3 million Australians switched providers because of a charitable cause last year, a study suggests
Three million Australians switched providers because of a charitable cause last year, a study suggests
This is an industry where community still matters – just think how often the word ‘referrals’ pops up – as does trust. When every brokerage website seems to have a picture of a grinning family it can be difficult to show you take these values more seriously than your competitors. Partnering with a charity may well be the solution.
New research certainly so suggests so: one in six Australians switched service providers for a cause, according to the ‘Switching Brands for a cause report’ by third-sector consultancy Cavill + Co. Furthermore those most likely to switch were in the 25-34 age group, where almost 25% claimed to have switched in the past year.
“There is a strong business case for adopting a charity and then leveraging the partnership.”, explains director Hailey Cavill; “It motivates staff and builds pride, differentiates your brand, builds trust, enhances your corporate reputation, provides emotive content for social media – but the conquest sales alone would justify the strategy.”
One example of a brokerage involved in charitable work is 1st Street Home Loans, who came 3rd in MPA’s recent Top 10 Independent Brokerages survey. They’ve partnered with a range of organisations, particularly medical research charities, and sponsor local sports club Bondi United, and promote their activities through their newsletter – Cavill insists promotion is vital to make partnerships productive.
Cavill and Co’s study, of 1200 individuals, also found that consumers in NSW were more likely to switch (21%) than those in traditionally philanthropic Victoria (10%), blue collar workers more likely (18%) than retirees (10%), and singles more likely (21%) than couples (16%), those with children (15%) or empty nesters (12%).
