If you have a restaurant and you want to change the world - read on to find out how doing good can help you meet your business objectives at the same time as creating amazing social impact. We think doing good shouldn't be about having a "CSR" box that you have to tick at the end of the year. We believe doing good in a significant, transparent and customer-focused way should be a core pillar of every business strategy, and here is why...
Your customers care, and they want you to care too. They want to know that you share their values, and if you don’t, there’s a good chance they’ll take their hard-earned cash elsewhere.
But you have a bottom-line and other obligations to meet. As much as you would love to, you can’t afford to ‘do good’ as well, right? Wrong...
Doing Good Is a Fantastic Business Strategy
A social responsibility programme can offer both tangible (cost savings) and intangible (brand perception) advantages to businesses. A survey by Cone Communications found 91% of millennials would brand switch if they associated that brand with a good cause, with two-thirds using social media to engage around CSR.
Cause-marketing allows your company to stand-up for a cause in a meaningful way, whilst maximising profits at the same time. In short, a strong cause-related campaign is the brands way of saying to the consumer ‘I care about the same things you do, and I want us to do something positive about it together’, and building that kind of bond with your customer is almost impossible to achieve through traditional marketing.
Doing Good Increases Customer Loyalty
This familiarity creates a special kind of relationship between your brand and the consumer. Engaging on a deeper level draws out that relationship which every business strives for – loyalty. In fact, studies have shown that cause-marketing increases consumer loyalty by up to 80% (2013 BCG's Centre for Consumer & Customer Insight). So not only can cause-marketing attract new custom, it can also enhance your relationship with your existing customers.
Doing Good Boosts Your Profits
What if you could tailor cause-marketing to sell more of your high-margin, or new, products? You can, and that’s what Foodinate does for restaurants. The restaurant chooses meals from their menu to mark as ‘Foodinate’, and every time they sell a ‘Foodinate’ stickered meal, they agree to fund another meal for a local person in need. Simple, relevant, transparent and meaningful.
We know that people love it, because our 2015 pilot study found that marking a menu item as ‘Foodinate’ boosts the sales of that item by an average of 50% (or 22% when weighted by the total number of items). I think you can agree that’s a pretty significant result, and demonstrates that you can afford to do good, as long as you adopt a strategy that enables you to do so.
Unlike some other CSR practices, Foodinate takes the work out of measuring your impact. Our simple ‘meal for a meal’ model ensures you, and your customers, know exactly how your business is making a difference. #EatMealGiveMeal - it couldn’t be easier! So - make it relevant, make it meaningful, and make your target audience take notice of you in this noisy world!
If you're a restaurant, catering, or food-related business - don't hesitate to get in contact today!