This study investigates to what extent the company image would improve for a company after applying a cause related marketing (CRM) campaign. It is suggested that the magnitude of company image improvement would be influenced by: (1) company trustworthiness; (2) the type of CRM campaign (being either a strategic or a tactical campaign). To test the hypotheses, repeated measures MANCOVA was used with a sample of 600 respondents in Istanbul, Turkey. The results show that, only the type of CRM campaign improves the company image and surprisingly tactical CRM campaign results in more image improvement than does strategic CRM campaign.