Cause marketing involves the cooperative efforts of a for-profit business and a non-profit organization for mutual benefit. Whereas corporate philanthropy typically involves a specific, tax-deductible gift, cause marketing can incorporate a variety of activities that are used to promote both organizations using volunteer efforts to raise monetary funds.
This marketing strategy can be applied at your credit union to advance the mission of a local non-profit organization and, at the same time, attract new members and engage younger credit union employees. Generational studies show that “Gen X” employees are often motivated and have higher retention when they feel that their employer shares a common affinity for a certain cause.
These relationships are mutually beneficial and involve the exchange of benefits from both participants. For the credit union, in addition to adding potential new members and connecting with employees, possible benefits include positive public relations, improved member relations, and expanded marketing opportunities. For the non-profit organization, there is an increased ability to promote its cause using the extra resources of the credit union to reach potential new supporters from the credit union membership.
Cause marketing is a perfect fit for credit unions. Already known as active participants in the communities they serve, credit unions can use cause marketing as a way to shine additional light on their philanthropic projects. An example is the relationship that credit unions across the country have with Children's Miracle Network (CMN). Through CMN's Credit Unions for Kids program, money is raised to benefit children in need - right in their local area.
By teaming up with business partners such as Enterprise Car Sales, credit unions can also maximize value for CMN. In addition to participating in special events like Trivia Nights, Bowl-A-Thons, and Auctions, Enterprise may donate a portion of its sales from credit union members to the cause.
The connection Enterprise has with both the credit unions and CMN creates a win-win situation for everyone. CMN raises money and awareness through special events and the marketing efforts of the credit unions and Enterprise . The credit union has a new potential member base and the opportunity to service loans for credit union members who purchase cars from Enterprise . And finally, Enterprise has the opportunity to market to a broader audience and strengthen its relationships with credit unions by sending every member back to the credit union for financing, all the while helping to strengthen the local community.
Charity starts at work
Because credit unions usually lack the depth of financial resources to make major cash donations to local causes, it's important to determine creative ways to make a positive impact. Consider the benefits of engaging employees to work together to organize an event or getting them to volunteer in the overall philanthropic strategy of the credit union. Cause marketing isn't just good for the community. It's good for business.
Enterprise Car Sales has helped to successfully increase auto loan volume for more than a thousand credit union partners. For more information on how to build your auto loan business with Enterprise , visit their web site: www.enterprise.com/perfectpartnership .