Starting a business means you can support whatever social causes align with your brand values. You can also launch an initiative if you don’t see a charitable opportunity that suits you. Whether you want to invest in a cause or start one, learn how to measure social impact so you know your efforts are worth your time as a solo entrepreneur.
1. Positive Partner Feedback
Employees working for companies investing in social causes feel more organizational pride because the brand is contributing to society. If you do not have employees yet, you can work with freelancers or contractors on specific projects. These partners will respect your brand more if they learn about your social contributions. Additionally, by providing an affordable rate for their work, they may appreciate your business a bit more than your competitors.
2. Better Customer Survey Results
Customer surveys are a foundational part of many growing business strategies. They’re an excellent way to gauge where your brand reputation stands, but you can also use them to evaluate your social cause results. Ask former and current customers about how your charitable efforts affect their brand sentiment. Answers indicating increased customer loyalty will mean your efforts are creating positive outcomes for your business.
3. More Trust in Your Cybersecurity Efforts
Maintaining a robust cybersecurity and compliance strategy is a crucial part of any business’s social responsibility. Consumers want companies to protect their sensitive data, plus any data drawn from the social causes they support. Building brand trust is crucial, especially for newer businesses.
When people learn about entrepreneurs submitting ongoing compliance self-assessments to remain in good standing with updated laws, they’ll know that the business owner turns their words into actions. When you pledge to make positive social changes with community donations, your customers will believe that you’ll go the extra mile to protect their data. You can get that feedback with routine surveys in person or through email.
21 Low-Cost Cybersecurity Measures with High ROI for Startups
4. Additional Job Applicant Inquiries
If your small business has been in operation for a while, you may have occasional job inquiries. Those are also an excellent resource for entrepreneurs learning how to measure social impact. See if the cover letters or application answers cite your social responsibility as a reason for their inquiry. Strong brand values and positive social change can attract top talent if both become well-known.
5. Improved Sales Numbers
People like feeling good about where they spend their money. If your growing business is open about your social cause support, you may improve your sales by attracting customers with the same values. Compare monthly revenue reports after making your charitable efforts known to see whether there’s any positive correlation.
6. Raving Media Coverage
Follow local news platforms on social media and watch their shows. You could even follow local influencers who highlight small businesses. If your brand gets favorable media appearances because of your social cause work, you’ll know it’s benefiting your business. The coverage doubles as free marketing that raises brand awareness and loyalty.
Business highlights can also serve as inspiration for content marketing. Research shows that 34% of marketers will invest in email automation, which could include media shoutouts about your charitable efforts on the local news. Link to them in your email newsletter to impress your subscribers and maintain their trust in your brand.
7. Good Social Return on Investment Calculations
Business owners can also conduct social return on investment (SROI) calculations to get numerical data. Note the exact dollar value of your charitable contributions and research the communities directly served by your donations. You could also work with charity leaders to obtain more specific data if it’s available.
You’ll have positive SROI results if you’re donating to social causes, making a legitimate difference in people’s lives, and continuing to make revenue through daily operations. If you get little feedback about who you’re helping, you’ll know to move your contributions to another organization.
8. Opportunities for New Partnerships
Partnering with another business owner creates opportunities to increase brand awareness for each other and generate consumer trust. Being public with your social cause work opens those doors. Other business owners and organization leaders will want to work with you if your values align. When those opportunities start rolling in, you’ll know your social cause efforts are benefiting your business.
9. Great Online Interactions
While you might enjoy the idea of supporting charities privately, you should also consider posting about your efforts on social media. You can’t raise brand awareness if people don’t know how you’re making the world a better place.
Save the posts to track interaction metrics. The data will gauge whether your social cause support is successful. If the posts referencing your recent work get more likes and comments than your typical feed updates, you’ll know you’re engaging supporters who could turn into long-term clients.
10. Fewer Ongoing Expenses
Socially responsible business practices may reduce your expenses. If you commit to causes that support the environment, you might also reduce your energy consumption and raw material usage. The actionable change demonstrates a commitment to your values that extends beyond your financial capabilities. Spending less on paper and electricity will save revenue you can invest in other areas of your business.
Your efforts could also boost your brand in other ways. Research shows that 55% of consumers are more likely to spend more with companies that support the environment and social causes. The money you would have otherwise put toward former expenses could fund advertisements about your planetary impact to reach more of the consumers who share your values.
Learn How to Measure Social Impact
Supporting charitable causes can help your growing business in numerous ways. Once solo entrepreneurs learn how to measure their social impact, they can confidently make the world a better place. Select a few causes and key growth metrics to begin helping others while expanding your brand.
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