People who have been in the marketing scene will call it cause marketing, but for millennials and Gen Z, they call it woke marketing. But what is cause/woke marketing, and how does it influence entrepreneurs everywhere, especially those in the clothing industry?
Cause Marketing is defined as a type of Corporate Social Responsibility (CSR) in which a company's promotional campaign has the dual purpose of increasing profitability while bettering society. So in simple terms, your business support relevant issues like LGBTQ equality, Black Lives Matter, and the likes. Now whether you are new or already settled with your business, it is good to know what are the Pros and Cons of Woke Marketing before you jump in the boat.
Sales, Revenue, and Business Growth
Cause marketing requires you to be socially responsible, and if the woke society sees you as such. They will prefer and buy your brand, so in return, expect sales, revenue, and business growth because you're doing what they want you to do.
Customer Engagement = Community of Followers
What comes after sales is an increase in customer engagement. This is where you can build rapport and lasting relationships with your customers. Expect them to spread the news about you, attracting more potential consumers, and turning them to loyal customers. You'll have a community of woke that will rally behind your brand.
Organizations Reaching Out To You
Because of the community you've made, you're more popular now than ever. So expect non-profit organizations or even bigger brands to reach out to you for partnership. If you make a smart business decision with your chosen organization, expect more sales in return.
It Needs a Huge Budget
Because you're marketing on the premise of goodwill, you need to step-up your marketing strategy, requiring spending. Why? Because you need to get your message across clearly so that the consumer market doesn't feel that you are just another business joining the woke bandwagon. Your advertisement should show real value and commitment to the cause. Yes, organic social media marketing may work. Still, if you want to reach out to a bigger market of wokes, you need to have paid advertising that is well thought out.
Closing The Deal Too Fast
As mentioned earlier, organizations will reach out to you. Most entrepreneurs make the wrong decision by being too excited and close the deal too fast. Remember, you're a business that needs and wants sales and an increase in profit. Non-profit organizations need money, but without the business side of it, no ties. If the partnership goals are not appropriately discussed, expect to have a lot of issues and conflicts in the long run.
Woke marketing is a serious business. You don't want to be too complacent and impulsive about your decisions because it can make or break your business. So sit down, think, and create a development plan that can benefit your business and the cause you want to support on the same level. If you're going to test the waters, woke/cause marketing doesn't have to be at a national level immediately. You can check your local community and start from that. So why am I writing this even though I haven’t been into cause marketing? Because we all have been there, considering if we can tap that market. I wrote this so we can all be aware of what we’re getting into as start-ups.