Building Brand Equity Through Corporate Social Responsibility Initiatives

Abstract

CSR has emerged as one of the most effective brand marketing tools used in today’s socially sensitive markets. This article looks at the possibility of adopting CSR in the operational models of an organization as a way of boosting the image of the brand, improving on the customer retention rates, and standing out in the market. Who said that the solution of social, environmental, and ethical problems is bad for business? In fact, it is quite the opposite – addressing these points helps companies to build a positive image of their brand and attract consumers who support companies’ initiatives. It focuses on the use of CSR, for instance; buying with the right suppliers, giving to the community, and providing charity and how they influence the mindset of customers in their buying processes. It also addresses the necessity of clear communication procedures in explaining how the company reiterates its commitment to CSR hence increasing the impact of CSR. Moreover, the article outlines some of the potential issues, which might be camouflaging or merged with the primary business activities, such as the problem of ‘‘greenwashing’’, and the problem of CSR integration with the company’s fundamental values and goals. The best practices that big companies have applied in CSR are clearly explained through real examples through which companies have managed to harness these efforts in building brand equity, customer encouragement and long term prosperity. This article gives light to companies that want to integrate CSR in their strategic planning in order to be socially responsible and have a lasting brand. Under the umbrella of CSR, not only is the society benefited from these interventions, but also brands are guaranteed positive returns hence sustainable business.