Coronavirus pandemic has completely changed the way that companies do business. It has created a need for brands to reduce their operating costs, safeguard revenues and recognise the importance of charitable giving - which is affecting customer buying decisions.
And hence, more and more businesses today are focusing on “cause marketing” that’s a requirement more than ever before.
Cause Marketing is a kind of marketing wherein a for-profit business collaborates with a non-profit business to boost their corporate social responsibility (CSR). In return, it helps in increasing sales, improving brand loyalty and building more brand awareness and advocates.
The nonprofit sector plays a significant role in tackling some of the biggest issues in our society. This sector in the UK has been exponentially growing every year.
As per Statista 2020-21 survey, “There are just over 169 thousand charities operating in England and Wales as of January 2021, an increase on the previous year of around 1.75 thousand.”
While all charities are nonprofits, above numbers may be even more for nonprofits.