So we know philanthroship has something to do with sponsoring philanthropic efforts, but what exactly is it?
Philanthroship is a term that is emerging, trending, and thriving in the corporate sphere.
In the last twenty years, businesses around the world have begun to recognize the importance of philanthropic involvement. Not just out of morality, but also out of their own corporate interest.
The buzzword of the last ten years, Corporate Social Responsibility (CSR), has garnered a lot of traction in the private sector. Businesses have been getting involved with charitable efforts and in turn, improving the firm’s image, customer attrition, and even profits. Other companies have seen how wildly successful these campaigns and sponsorships can be, and have jumped on board the philanthroship train!
Major companies like the Gap have a huge CSR department that has helped to boost their global branding image. The “(RED)” campaign the Gap aligned with to fight HIV/AIDS, has been very well received. With 10% of the profit made from the apparel purchases going to fight HIV/AIDS, customers feel good about buying from the Gap, and the Gap gets more business as a result. CSR a win-win-win situation for the firm, the client, and the cause!
So CSR can be beneficial for a firm.
But what is the difference between philanthroship and corporate social responsibility?
Yes, the two are a lot alike; they both are programs getting corporations to formally get involved with charity.
Philanthroship integrates the business one step further with social good.
But while CRS involves being in compliance with the spirit of the law, ethical standards and international norms, philanthroship goes beyond this to the sponsorship of a social cause. It creates campaigns that bridge the gap between traditional sponsorship and philanthropy. Philanthroship is the idea of firms using their marketing dollars to better the world. When a corporation engages in philanthroship, it commits itself to a specific cause through marketing, and gains customer support through this marketing.
Philanthroship has many benefits:
- First, it benefits the non-profit organization/cause by bringing attention to it through the marketing campaign.
- Second, it benefits the customers by bringing awareness to a social issue and sharing different ways they can help (usually on the dime of the company and not their own).
- Third, it benefits the corporation by creating a global brand of giving that appeals to the masses. This in turn gives people confidence in the company and makes the customer more likely to buy the company’s products or services.
Philanthroship is the sponsorship of philanthropic endeavours. It’s important that these align perfectly with your brand to get the most WIN-WIN-WIN out of the campaign. If your company is looking to get involved in a campaign like this, we can help you pick your cause and leverage the philanthroship strategy. Contact Tamara >>