$600 Billion. A figure many believe will come as a result of one of the largest philanthropic efforts in history. Bill and Melinda Gates along with Warren Buffett have put a challenge out to all American billionaires’ to pledge at least 50% of their net worth during their life time or at death. This no doubt raises the bar for philanthropy exponentially for all successful business people.
Where does that leave the rest of us? Well as social responsibility has become a mainstay in the business world this proves as a lead by example project for the ages. Does this mean as businesses we all run out and pledge our profits? No. But we can all take a step towards contributing to the well being of our communities.
Putting the altruistic reasoning for giving aside we should keep in mind those aspects of the effort that may benefit us. Yes that right it’s not shameful to benefit from your charitable ventures. With that being said you should do your homework in choosing the right recipient for your humanitarianism.
Do you pick the charity that pulls on your heart strings, is local, has friends or family involved? Maybe. In choosing you should keep in mind your marketing and communications plan. Sure, all charities are worthwhile but find one that connects with your target market and viola you have given yourself a differentiating factor.
The list of businesses and their associated charities is large and well known to most. Proctor and Gamble's Dawn Dish Liquid and the World Wildlife Foundation, McDonald's and the Ronald McDonald Houses, Canadian Tire's Jump Start Program and Tim Horton's Camp Day are just a few examples.
Big and small businesses alike have found a way to be charitable and also help build their brands. This is no more evident than in a commodity market where price and service do not differentiate products greatly. Find a cause to support that hits home with your consumer and you just gave the consumer convincing reason to give you their share of wallet.
Have you found your major charity to support?
To read more on the Gate's and Buffet billionaire challenge check out this
Fortune Magazine article.
