Growth in recent times
Cause-related marketing has proven to be a very powerful tool in marketing which is been leveraged by business and other non-profit organizations. It has been seen that 89% of Americans who are in the age bracket of 13-25 would like to opt for the product involved in a good cause even if it is priced as equal to their competitor (Cone Millennial Cause Study in 2006). The social cause is not only related to consumers but also the public in large number said that they would like to work for a company that was considered socially responsible. This could be taken as a reason for an increase in workplace giving programs. The previous studies and research made by one of the major cause related company, cone indicates that there is an increase in the percentage of Americans who would like to engage themselves in good cause and expect the company sectors to be corporate social entity as well. There has been significant rise of such trend just before and after the September 2011 attacks. Following are the summary of sales earned from the cause marketing by different segments of market and its effect on various related matters. In order to be not too old, the data has been scrutinized from the year 2008. It is very important to know the pattern of cause marketing to predict the further scenario of cause related marketing and do the core analysis on various segments which can be taken as potential perspective of such kind of marketing. The information is as follows:- 2008
* People started being more aware of such concepts and they believe that it is very important to know about the where about, values of the company from which they purchase the product or they are working for. Statistics states that 89% of Americans mentioned their preferences towards to socially responsible organizations. (The 2008 MS&L Global Values Study) * The research on behavioural science indicated a 28 to 78% increase in actual purchase within the toothpaste and shampoo categories. (2008 Cone/Duke University Behavioral Cause Study)
* There has been 13% rise in American consumers since 1993, which would be comfortable in switching their brands and replace it with the product of the company which is associated with good cause. The percentage in 1993 was 66% whereas percentage in 2008 was 79%. (2008 Cone Cause Evolution Study)
* According to studies it has been stated that nearly 60% of US consumers believe that 2009 was the best time for the business to have an impact on social matters as compared to government which is merely 14%. (2009 Waggener Edstrom Worldwide Consumer Research) * As much as 72% of US consumers are on their way to boycott the companies whose practises are contradictory to any social cause support or the practises of the companies they disagree with. ( 2009 BBMG Conscious Consumer Report) * Instead of being with recession, 61% of CMOs said that they would continue to be socially active and maintain a level of commitment towards society.(2009 PRWeek/Barkley Cause Survey) * On a Global level as much as 66% of consumers have shown their belief in integrating themselves with the good cause on day to day basis and not only just giving the money and forgetting it.(2009 Edelman goodpurpose Consumer Study)
* 2010 has seen the people going towards the high point to being socially active. Around 86% of consumers on a global level said that the business should keep the social interest on an equal level to which they keep their business interest. ( 2010 Edelman goodpurpose Consumer Case Study)
* There has been increase of 17% since 2009 of the brands which are now engaged in cause marketing. Earlier it was 58% in 2009. After studying various layers of marketing strategy, 97% of marketing executives thinks that cause marketing is the valid and important business strategy. (2010 PRWeek/ Barkely PR Cause Survey)
* 90% of consumers want companies to tell them the ways...
References: Cone Millennial Cause Study (2006). Available at http://download.2164.net/PDF-newsletters/2006MillennialCause.pdf. (Assessed on 06/04/2013)
The MS&L Global Values Study (2008). Available at http://northamerica.mslgroup.com. (Assessed on 06/04/2013)
Cone/Duke University Behavioral Cause Study (2008) Available at http://causerelatedmarketing.blogspot.ie/2008/10/2008-coneduke-university-behavioral.html. (Assessed on 06/04/2013)
Cone Cause Evolution Study (2008) Available at http://ppqty.com/2010_Cone_Study.pdf. (Assessed on 06/04/2013)
Waggener Edstrom Worldwide Consumer Research (2009) Available at http://waggeneredstrom.com/what-we-do/consumer-engagement. Assessed on 06/04/2013
IEG Sponsorship Report (2012) Available at http://www.sponsorship.com/iegsr.aspx. Assessed on 06/04/2013.
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