Corporate Philanthropy and Brand Image – The Increasing Inter-Connection

Keywords – Corporate Philanthropy – Brand Image 

It sounds like a cliche, but the face of business is changing.

Specifically, businesses are not just about becoming profit-making machines anymore. Therefore, most businesses think of their impact on people and the environment, in response to changing social behaviours.

One such concept is corporate philanthropy – businesses promoting the welfare of others. 

But, why has this happened?

Rising Awareness of Transparency

Corporate influencers, e.g. Front Stream, attributes the rise of corporate philanthropy to the increasing impact of social media on business.

As a result, even though the overall market is becoming more unpredictable, organisations are finding creative ways to work on their image through philanthropic projects. 

And, this is happening because of what consumers want from organisations now.

In short, consumers want increased transparency and a direct dialogue with organisations that they are spending their money on. In fact, consumers are known to base their decisions of buying on a company’s reputation as a differentiator when products and services are similar.

In other words, corporate philanthropy has a great impact on a brand image. 

Brand Image

Possibly, corporate philanthropy is the single biggest contributor towards a positive brand image. (More specifically, emotional branding).

However, in order to unleash the potential of the positive brand image, companies must demonstrate a clear and concise interest in a cause.  Only through such complete commitment can an organisation demonstrate a positive image to their stakeholders and how the philanthropic work connects with the overall business.

This understanding of corporate philanthropy also puts a clear difference between a simple donation – a long term commitment to a cause instead of simply giving away cash. 

Options

So, the final question here should be – how can you get involved with corporate philanthropy projects?

You have the choice between the options of matching gifts, volunteer grants, employee grant stipends, community grants, and volunteer support initiatives

To learn more and to find out how MV Chartered Accountants can help through our financial and business consulting advice, please get in touch today. 

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