As it becomes more difficult to communicate to consumers on traditional media, branding has become more critical to marketing success. Companies can not survive with questionable reputations, on the other hand a strong reputation can differentiate you from the competition.
Bank of America recently bailed out Countrywide by purchasing 2 billion in stock which calmed fears of the county’s largest home loaner going out of business. They also allow employees to allocate two hours per week to provide service to their community and donates $500 to charity if an employee reaches 100 volunteer hours for the year. It are these philanthropic efforts that help strengthen the positive associations in the minds of consumers. It can also strengthen the brand internally by engaging employees to feel a sense of purpose in being a service to others. Furthermore, a strong community will have more income to buy your products.
Corporate Philanthropy Winners: