1 - Builds Social Capital
Businesses have many forms of capital, and by being involved in the community, REALTORS® build Social Capital, which is defined as “the interpersonal relationships, institutions, and other social assets of a society or group that can be used to gain advantage”. Social Capital is like any other asset, but unlike other forms of capital, social capital is the connections and values, which exist between people and they propel cooperations.
According to Forbes, it is the key to entrepreneurial success, and it can establish you as a leader, fosters reciprocity, create stronger teams, and it is natural networking. While it can easily be overlooked, social capital is important to have in any industry. Do you have social capital?
2 - Increase Brand Equity & Customer Loyalty
When looking to purchase services, roughly 82% of U.S consumers place consideration on corporate social responsibility (CSR), and 85% of customers value and prefer businesses that support charities which they believe in. Similarly, a study done by Timothy Landry, an associate marketing professor at UAH, found customers are more loyal when brands and businesses hold the same values as them.
By diving into your community events, supporting community charities/organizations either monetarily or by giving time, and even creating new initiatives, REALTORS will build brand equity within their communities.
You will see an increase of positive perspective about your business, an increase of new business, and higher profits. To figure out your brand equity ask: How does the community view me?
3 - Connects With Millennials
With Millennials projected to pass Baby Boomers as the largest generation group in American, they are nothing to be avoided in 2021. When it comes to business, 87% of millennials believe business success should be measured by more than financial gains, and 73% believe business should create a positive impact on society.
This goes past just purchasing services and products and into their career choice. Two-thirds of Millennials will not consider accepting a job unless the organization has a strong CSR (corporate social responsibility), and finally, 62% believe they can have an impact on their local community. Will Millennials want to work with you? For you?
4 - Increases Knowledge, Expands Opportunities
By being involved in your community, you increase opportunities for your community, build strong relationships, and develop your knowledge of community resources, making you a community expert. Strong communities are more desirable to homebuyers; homebuyers look to expertise in the marketplace to support their decision-making. Make it your mission to strengthen your community. How can you help strengthen your community?
5 - Creates Positive Impact
There was a story published by the NAR regarding how community outreach creates a positive impact. Back in 2017, Cape Fear REALTORS, N.C., created and implemented a public education event on an important local issue, and while the event took both time and money, the benefits outweighed the cost.
Their event ended up strengthening community bonds, created a positive impact on both the community and the business, and increased their brand image within the community. What local issues can your business discuss or help resolve?
How Will You Get Involved?
To fully see the fruits of being involved in your community, make involvement not just part of your marketing strategy, but make it a core value of your business.