We all know the value of Corporate Social Responsibility, or CSR for short. If you’re new to the TACK10 blog or just feeling out of the loop, here’s a refresher: CSR, like the name suggests, is a business approach meant to benefit society and a brand’s stakeholders by inciting economic growth, environmental action, and community involvement.
A brand’s CSR strategy may come in many forms. For Target, a focus on educational grants is what has worked for the brand and its community for almost a decade. Each year, Target provides grants to K-12 schools in order to help facilitate affordable field trips – a great way to give back to the community and make a mark as a good corporate citizen.
What’s even better than an individual brand’s CSR program however, is one that has been integrated between brands that are partnered. Strategic partnerships are a natural lead in to successful CSR campaigns in that the goal of these partnerships is the creation of stakeholder value. For example, as part of Coca Cola’s CSR initiatives, the brand works with partner World Vision to help bring clean drinking water and sanitation to children and families across the globe. The partners have created two clean water programs through their partnership; Support My School in India and Replenish Africa Initiative.
Creating a CSR initiative with a partner is a meticulous but rewarding task, much like the engagement in a strategic partnership. Both brands must align on their goals, and work together along the way to ensure the programs created are successful and thought highly of by the public. By marrying your brand’s CSR and strategic partnership initiatives, you’re ensuring the success of both with the double push on stakeholder and community value – hitting two birds with one stone, as they say.