{"id":4295,"date":"2022-04-22T10:31:00","date_gmt":"2022-04-22T08:31:00","guid":{"rendered":"https:\/\/www.getsmarter.com\/blog\/?p=4295"},"modified":"2025-09-22T14:24:36","modified_gmt":"2025-09-22T12:24:36","slug":"make-success-with-csr","status":"publish","type":"post","link":"https:\/\/www.getsmarter.com\/blog\/make-success-with-csr\/","title":{"rendered":"Implementing a Successful Corporate Social Responsibility Strategy"},"content":{"rendered":"\n

In a 1970 article published in The New York Times<\/em>, Milton Friedman told the world that corporate social responsibility (CSR) \u201crevealed a suicidal impulse\u201d in businesses.1<\/sup><\/p>\n\n\n\n

Things have changed a lot since then, and in today’s world, where social media helps to enforce accountability and younger generations are increasingly socially aware, a well-thought-out CSR initiative represents an opportunity to turn morality into money.2<\/sup><\/p>\n\n\n\n

What is CSR?<\/h2>\n\n\n\n

CSR is the extent to which a company manages its business processes in order to have a positive impact on the society and economy while minimizing any adverse impact on the environment.3<\/sup><\/p>\n\n\n\n

Are you satisfied with how much your business gives back? What are you doing to incite positive social impact? Merge your social responsibility with business-minded thinking by considering these four key ways CSR can boost your business\u2019s profits.<\/p>\n\n\n\n

1. Your corporate reputation matters<\/h2>\n\n\n\n

A study by Aflac found that 77 percent of consumers are more likely to buy from a company that supports and engages in activities to improve society.4<\/sup> In turn, a Deloitte study found that purpose-driven companies experienced 30 percent higher innovation and 40 percent better staff retention<\/a> than competitors.5<\/sup> The prevailing theory in the CSR space suggests that millennials, who will comprise 75 percent of the workforce by 2025, are driving this trend and that Gen-Z have even stronger views.6<\/sup><\/p>\n\n\n

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It\u2019s clear that building a reputation as a good corporate citizen can give your business a competitive edge. But organizations should stay clear of shortcuts \u2013 social investment must be sincere. Deceptive or destructive business practices can quickly fuel damaging conversations online, making your organization more accountable than ever before<\/strong>.<\/p>\n\n\n\n

Still, recruitment and customer satisfaction aren\u2019t the whole picture. With sustainable business practices<\/a> forming part of a solid CSR strategy, you\u2019re more likely to attract investors. A study found three-quarters of investors\u2019 decisions were informed by efforts to improve the environment. The trend is stronger among younger investors, with 41 percent of millennials putting significant effort into understanding a company\u2019s CSR practices.9<\/sup> Moreover, in countries like South Africa, where your broad-based black economic empowerment (B-BBEE) scorecard can grant you access to a large proportion of contracts, CSR can help you capitalize on lucrative deals.<\/p>\n\n\n

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2. The role of social responsibility in marketing<\/h2>\n\n\n\n

A socially responsible reputation can be applied to strengthen your marketing<\/a> and better your brand<\/a>. This can be thought of as corporate social marketing (CSM).11<\/sup><\/p>\n\n\n\n

Interestingly, brands grappling with consumers\u2019 demands for more responsibility led to the development of the first CSR initiatives during the civil rights movement in the 1960s.12<\/sup><\/p>\n\n\n\n

Through CSM, marketers capitalize on society\u2019s mounting interest in ethical business activities by making their social responsibility known, thus increasing their ultimate return on investment.<\/p>\n\n\n\n

CSM is possible because CSR:<\/p>\n\n\n\n