Millennials don’t prioritize saving money on their purchases – they want to connect with real people and businesses who are environmentally and socially responsible, even if it means shelling out more cash.
A 2015 Nielson study found that 73 percent of global millennials are willing to pay more for sustainable goods and services. This means businesses need to adapt their policies and practices to accommodate this shift in consumer priority, because millennials and their successive generations will soon make up the majority of the world’s population.
Taking a stand for any environmental cause, no matter how small, is a great way to increase brand loyalty and sales. The millennial generation needs to know their money is going to a company that supports the causes they believe in. Supporting causes they believe in is one of the fastest ways to earn their respect and support. You can even donate a percentage of your sales to a specific cause, and this is one way to defeat your competitors.
Choose your cause intentionally
Before you rush out to join the latest environmental causes, take some time to think about why you want to support the cause you’ve selected. People will always know whether your support is authentic or not, and you should only support the causes you can identify and align with as a business. It’s not your support that boosts your marketing potential; it’s the authenticity of your support. After all, nobody values authenticity more than millennials.
Millennials demand the most environmental support
Representing a quarter of the entire population in America, there are 80 million millennials responsible for $200 billion in annual revenue. To say millennials are consumers is an understatement; however, they’re not your average consumer.
Approximately 43% of millennials look for authenticity before consuming content from a website, and 75% believe it’s important for companies to use a portion of their profits to give back to society. They’d also rather support local businesses than big brands.
The millennial generation wants their own lives to be filled with purpose, but they also want to see the businesses they support engaging in responsible practices that preserve the environment and make a contribution to humanity. Millennials value social responsibility so much that they consider it even when they’re on vacation. They have a cause-related marketing mindset that just can’t be swayed by the usual marketing tactics that promise more for less. Some will even boycott their favorite brands if they’re caught engaging in unethical practices.
Float your marketing strategy downstream
If you want to tap into the sales potential of the millennial generation, you need to market to them where the river is already flowing downstream. It’s clear they care more about ethics than saving a few bucks, so use that to your advantage. Do some research to find out what companies are supported and praised by millennials and use that as your starting point for gathering ideas. You don’t have to support the same causes, but it can give you a glimpse into what types of causes they find important.
Get involved personally
With any marketing strategy, you have the potential to reach millions. There’s just one catch. While everyone seems to be supporting plant-a-tree programs and donating money to causes, few businesses are actually going out in the world to make a difference with their time and physical effort. If you really want to show your prospects and customers that you’re committed to supporting a cause, there’s no better way than to get out there and get your hands dirty.
Article Submitted By Community Writer