Cause related marketing
What is CRM?
CRM refers to the support that is given to a cause or charity by a business, this could be funds or resources. CRM helps to leverage the marketing activity of the business.
Although companies may approach to CRM in several different ways, the most common one involves a company contributing to a designated cause every time a customer undertakes some action that supports the company or brand.
Here are 5 advantages of CRM
1. Enhances brand image
Consumers feel more positive about companies that support a cause they care about which encourages preference towards the brand and buying behavior.
2. Change or reverse negative publicity
Consumers have favorable attitude towards cause related marketing efforts, which could change negative perspectives consumers might have due to bad publicity or previous negative experience.
3. Increase brand awareness
By using various communication tools business who undertake CRM can provide information to potential consumers on the range and type of corporate social responsibility and cause related marketing initiatives the organization undertakes.
4. Broaden customer base
Companies involved in various causes are more likely to broaden their customer base as they relate to passionate consumers they would not normally connect with.
5. Reach new market segments
Companies that utilize CRM are likely to reach new segments they normally would not be able to reach.
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Chitty, W., Barker, N., Valos, M., Shimp, T., 2012. Integrated Marketing communication Asian pacific edition. 3rd ed. Australia: Macmillan publishing services.
Kim, Jae-Eun, and Kim Johnson. “The Impact of Moral Emotions on Cause-Related Marketing Campaigns: A Cross-Cultural Examination.” Journal of Business Ethics, vol. 112, no. 1, 2013, pp. 79–90.
Liu, Gordon. “Impacts of Instrumental Versus Relational Centered Logic on Cause-Related Marketing Decision Making.” Journal of Business Ethics, vol. 113, no. 2, 2013, pp. 243–263.