most requested items in homeless shelters - socks, t-shirts and underwear.

With the help of over 3,500 partners, Bombas is able to distribute these donations across the country. On the website, the company proudly states that they’ve donated 75 million items and is very transparent about the giveback process. These partners help make meaningful change in their respective communities in overnight shelters, transitional living facilities, street outreach programs, rehabilitation centers, Title 1 schools and medical facilities.

3. Warby Parker

Similarly, Warby Parker helps address the issue of over one billion people lacking access to glasses worldwide. The company has committed to giving a pair of glasses to those in need with every purchase. However, Warby Parker has two very different models to accomplish this goal.

Whether it’s through empowering people to administer basic eye exams and sell glasses at ultra-affordable prices, which accounts for the majority of its distribution, or directly giving vision care and glasses to those in need, via cross-sector partnerships, Warby Parker ensures that it can help alleviate the problem of impaired vision for all. This year, the company celebrated 10 million pairs of glasses distributed in over 50 countries through their program.

?It’s so great to see these types of initiatives becoming more widespread. Not only is it an amazing way to give back to society, but it is also a perfect method for brands to keep up with the growing demand by younger consumers to have a positive impact on the world.

?What are some of your favorite examples of company charitable giving programs? I’d love to hear from you in the comments.