From large public companies to small private companies, thousands or even millions of dollars are spent annually on marketing. However, marketing is by far the most difficult business activity to measure return on investment (ROI). In today’s multimedia world, businesses have a plethora of marketing tools to take advantage of, but many of us may feel like we can’t even keep up with the latest news, let alone integrate the newest technology into marketing efforts and marketing. current marketing strategy.
Marketing, by definition, means creating a favorable condition for sales. Your ultimate goal is to convert prospects into end users, consumers, or customers. Also, customer loyalty activities are necessary to retain your customers. For years, marketers have used the “what’s in it for me” approach as the primary way to communicate their message through print and digital media (such as online advertising, social media, video, etc.). But does that approach consistently create a pull effect (ie, draw your customer to you)? Are you considering whether or not your marketing includes a positive social impact message?
So what does social impact mean? According to Rachel Bellow and Suzanne Muchin, partners at ROI Ventures, it stands for “social intent; an intended effect on society that has progressive consequences for social justice, access, equity, opportunity, environmental issues, but not political.” Environmental issues refer to those efforts focused primarily on the marketing environment of the human experience, human behavior, and its sustainability. For example, Groupon and Google are putting power in the hands of their end users, thereby creating social impact. So it’s a good idea, as a first step in marketing planning, to think about the positives. Social impact of your products or services.
Most entrepreneurs start their businesses with the intention of earning more money and becoming financially independent. But most of them also have a great passion for doing good deeds for our society. (It seems that in today’s world, people want to matter more and they want their products or services to matter more.) When money and meaning finally meet at that crossroads, people demand more from producers and expect more from those they love. to buy. It is the ultimate benefit for both buyers/users and suppliers, whether they are publicly traded companies, non-profit organizations, government suppliers, or small businesses.
Have you considered adjusting your communications to include “what’s in it for us?” What positive social impact does it bring to the market? Bellow and Muchin at ROI Ventures, top experts helping innovative entrepreneurs, philanthropists, policymakers, universities, and nonprofits, offer social impact branding strategies for companies poised to make a positive social impact. Bellow and Muchin started ROI Ventures in 2007 and have experienced rapid growth in the field of social impact communication. Here’s an example of his work:
What can you learn from a profitable, fast-growing, but intentionally socially conscious company to create brand permanence that ultimately helps its suppliers and end users?
- Business model alignment begins with your passion and purpose. This means taking a good idea to a great idea and helps create wealth for both owners and society.
- Use both vertical and horizontal niches to expand the market. Bellow and Muchin apply a niche concentration on social impact communication. They apply that niche horizontally for for-profit, non-profit, and small businesses. In addition, they apply this strategy vertically in marketing messaging and brand services for integrated marketing and communication.
- The CHANGE of the norm. The output of your products or services plays a role in how human behavior affects a movement. The change will happen if you have the correct message. As a result, there is an effective attraction of your end users who are looking for you.
Regardless of the marketing tools you use to get your message across, you need to consider the social impact of the message or content. However, “what’s in it for us?” But it goes beyond communication: your intellectual property or know-how can be packaged in a way that leads to the creation of positive social footprints, further expanding the reach of social impact. That is your return on investment in your communication and marketing.