From selling products to taking a stand, fashion brands are now embracing social causes with open arms. The global pandemic has pushed businesses to rethink their brand’s objective while adopting purpose-driven consumerism profoundly. Moreover, embracing a good social cause leaves a powerful message for society and positively impacts a company's bottom line, thus making a sustainable difference.
Here’s a comprehensive guide on how fashion brands sustain and meet their brand’s objectives by embracing social causes.
1. By making the brand stand out from the crowd
Unless your fashion brand operates a monopoly, your company is not the only option for your buyers. Consumers will confuse you with your competitors unless your brand is notable.
Having a socially responsible cause can make you stand out from the crowd and it can be a visible difference. According to a report, 90% of consumers claim they are likely to associate with a brand supporting a social cause, and 63% prefer buying a product from the brand associated with a cause over the last year.
Brands such as Patagonia are taxing themselves 1% on every sale while donating the money for preserving and restoring the environment. This fashion brand has funded over 1000 projects from groups working on environmental causes. Such facts appeal to its large customer base, helping them sustain the cutting-edge competition. Similarly The Pearl Source has a power pearls initiative and sets aside a percentage of their sales to initiates related to women’s issues. These small steps go a long way in building brand consciousness.
2. By Attracting customers
Long gone are the days when consumers used to have selected brands to choose from, as nowadays, they have more options than ever. According to a report from Cone Communications, around 89% of Americans prefer switching from a current brand to another one associated with a good cause while offering them comparable quality and cost.
Companies who voice their opinions over social issues win customers’ hearts while building a premium for their products and services. Embracing a good cause attracts the margin consumers who are willing to pay for your products and services. Nearly 55% of global consumers said they are willing to pay extra for products from brands committed to a positive social and environmental cause.
3. By gaining the customers’ loyalty
Embracing a social cause not just helps outshine the competitors but also improves your company’s reputation and brand value. Companies now believe that sustainability and other social causes are not just compliance requirements; it’s a business imperative.
A company associated with the good cause gains a consumer’s trust and loyalty while sustaining the competitive edge. It also improves the company’s reputation, which helps drive business growth.
4. By saving money in the long-run
Embracing a sustainable approach is the easiest way to cut costs, whether it’s using less energy, water, or packaging. These savings quickly add up and help fashion brands meet their financial goals in the long run. Although some initiatives might cost a little upfront, these steps will save you money in the grand scheme. Embracing a social cause also help you enjoy the tax incentives at both the local and federal level.