By Rachel Adrian
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There are a number of innovative Canadian brands that are transforming the way consumers see business. In this issue, we are highlighting an up and coming Canadian company, Cole & Parker. These guys have put a new spin on the traditional One-for-One model and are transforming the way we think about giving back! This new model is called ‘One for Many’, and is a form of BOGO: Buy One Give One.
'Buy One Give One' Cause Marketing
We’re all familiar with the One-for-One or BOGO model, popularized by TOMS Shoes. For every pair of TOMS shoes, eyeglasses, bags or coffee that a customer buys, one is donated to a person in need. This intriguing model has really spiked an interest in cause branded products, especially among the millennial generation and has grown in the last few years. People are looking for simple, effective opportunities to give back and the One-for-One model provides an accessible way for consumers to get involved.
Cole & Parker - 'One for Many'
Cole & Parker has really taken this model to the next level with their 'One for Many' cause marketing model. Partnering with Kiva, an online lending platform that supports entrepreneurs around the world through crowd funded microloans, Cole & Parker loans sale proceeds to Kiva entrepreneurs and has fostered a “sustainable loop” as the money is repaid by the entrepreneurs and can then re-enter the system to help other entrepreneurs. When you buy a pair of socks from them, you are not just helping one person, but overtime your money will be continually reinvested to foster an environment of entrepreneurism around the world. This is a more sustainable, self-sufficient model than the traditional One-for-One that we are all familiar with. To date, Cole & Parker has funded around 415 loans and they are at all different stages of repayment (current loans, being paid back etc.). The loans vary in amount and region, depending on what the entrepreneur has requested. Here you can see Cole & Parker’s full profile on the Kiva website.Cole & Parker uses creative branding and communication to illustrate the strengths of this model. Their tagline is “Socks for leaders, legends and entrepreneurs” and they have really positioned themselves as a creative, exciting brand that makes a sustainable difference in the international entrepreneurial community. Their ‘One-for-Many’ or BOGO model is sustainable, unique and will have a long-term impact on entrepreneurs around the world.
Learn more about Kiva:
Kiva has seen an incredible 98% repayment rate on their loans and this has allowed them to help an incredible number of entrepreneurs. They partner with microfinance organizations around the world to reach people that don’t have access to traditional banking services. 100% of money donated goes directly to the entrepreneurs and the entrepreneurs use it to provide critical services to their communities. The microloan platform has the power to lift communities out of poverty and has proven to be a sustainable form of economic development.
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Cole & Parker is an excellent example of social innovation in Canada and we are excited to highlight their work in this blog. We look forward to highlighting more great Canadian brands in the coming months! A big thank you to Alexandra Getty for introducing us to Cole & Parker.