Can Cause Marketing Work In Multifamily?
For today’s consumer, there is purpose behind a purchase.
If you watched The Masters last month, you may have noticed ExxonMobil’s campaign for their National Math and Science Initiative. Rather than promoting their product, ExxonMobil utilized a marketing technique known as Cause Marketing. Coke also just released a very cool video campaign based on cause marketing that you can see here.
Be prepared to see more cause marketing as consumer buying behavior is trending towards purpose purchasing. In other words, people are starting to support brands that actively support a charity or cause.
Here is an amazing stat from the CauseMarketingForum.com: purchases from brands that utilize cause marketing are up 47% since 2010. Over the years, consumers have taken increased action on behalf of brands with purpose. When product and price point is equal (as is usually the case within multifamily submarkets), consumers tend to choose organizations that partner with and promote a charitable initiative. Marketing Directors are seeing the ROI on these efforts and cause marketing expenditures are expected to reach nearly $2 billion in 2013, up 5% from 2012.
It may be time to leverage this trend into your marketing plan. Here are a few ideas.
- Establish a charitable donation referral program. When a resident or local business refers a move-in, make a donation to a charitable organization. Send a notice to that business or individual to let them know that the donation was made in their name.
- Develop resident events that raise money for organizations like The Wounded Warrior Project. This can include drawings, rummage sales etc.
- Partner with local food bank and schedule a day where your residents can help donate their time. Provide a shuttle service, food and drinks and build a sense of community for your residents while assisting at the food bank.
Make sure to take plenty of pictures of these events to document on your Facebook page. This will act as great exposure for your community while also providing much needed funding and assistance to a good cause.
