Philanthropy Goes A Long Way In Marketing
Here is a great gift idea if you are searching during the holiday season – Toms Shoes. Founded by Blake Mycoskie, Toms Shoes is a for profit company. Their business model is very simple: For every pair of shoes you buy, they give a pair away to a child in need around the world. This business was launched in 2006 and has already turned a profit and demonstrated that their philanthropic business model is a success. The idea of the business is very simple and was started after Mycosckie vacationed in Argentina and recognized the need for kids who did not have shoes.
The marketing strategy for Toms is very different than any other clothing or shoe company. Because of the nature of the business which involves giving, Toms Shoes is marketed very well by word-of-mouth advertising.