By Sean Horrigan

Nonprofits and their corporate colleagues have a codependent relationship.

Corporations provide nonprofits with financial support, and in return, nonprofits provide corporations with positive PR and a boost in business.

And the boost can be significant:

• 91% of global consumers are likely to switch brands to one associated with a good cause, given comparable price and quality*
• 61% of consumers are willing to try a new brand, or one they’ve never heard of, because of its association with a particular cause*
• 50% of global consumers said they would be willing to reward companies that give back to society by paying more for their goods and services (44% in the U.S. and 38% in Canada). **

But while these relationships are often mutually beneficial (at least to begin with), they can be short lived.

In a recent Fortune Magazine article, author Shalene Gupta points out that both parties can be the cause of the demise of these relationships. “Nonprofits don’t always hold corporations accountable for promises made because they’re just happy to have the corporation giving whatever they can, and corporations have little incentive to stay invested since the relationship doesn’t always benefit them.”

So how can you ensure a successful relationship with your corporate sponsor?

Focus on five key areas: 

>> Continue Reading