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In its just released Industry Brief, “Corporate Social Responsibility: Making a Difference for Customer Relationships,” Loyalty 360 – The Loyalty Marketer’s Association shares insights from industry leaders about the impact that Corporate Social Responsibility (CSR) can have on building emotional bonds with customers that can lead to long-term relationships. The customer loyalty think-tank asked it members to weigh in on what CSR means, implications for marketing CSR efforts and the impact that CSR can have on consumer perceptions, loyalty, and share of wallet.
“Corporate Social Responsibility is becoming increasingly important to customers and how they distribute their share of wallet,” explains Mark Johnson, CEO of Loyalty 360. “Setting up corporate foundations is no longer enough in the eyes of customers. The companies that get it right are not just sincere in their socially responsible initiatives, but they are making it a part of the company DNA and are engaging customers.”
Five critical themes emerged when examining the brands that Loyalty 360 members noted as having winning CSR strategies. CSR programs that are a logical extension of core competencies, engaging, in harmony with business practices, part of the brand promise, and clearly communicated are more likely to help companies build customer loyalty.
When looking at predictions for the future of CSR, many of the experts cited the unique value proposition that Millennials expect from brands. “We are seeing that Millennials are very aware of the impact that they are making on the world, and brands that can authentically communicate with customers about the influence they have on the world are more likely to build a lasting relationship with Millennials,” says Johnson.
Sharing their insights are representatives from Patagonia, AIMIA, Kula Causes, IRI Worldwide, PlanG, and more.
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