“If you wait for a crisis to implement a CSR program, you’re already behind” – Machelle Williams, Senior Director of Diversity & CSR at Volkswagen Group of America
Are you ahead or behind of the curve? Now, more than ever, corporate social responsibility is taking the driver’s seat in businesses. But, why does it matter? Apart from doing good, CSR is crucial to keep your company afloat.
According to Forbes, millennials were estimated to spend over $200 billion in the U.S. alone in 2017. Now in 2018, they have the most spending power of any generation. Millennials make up one-quarter of the U.S. population at a total of 77 million people—that’s more than Baby Boomers and three times the size of Generation X. A Fast Company 2017 study highlights how this demographic cares more about a company’s reputation than previous generations. This drastically changes the game. If millennials feel a business doesn’t align with their values, they’ll spend their dollars elsewhere. CSR is a pillar every business must have to ensure their brand is chosen in the vast pool of choices consumers have today.
To hear from CSR experts first-hand, we opened up our studio doors to host big-name and boutique brands alike and learn how CSR can and should become a component of each and every business. Getting started with CSR doesn’t need to be daunting task, it can be as simple as creating one drop of action that ripples into a larger, positive impact. And that’s where our workshop series began.
Dipping Our Toes into CSR at the One Drop Workshop
CSR is an enormous task to take on, but it doesn’t have to be. Our speakers, with CSR expertise gained from their time at Volkswagen, Marriott International, and Ballast Research, took the stage for our first One Drop Workshop, which we co-hosted with OTM Partners. Each speaker shared how companies often mistakenly think they need grandiose plans requiring massive budgets or chunks of time to implement a CSR plan.
“I see businesses try and fit a gallon of ideas into a pint of reality when really, it’s much simpler,” says Mari Snyder, Former Vice President of Social Responsibility & Community Engagement at Marriott International.
All you need is one idea. It only takes one drop of purpose to create change within an organization’s CSR initiative.
Our speakers shared their droplets of meaning that rippled into profound CSR growth. To Snyder, influencing the C-Suite and those in power with the final say, is one of the most important things when building CSR initiatives. If they don’t approve, how will your great idea be funded and executed?
Machelle Williams, Senior Director of Diversity & CSR at Volkswagen Group of America, told the audience to never underestimate the value of community partnerships and more importantly, employee engagement. When brands offer their employees time to volunteer with an organization of their choice, it’s pure gold for a brand’s reputation. We instinctively self-promote our good deeds on social media and that positively promotes our employer, without having the company spending a dime. This means much more than just writing a check. And, in turn, the employees and organization can celebrate in their shared values.
Jason Clark, Senior Director of Strategy at Ballast Research, explained the importance of data and why businesses need to use data to tell a compelling story on why CSR matters. But, he notes it’s not enough to just implement CSR. It’s equally important, if not more important, to communicate the efforts both internally and externally.
“Always ask yourself: why should they care?” Clark says when speaking about telling an audience about your CSR implementations.
Applying CSR Findings To Your Brand
CSR initiatives shouldn’t be a feat businesses feel they must conquer. A CSR strategy should be crafted to each unique business, and reflect its mission and values. To get started, all you have to do is think of one idea and then branch it off into attainable, measurable goals. Chances are, your brand has existing partnerships that you can leverage. Start there, then you can define your company goals and community goals. Where is there overlap? Finding that alignment is key and brings clarity to how to jumpstart your CSR programs.
Finding the balance of data, passion, and community with a new CSR initiative is an exciting new venture for businesses. CSR will build your reputation and instill loyal consumers. When customers like the brand they’re buying from, they aren’t quiet about it. They share on social media. They tell their friends. They actively choose your brand over another. Not only will you be helping your community, you’re also increasing your profits just by doing good. It’s a win-win.
There’s great businesses out there offering similar products and services of equal caliber. CSR can set one above the other. CSR is the edge every business needs.