Social impact is an initiative that has gained popularity in the business world in recent years and is expected to continue gaining traction. Implementing social impact can significantly affect the communities in which companies operate. For instance, 64% of Millennials would not consider taking a job with a company that does not have a social responsibility framework.
A study conducted by the global consulting firm, Accenture, revealed that customers are more likely to purchase from a company when its brand values reflect the issues that matter to them.
However, before you start implementing a strategy for social impact, it is essential that you understand the steps involved.
The Right Social Initiatives For You
One of the most critical factors that you should consider when establishing a social impact initiative is the link between the project and your brand.
One company that does well in this regard manufactures the Luna Bar, a power bar made for women. Through their social impact initiative, the company has been able to align their brand messaging with the goal of equal pay for women. As an example, they were able to pay the women of the US World Cup soccer team $31,250 more than the men’s players.
Before you start implementing a social impact initiative, it is important that you consider the people who use your brand and the issues that affect them. If you have a brand that matters to them, then chances are that it will be a social impact initiative that you can easily connect to.
Another factor to consider is the number of financial resources you can allocate to the initiative. Although it does not have to be a percentage of your sales, it is vital that the financial resources that you allocated to the initiative demonstrate that you are committed to supporting a cause.
One of the most critical steps you should take is creating a comprehensive annual newsletter that explains the company’s goals and its social impact initiative and how this initiative is working toward achieving said goals. This will help your customers understand how supporting your organization supports the initiative.
Everyone Is On Board
It’s also important that the decision-makers and founders of a company feel the same way about the impact that they are making. According to Lian Pham, the founder and chief heart officer of The Company of Nomads, their goal is to be the change they want to see. They have established a food hall in Houston, Texas that features locally sourced products and have also started several business incubators in the communities they serve.
Lian Pham also believes that it is important that the company’s employees are also invested in the company’s social impact initiatives, so that there is an alignment of interests.