Nordstrom Latest Retailer to Get Into the Charity Business
With the ice bucket challenge craze currently sweeping the nation, and in its wake raising awareness and lots of money for ALS research, I thought it would be a good time to address the growing role charity is occupying in the retail industry. Nordstrom is the latest retailer to make charity a key component of its business, announcing last week the launch of a private-label brand, Treasure&Bond, which will give 5 percent of its earnings to Girls Inc. and other nonprofits that seek to empower women and young girls.
Nordstrom is hardly alone in its philanthropic efforts, however. Retailers such as TOMS Shoes, Warby Parker, Alex and Ani and countless others have all made charity a central component of their brand culture. And while the benefit of doing good for others is what drives these programs, it doesn't hurt the bottom line either. Consumers want to purchase from brands that they feel good about. It's no coincidence that the brands listed above are some of the fastest growing in the retail sector.
How can you get in the charity game? First, align your brand with a cause that's worthy of your support — check out this four-step checklist for help in that area — and then leverage social media to spread the word about your charitable efforts. Not only will you gain fans and followers, you'll likely pick up some new customers as well.
What are your thoughts on cause-based marketing? Has your company launched a program of its own? If so, what have been your experiences? Let us know by posting a comment below. I'd love to hear from you!