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Philanthropy being folded into traditional business models

In genuine, unpretentious ways, more businesses are folding philanthropy into their business model to use their brand for social good.

mitscoots

mitscoots

Businesses tapping into philanthropy as a core feature

Business owners wear many hats in order for their companies to remain profitable and in good standing. They serve as internal leaders, spokespeople for outside media and stakeholders, and are the key driver when it comes to determining corporate strategy. They are constantly looking for ways to increase revenues, and some are implementing philanthropy as a way to do this. Businesses operating under this model receive benefits in two-fold: they are able to increase their profits, and do something good for the surrounding community as well.

Implementing philanthropic efforts into business is a great way to boost revenues because it humanizes the business. By selecting a cause to support, your business can better connect with its target audience and rally around a common issue. The increased visibility on the issue will help raise awareness, and in addition to your company’s contribution, may result in increased aid for the cause.

One example of philanthropy + business = Mitscoots

One example of a business that’s giving back is Mitscoots in Austin, Texas. The retailer sells socks that are more durable than most other brands as they are designed for homeless people and others who may need to wear them for several days. For each pair of socks sold, the company donates another pair of socks to an organization that assists the homeless. The business also provides jobs to those that are unemployed, hiring workers to help with the packing and shipping process.

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This undertaking is unique in that the company took something as ordinary as a pair of socks, and transformed consumers’ need for this product into a way to meet that need for the homeless as well. And the effort is non-pretentious, showing that the business truly cares and actively seeks ways to make a positive impact in the marketplace.

Tapping into your brand’s philanthropy options

Business owners looking to increase revenues should brainstorm issues that they’re company can help with, and find ways to encourage consumers to make purchases with the company that will ultimately help facilitate a good deed. The increased revenues will allow your business to do more of these humanitarian projects, and will also reflect positively on the corporate reputation.

Destiny Bennett is a journalist who has earned double communications' degrees in Journalism and Public Relations, as well as a certification in Business from The University of Texas at Austin. She has written stories for AustinWoman Magazine as well as various University of Texas publications and enjoys the art of telling a story. Her interests include finance, technology, social media...and watching HGTV religiously.

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