week 3 EOC: making money for good

When you think of making money for a good cause, you often have to stop yourself, and ask, " How am I suppose to achieve this goal?" One of the easiest ways to do this within a business would collaborating with a non-profit organization and using cause marketing. What is cause marketing?


"The terms get bandied about (and their definitions are in flux) – cause-related marketing (a/k/a cause marketing), social entrepreneurship, and socially conscious companies – but the basic underlying principle is the same: creating a company that operates ethically, provide social benefits, and/or are sensitive to the environment. The goals are, in short, making money and solving social problems."
http://www.womenandbiz.com/2007/12/21/green-global-plain-good-marketing-socially-conscious-companies/




Making money for a good cause is one the highest respected reasons to even become an entreprenuer. Figuring out how to raise money for a good cause can be trickier if you are unsure of how to go about it. You first need to think or your product or service in terms of the the greater good. How or who will this affect? By solving that question, finding a non-profit company should be relatively easy.




"Nonprofits potentially benefit from increased fundraising and exposure. Likewise, corporations that are socially involved potentially benefit from increased brand loyalty and employee morale. Studies have shown that for products of similar quality, consumers will consider the company’s image and reputation when choosing a brand." http://foundationcenter.org/getstarted/faqs/html/cause_marketing.html




If you can make or design a product or service that aligns well with a non-profit organization, you can attract more customers, and at the same time, make money for your cause. Finding the right organization is the key; if you can't match your product or service with the right cause, it could become disaterous quickly, such as the KFC/Susan B. Komen partnership.


"This represents a larger issue where nonprofits consistently choose money over strategic partnerships, dancing with the wrong partner and degrading their brand value."

http://geofflivingston.com/2010/04/22/dancing-with-the-devil-cause-marketing-for-nonprofits/