Pricing as CSR

Are you looking for a simple way to do corporate social responsibility (CSR)? What if you offered customers experiencing hardship more favorable prices? For example, the music composer Douglas Morton invites individuals who are under-employed, stricken by a personal crisis or otherwise experiencing financial difficulties to explain their circumstance and offer to pay what and when they can. His most rewarding customer interactions are these conversations.

Compassionate pricing doesn't need to be complicated. A case in point is what Morton does: He simply added wording to his e-commerce site giving customers the opportunity to explain their circumstances. His customer service involves reviewing submissions and providing discount codes. Compassionate pricing also doesn't need to be serious and boring. Morton's' messaging, for example, offers to accept avocados as payment! What Morton does, however, is just one option.

​Other ways of pricing in a way that supports societal causes includes:

• Allowing all customers to pay whatever amount they want for your products or services. It might sound like a recipe for getting fleeced into bankruptcy. Yet, data from companies that use such Pay What You Want (PWYW) pricing (e.g., Humble Bundle) suggests that, typically, people are not greedy jerks. Most of the time, most people will treat others fairly. Done well then, PWYW is a feasible method for allowing those who are financially stressed to benefit from your products or services. · Donating 1% of sales to charitable causes. Consider, for example, joining 1% for the Planet.
  
• Inviting a nonprofit working with small or marginalized businesses, unemployed individuals, homeless families or others facing hardship to share your discount codes with their clients.
  
• Inviting customers to round up for charity. Those who choose to round their payment to the next dollar (or other currency) will be donating to a charitable cause through your company.
  
• Giving nonprofit organizations a discount.
  

You get the idea. There are many ways to conduct CSR via pricing! Might there be one that is perfect for your business?

For assistance with your CSR, contact us.