Using CSR Campaigns to Contribute to Business Financial Success

I strongly believe that businesses first used CSR to help them achieve financial success since the basic goal of running a business is to attain the maximum profit. Rhodes (2018) argues that, “Beyond achieving its economic as well as legal responsibilities, firms start to take on ethical responsibilities directly. This entails acting in accordance with social & ethical norms as well as expectations, refusing to compromise on ethics just for the sake of commercial goals, and acting as a decent corporate citizen."  Furthermore, "At a higher level, firms might assume philanthropic duties, such as making direct contributions of resources to the community in aims to enhance the quality of people's lives" (Rhodes, 2018).

These days, numerous people are concerned about social responsibility and environmental issues. As a result, firms promote their brand images through CSR as key marketing techniques in order to garner more support from customers and stakeholders. Numerous customers often rate businesses based on what they see, for example, workers who volunteer in their communities or businesses that contribute to charities. The firms that demonstrate environmental as well as community responsibility are normally favored by customers. About ninety percent of consumers want to buy from a firm that help and supports society. Employing CSR may increase brand awareness as well as interest while also distinguishing their products from those of rivals. It might also boost sales as well as broaden the target market. Nevertheless, building a brand image through creating campaigns for society may be perceived as insincere and has the opposite effect.  The initiatives that have been undertaken in the past to promote image of the brand that are related to the visions of companies shall have an impact on the identities of the brand. As a result, if it may be demonstrated that the campaigns improve the environment and social, and the firms are not using ruses to hide their true aims, it should be appropriate to employ corporate social responsibility as a strategy of marketing.  Although numerous individuals believe that firms should not seek profit when engaging in CSR, practically every firm seeks to reap the benefits of economic gain as well as extract as much value as possible.

Reference

Rhodes, c. (2018). What Are Corporate Social Responsibility And Ethics And Why Do Businesses Care? Questioning The Ethics Of Practice. Busidate, 26(3), 5–6.