Viewing entries tagged
by Shanley Knox
Nowhere has business become more purposeful than in the world of social enterprise. New businesses are constantly cropping up with world-changing missions, messages of empowerment, and products to address even the worst of society's issues.
In a world where nearly half of global consumers are willing to pay extra for socially responsible products and services, it's becoming a growing challenge for social enterprises to stand out against other cause-oriented products and services.
In his recent piece, “Social Enterprises Must Move Beyond Purpose,” Heath Shackelford writes that, “your customers only allow your purpose to be a factor if you meet other criteria, including price, quality and value.”
To differentiate your social enterprise, begin by providing the best possible product or service. Then, market it like a successful business would - through effective research, market differentiation, and smart brand messaging. Afterward, tell a social story that illustrates the power of what a successful social business can do.
Here are some steps to get you started:
Learn Your Market
Before you plan for marketing to your market, you’re going to need to know who they are. Begin by determining factors such as what kind of customer is going to pay for your product or service, and where you can find them.
Some key questions:
- Approximately how many people out there are willing to pay for your product?
- What amount are they willing to pay for your product or service?
- Where are these people located?
- What are these people interested in?
- Who is already marketing a similar product to them, and how do you measure up against them?
Find Your Unique Selling Point
Many social enterprises focus on the social benefits of their product, rather than focusing on the value and quality of their product itself. Now that you know who your customer is, and who else is selling to them, it’s time to identify your unique selling point... in other words, what makes your product or service more attractive than anyone else’s?
- Research your customer’s satisfaction with their current products or services: What do they love? What would they want to change? Why?
- Are there certain messages that are a “no-go”? For instance, your customers may associate terms such as “nonprofit,” “fair trade” or “green” with a product that is subpar. By identifying and removing these “trigger” phrases, you remove potential purchasing barriers.
Craft Your Voice
Once you've decided how to effectively market your product, its time to integrate your social mission back into your branding, and create a voice that will consistently tell your story to current and potential customers:
- What is the type of message that resonates most with your customers - is it people or numbers? emotional stories or statistics? formal or casual?
- What are the facets of your social story that appeal most to the customer sector you have identified?
- Who are the influencers (voices that effectively influence others' purchasing decisions) in your customer groups? Wow can you reach them and convince them to share your product?
- Which social platforms are your customers currently using, and how must you adjust your voice to meet the parameters of that particular platform?
Looking for more support in building an effective marketing strategy for your social enterprise? Check out these helpful resources: