The Importance of Corporate Social Responsibility for Business

Corporate social responsibilty

The Importance of Corporate Social Responsibility for Business

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Welcome back to the BCRS blog. This week’s blog post is focused around Corporate Social Responsibility (CSR). Very apt seeing as we have just released another brilliant CSR news story earlier this week! Check it out here: https://bcrs.org.uk/bcrs-sponsor-worcester-youth-football-team/

Back to the topic at hand…  I assume that readers are aware of what CSR is and what it means but here’s a quick overview just in-case. In a nutshell, Corporate Social Responsibility is a mechanism for businesses to assess the impact they are having on all aspects of society such as economic, social and environmental. This is not a legal requirement for businesses to practice but is desirable.

Here’s a few reasons why…

Let’s start with some statistics:

78% of people want companies to address social issues and 87% said they would be more willing to buy a product or service if CSR was implemented. Seems like two pretty stand out reasons as to why CSR is so important for business, in essence it leads to their success.

However, I’ve got a few more reasons for you just to make sure you’re on board.

Improved public image

It goes without saying after reading the information above that your public image will be vastly improved if you have a positive impact in the environment around you. You don’t need to invest huge amounts of time or effort to get CSR rolling, things as simple as donating to food banks at Christmas or supporting a local charity will be enough to get you into your customers good books.

Increased engagement from customers and employees

Shout about your CSR projects on social media. People love to hear your good news stories, customers and employees alike. You are likely to see an increase of engagement in your social media marketing efforts because people approve of the positive impact you are having. Featuring your employees in photos of their contribution to your CSR efforts will boost morale and positivity in the workplace.

Increased brand awareness and recognition

Word-of-mouth is your best friend! People will begin to talk and share your great news with friends and family. This increases your brand awareness and can potentially create warm leads to your website resulting in an increased chance of a sale.

Cost savings

If you are a production company, reducing packaging or switching to more sustainable packaging will reduce your production costs.

Competitive advantage

Embracing CSR will help you stand out from competitors in your industry. Make it apparent that your company is committed to going the extra mile for the environment, social impact and/ or economy.

 

So, now you understand the importance of CSR to your business, what are you waiting for? Gather your team and start making a difference today!

To keep up to date with BCRS’ Corporate Social Responsibility follow us on:

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Lauren-McGowan AvatarPublished by Lauren McGowan – Digital Marketing Assistant

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