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Blink 3 of 8 - The 5 AM Club
by Robin Sharma
Good Works! summary
Philip Kotler
Marketing and Corporate Initiatives that Build a Better World...and the Bottom Line
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What is Good Works! about?
Good Works! (2012) offers an insightful look into the way doing good can actually help companies prosper. Based on contemporary, real-life examples, it provides business-minded people with the tools and strategies they need to make a difference in the world and turn a profit at the same time.
About the Author
Philip Kotler is an American marketing consultant, professor and author. He has written over 55 books on various marketing-related topics, such as The Ultimate Book of Business Gurus and Business Minds.
David Hessekiel is the president of the Cause Marketing Forum, an organization dedicated to helping businesses and nonprofits come together to improve the world.
Nancy Lee is the founder and president of Social Marketing Services, Inc. She conducts seminars and workshops on social marketing, and is an adjunct faculty member at University of Washington’s Evans School of Public Affairs.
© [Philip Kotler and David Hessekiel: Good Works!] copyright [2012], John Wiley & Sons [Inc. or Ltd. as applicable] Used by permission of John Wiley & Sons [Inc. or Ltd. as applicable] and shall not be made available to any unauthorized third parties.
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Key idea 1 of 7
Companies can increase their sales, reduce costs and find better employees by tackling social issues.
Imagine that you want to eat some chocolate, but you have to choose between two brands. In terms of cost, they are exactly the same, except that one of the brands offers to donate five percent of the cost to charity.
Having never tasted either, which one would you buy? You’d probably opt for the one paying a percentage to a good cause.
And you’re not alone! Customers tend to support companies who are known to support initiatives that deal with social issues. In fact, according to one study, 94 percent of customers indicated they would likely change brands if the new brand made tackling social issues part of their business.
As we can see, charitable thinking can be a powerful tool for businesses to maximize their chances with customers and increase their bottom line.
However, supporting initiatives for good can do more than just help companies earn more customers.
In fact, many (mostly environmental) initiatives can help companies cut costs.
Take AT&T, for example, who decided to do their bit for the environment by reducing the amount of paper they consumed, and adopted electronic communication wherever possible. Not only did this attitude resonate with customers, but it also saved them millions of dollars.
Then there’s The Body Shop, whose good image can be traced back in part to their promise to sell only products that are fair trade and not animal tested. This commitment generated great publicity, and thus saved them money on PR campaigns.
Moreover, Corporate Social Responsibility creates more satisfied and loyal employees. In fact, according to one study, 69 percent of employees consider Corporate Social Responsibility to be an important factor in choosing their employer.
Thus, by investing in social issues – ones which potential employees feel are important – companies have greater access to the best possible employees.
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Who should read Good Works!
- Anyone who wants to improve the potency of their marketing campaigns
- Business leaders, CEOs and board members
- Members of nonprofit organizations who want to learn about how business and charity can work together for the common good
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