Benefits for when companies incorporate social good:
1. Millennial retention- Millennials want to work for companies with a "higher purpose". Eventually, if the Millennial quits the company that hired them, the company loses 1 1/2 that employee's salary due to the recruiting, training & development costs, & that doesn't even start to address the intangibles like culture fit, dominoe effects, etc. Also, with 10,000 Baby Boomers retiring daily, that turnover contributes significantly to the shortage in the company's workforce, let alone the Succession Pipeline development.
2. More sales- There's a higher likelihood people will buy more products with social missions because customers will feel they're helping a greater cause rather than just buying another gadget.
3. Oranges to oranges comparison = differentiator- People will buy these products because of the induced peer pressure that follows a "gadget without good" purchase- they may be perceived as selfish/"like a jerk" if buying a similar equal value product because that product's only going to make the executives wealthier- not help people in need.
4. People buy not only based on product value but also on experiences- A social good element helps a person connect better with the product because he/she has an emotional connection; thereby, higher propensity for product stickiness.
5. Eventually, after all basic expenses are covered, a person will leave a job or buy a new product because of the natural psychology of hedonic adaptation. Tying in a social good element and subconsciously integrating a purpose will retain the workforce and propel thoughtful purchases, since the social good subconsciously encourages the reverse of hedonic adaptation.
6. People want to be good examples to their kids- Most parents like the opportunity to shine in their child's eyes while finding a way to give a lecture, so buying a social good product will help them accomplish those goals.
7. Investors can sleep a little better at night knowing at least they invested in a product for good- considering that sometimes the majority of their investments don't produce a ROI.
http://m.fastcompany.com/3053510/innovation-agents/four-strategies-for-measuring-social-impact-leaders-in-the-field
