In today’s fast-paced, competitive world, what gives company A an advantage over company B? Well, there are many factors why some companies succeed in an industry and others fail. It could simply be a better product, better leadership, more effective marketing and messaging and the list goes on.
What we’re seeing more and more today with young start up companies, is most make sure to include a “social component” in their marketing strategy. In other words, consumers today want to know that the products they buy and companies they support are not in it only for the profit, but also exist to help those in need.
Some may say it’s a marketing gimmick. Or a way to get publicity. But if a company invests a portion of its resources in programs and campaigns that help people — whether in this country or around the world — it has to be more than a gimmick. It usually is something they believe in because it takes time, effort, commitment and funds. So while it may help their bottom line, if the social component is relevant and effective, it almost always is genuine.
Starting a company is not easy. It never has been. But we’ve seen start-ups that have taken off literally overnight. In the past it would take decades for a company to achieve success, even profitability. Today the world moves at a faster pace and people make buying decisions in a split second, with the click of a mouse.
Our advice to any for-profit company — whether a start-up or 50 years old — is if you don’t give back to the community or to people in need, you are losing a tremendous opportunity to connect with younger consumers. And, you’re missing PR and marketing opportunities that only come with giving back.