What If Your Impact Drove Your Income?

D. Rhodes, CPA, Writer and Editor

15 million, 540.8 million and 6.8 BILLION – those are the amount of glasses given away by, the annual revenue from and valuation of Warby Parker a purpose-driven, quality-producing, revenue-generating glasses retailer. Their "Buy a Pair, Give a Pair" program isn't just clever marketing—it's a masterclass in business impact and income...

...see it for yourself.

• Brand Differentiation: In a crowded eyewear market, this program helped Warby Parker stand out.

• Customer Acquisition: The social mission attracted socially conscious consumers, particularly millennials and Gen Z.

• Customer Loyalty: Customers feel good about their purchase, encouraging repeat business.

• Employee Engagement: The program boosted employee morale and attracted talent who wanted to work for a purpose-driven company.

• Media Attention: The initiative garnered significant positive press, providing free marketing.

• Business Growth: Warby Parker's valuation reached $6 billion, mainly attributed to their strong brand identity.

What's the lesson? Understanding and addressing community needs sets you apart from those who are solely focused on service delivery – it provides a competitive advantage.

Now, you might be thinking, "That's great for Warby Parker, but I'm not running a big company." Well...think again. Whether you're a student just starting out, a seasoned professional, an educator shaping the next generation, or an influencer with a platform, you have the power to create ripples of positive change. You have more potential for impact than you realize.

Here's a few ways you can create ripples of change:

Client Donations

• Version A: "1-for-10"

  • Donate $1 from every $10 to a local charity

• Version B: "Round-It-Up"

  • Offer customers the option to round up their bill to the nearest tenth dollar for a local charity

• Version C: "Ten Toes Down"

  • Identify a service you'd like to push or emphasize for 10 days & donate 10% of that service to a local charity
    

Local Business Partners

• Version A: "Got Proof?"

  • Offer discounts to customers who show receipts from local business partners

• Version B: "That's a Travel"

  • Create a "local business passport" stamp system

Education Support

• Version A: "Rollin' in A's"

  • Offer a free haircut to A-honor roll students

• Version B: "Pens, Paper, Purpose"

  • Donate a percentage of profits to school supply drives

Senior Citizen Outreach

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The Psychology Behind the Impact

According to a study by Cone Communications, 87% of consumers will purchase a product or spend with a service provider because they advocated for an issue they cared about. In other words, your impact strategy isn't just good for the community—it's good for business.

But it goes deeper. When you engage in community initiatives, you're not just cutting hair—you're boosting self-esteem, creating a sense of belonging and aligning your clients' actions with their values.

This directly aligns with the "warm glow" effect. Coined by economist James Andreoni in 1990 - he used it to describe the personal satisfaction and positive emotions that people derive from the act of giving, separate from the actual impact of their contribution.

His revelation gave language to the below consumer behaviors on businesses that impacted their community.

• Emotional Reward: It's the good feeling you get from helping others or contributing to a cause.

• Self-Interest in Altruism: The warm glow suggests that even altruistic acts have a self-interested component – people give partly because it makes them feel good.

• Intrinsic Motivation: This effect is an intrinsic reward, meaning it comes from within rather than from external factors.

The above behaviors that consumers felt resulted in:

• Dopamine Release: The warm glow is associated with the release of dopamine in the brain, creating a positive reinforcement for prosocial behavior.

• Self-Image Enhancement: Contributing to a good cause can boost one's self-image and self-esteem.

• Stress Reduction: Engaging in prosocial behavior has been linked to reduced stress levels and improved overall well-being.

So, how do you implement this in your business?

• Think Inside the Box: Begin with one community initiative based on your known/current knowledge.

• Integrate Data Collection: Implement systems to gather and analyze customer data ethically - use tools like short surveys, conversation notes, or digital check-in systems.

• Eat From the Feeding Hands: Listen for community needs during client interactions - Involve them in brainstorming and implementing community initiatives.

• Communicate Your Impact: You’re not bragging, you’re inspiring others to make a change.

• Partner Strategically: Collaborate with local organizations to amplify your impact.

• Measure & Adjust: Set clear, measurable goals for your initiatives - Regularly review the data and adjust your approach as needed.

Remember: Our ultimate goal is to help you save time and money, while building wealth and legacy.

The choice is yours, but the clock is ticking. Reach out today so we can help get you from where you're at, to where you want to be. Your move boss.

Get Connected!

*This article provides general information, not individual tax advice. Tax situations vary; consult with a qualified tax professional, like myself, for advice specific to your circumstances.