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In crowded marketplaces, companies strive for a unique selling proposition that can separate them from the competition in the minds of consumers. CSR can play a role in building customer loyalty based on distinctive ethical values. Several major brands, such as The Co-operative Group, The Body Shop and American Apparel are built on ethical values. Business service organizations can benefit too from building a reputation for integrity and best practice.
According to Henry David Thoreau, a famous American philosopher, ‘Goodness is the only investment that never fails’. Many global brands are demonstrating this by running their businesses more efficiently and sustainably. The belief that consumers’ perception could be changed to generate brand value is encouraging more organisations to invest in CSR. CSR can be a broad umbrella that includes many activities such as community volunteer work, carbon footprint reduction or improvement, enforcement of a high standard of ethics, and a focus on quality of life improvement programs for employees and their families. Companies are investing on developing better, smarter business practices that show their concern for shareholders as well as communities.
CSR plays a role in the overall perception of a company, across emotional differentiating drivers such as a sense of trust, integrity, and contributing to a good cause. According to recent research, companies that took active roles in promoting their corporate social responsibility programmes in last decade were viewed more favourably. The brand forms a special bond with consumers as and when it picks interest in the affairs of its operating environment. Consumer familiarity with companies’ CSR activities significantly affects their purchase intentions. People may not necessarily act in direct response to CSR initiatives, but CSR can influence public perception of brand as compared to their competitors and other industries. CSR investment brings symbiotic gains to the brand which no other marketing medium can achieve.
