The world of business and marketing is noticeably big and covers numerous techniques and strategies to promote a brand’s image. Today we will discuss one such technique, known as Social Impact Marketing, which a Social Impact Agency normally covers.
Social Impact Marketing: What is it?
As many articles and research papers suggest, Social Impact marketing is a technique that incorporates strategies aiming to realize and promote a company’s mission. This mission deeply impacts the public and normally aims to promote societal, environmental, or socio-political change.
As the name suggests, the main aim of this technique is to look beyond just promoting a product or a company’s service. It conveys their role or stance on a particular issue, which can have an incredible social impact amongst the community and heavily encourages consumers to buy the company’s products.
Importance of Social Impact Marketing
When implementing a Social Impact Marketing strategy, a company aims to address an issue that would deeply affect the buying behavior of its consumers. Therefore, depending on the issue they’re addressing, the strategy can encourage consumers to buy that product to support that company through the slogan or campaign it has run.
A known example is Nike’s famous Colin Kaepernick ad that they unveiled for its 30th anniversary. The former football player took a knee during the national anthem to protest police brutality. This caused a lot of controversy amongst conservatives, and fans of the sport. Even though there were people against this campaign, Nike still saw a boost in their sales for that quarter, and Nike’s stock climbed even higher than before.
These results show how much of an impact the right marketing strategy can have on a company and why the Social impact marketing strategy is so important for companies. It is also important as a driving force for the public as well because these views also influence their views and ignite their passion for change.
Do not Beat around the Bush
The key to properly using Social Impact Marketing is to convey a clear, straight-to-the-point message. As seen in the Kaepernick campaign, Nike clarified its stance on that issue. A company with a vague message can create a negative impact of your brand image, and it can lead to division amongst the audience as well.
How does it Work?
Social impact marketing is a technique that requires the brand to show a more human element to the public. What does it mean when I say expose themselves? It means they have to show that even as brands, they empathize with a movement. They have to show that they are not in it just for sales and profits. They also care about certain agendas, and they have to show the public how they feel about it, and this draws the people in rather than repelling them away from it.
This emotional vulnerability creates a bond between the customers and the brand because they know what it feels like to take a particular stance on a situation. When they see that a brand is making a stand for something they believe in, they’re more likely to be loyal to the company.
Broadens the Target Audience
When brands focus on social wellbeing and contribute to the current social agenda, this attracts a new kind of audience as well, which also allows for an increase in sales. Some people aim for brands promoting social wellness rather than the quality of the product.
When they notice that a specific brand is supporting a specific stance, they will usually take that side, and this makes them want to buy products from that brand. The brand and its audience develop an emotional connection too. One example of this is that there are many clothing brands in the market that support transgender rights and design clothes specifically for gender nonconforming individuals, and this attracts different audiences for their inclusive efforts.
Purpose attracts Capital
Many have seen that companies with a mission and a social purpose can positively affect society and attract a much larger audience. However, their effort s can also attract the attention of investors as well. Many investors value the brands’ public image and reputation as well as what products they sell, and this means that they will want to invest in a brand promoting positivity or one that takes a specific stance on an issue.
Social Impact business models encourage innovation.
As time goes by, more and more companies are starting to realize that adopting business models that also have a social impact are positively affecting their commercial value and increasing their profits. Tech companies are at the forefront of this innovative design, as they are developing technology that positively impacts the world and is accessible to the general public.
An example of this may be the development of a safety app that alerts your emergency contacts with the double tap of your power button or pocket-friendly tasers for self-defense. Inventions that are creative and contribute to a positive social change are proving to be highly innovative and profitable for these industries as well.
Social Impact Marketing is a very active approach to marketing a brand, and if utilized correctly, it can deeply affect people’s lives and create a movement for change, as seen by the Kaepernick Nike ad. The ad was able to start a major movement against police brutality and ignited a fiery passion within the hearts of many Americans. Additionally, It can also result in a significant increase in revenue for that brand as well.
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