Description of Strategic Philanthropy
Strategic Philanthropy refers to a powerful approach for an organization to enhance the well-being of the community by connecting themselves with non-profit causes or organizations. By incorporating this move, the organization tactically aims at promoting the common good of the society, or the community which they form part. The quantifiable benefits of strategic philosophy are numerous and may include increase in brand exposure, improved employee retention and attraction, and a rise in the organization’s bottom line.
Strategic Philanthropy and Brand Loyalty
Strategic philanthropy can act as a means of corporate social responsibility. It provides a way for organizations to galvanize the business community in order to develop a sustainable future for the environment, society, and business. As a means of creating strong brand presence and loyalty, corporate social responsibility, in regards to giving back to the community, is the commitment of the organization to act ethically as well as contribute to community’s economic development while enhancing the quality of life of the families, the workforce, and the local community as a whole.
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When referring to driving brand loyalty through philanthropy, for-profits organizations benefit the most. Often, there is instant gratification for the useful service or product the organization has delivered to the local community. This makes the company appeal to the people as a better angel – providing a vision for a better future for places and people it serves. Because the power of a brand is determined by the level of loyalty and trust it elicits, the space between impact and action places more focus on the need to produce the kind of sustained involvement necessary to address complex branding issues.
