Corporate Social Responsibility and Corporate Social Investment (Referred to as CSR/CSI from here onwards) were terms that were used interchangeably but there is actually a distinctive difference.
Corporate Social Responsibility
This can be defined as the company’s responsibility in bettering the environment in which they operate in, meaning internally and the immediate community. This can be having a mental wellness day for the staff or painting the nearest school.
Corporate Social Investment
Simply put it can be defined as the funding and involvement in socio-economic upliftment of your consumers as a whole. CSI projects are external activities that the company partakes in not for the purpose of profit but the betterment of others.
Corporates usually confuse Public Relations with CSR/CSI when in fact it is a tool PR officers use to gain a number of benefits. In other words, Public relations could be a platform that informs the public about the company’s CSR/CSI efforts.
Consumers are becoming more socially conscious and have formed strong opinions about social issues and if your business stands for something otherwise, they will simply take their money elsewhere. In the past, corporates have ‘pretended’ to be deeply involved in helping the public only to find that they do that to score CSI points, this is referred to as greenwashing. A term coined by Jay Westervelt who was a New York environmentalist. A study done by Global CSR 2015 concluded that 90% of consumers would boycott a company if they learnt they are not socially conscience.
The following are benefits for brands participating on CSI/CSR:
• Better brand recognition
Positive deeds reap positive feedback. The brand’s name will forever be embedded in the consumer’s mind. This breeds consumer loyalty and a positive brand reputation and improving the annual profits.
• Costs saving
Getting sponsors and donors from external stakes will be much more possible, saving the brand from using their own budget. With the over all company reputation it will lure in new investors and stakeholders.
• Competitive advantage
Businesses usually work with other businesses who have responsible policies, they do not want to be associated with brands that do otherwise.
• Quality staff
This develops company culture which will make employees feel proud to be part of something bigger, this builds organizational culture. One might also say it will motivate them to stay longer, saving the company to hire and train new staff.
While we cannot draw up a CSR/CSI strategy for you, we can though handle all your digital marketing needs. From website building and maintenance to graphic design and social media. Call us on 011 024 3847 or email us at firstname.lastname@example.org