Corporate Social Responsibility (CSR) has become particularly prevalent over the past 10 years, so much so that it will now almost certainly feature as part of any global brand’s marketing objectives.
A view of the wider world, and the impact a brand is having on it, is now essential. Brands are under enormous pressure to demonstrate their purpose and commitment to social change.
Deloitte’s 2018 Millennial Survey revealed that a staggering 91% of the generation would change their brand loyalty for one supporting a cause or demonstrating a social conscience. Sponsorship offers a platform by which a brand’s CSR (and purpose) objectives can be fulfilled. Because CSR is about how a company makes its money, not just how it spends it, sponsorship offers the opportunity to align with a property that can create the chance for brands to build their stories.
This is demonstrated with the rise of Formula E. The only electric single-seater motorsport series in the world which has seen companies flock towards it. ABB, the series Title Partner, is using its partnership to ‘support ABB’s commitment to running the world without consuming the earth.’ The sponsorship allows ABB to push its sustainability message and its environmental responsibility via a global platform.
91% of Millennials would change their brand loyalty for one supporting a cause