According to this social business survey performed by Good.Must.Grow, Americans are buying back their purchasing power to make a difference. When it comes to charity versus commerce, businesses with a social mission are both competing and complementing traditional nonprofits and charities.
Social enterprises offer consumers a way to support a cause by buying something, rather than simply donating money. Every time you buy something from a company, it is like you are giving your vote of support to their actions. Customers are becoming increasingly aware of ethical practices and corporate social responsibility, making this social business survey all the more relevant.
People are choosing to engage more with social enterprises, as the research demonstrates. The American Midwest is also leading the country in terms of social responsibility.
Cause-Based Brand Statistics
This Social Business Survey Shows US Consumers Want to Give Back
Trend Themes
1. Rise of Social Enterprises - More and more consumers are choosing to support businesses with a social mission, providing an opportunity for social enterprises to rise and compete with traditional nonprofits and charities.
2. Growing Importance of Corporate Social Responsibility - The increasing awareness and demand for ethical practices and corporate social responsibility present an opportunity for businesses to differentiate themselves and attract consumers.
3. Regional Focus on Social Responsibility - The Midwest is leading the way in terms of social responsibility, highlighting an opportunity for businesses to target this region and align their practices with the values of their target audience.
Industry Implications
1. Social Enterprises - The rise in consumer support for businesses with a social mission creates opportunities for social enterprises to develop and increase their impact.
2. Corporate Social Responsibility Consulting - Growing demand for corporate social responsibility creates opportunities for consulting firms to assist businesses in developing and implementing ethical practices.
3. Cause Marketing and Branding - More businesses are aligning their practices with a cause or social mission, creating opportunities for agencies and consultants to assist in cause marketing and branding efforts.