How Millennials Affect Social Responsibility
A company’s ethics and social responsibility can drastically affect its consumers’ decisions and loyalty. As a result, being socially responsible now becomes necessary for many businesses who want to stay ahead of the game.
A company’s ethics and social responsibility can drastically affect its consumers’ decisions and loyalty. As a result, being socially responsible now becomes necessary for many businesses who want to stay ahead of the game. One target audience in particular that cares deeply about social responsibility is the millennial group. Not only is this group young and opinionated, but they are transitioning into their prime spending years. If you haven’t started catering towards this audience yet, you may want to start, and here’s why.
Millennials Care Deeply
The Millennial Impact Report shed some light on millennial sentiments. This report stated that this group values causes that promote equity, equality, and opportunity. Millennials want to support businesses that focus their attention on issues beyond themselves. This group wants to be associated with companies that share the same values as them. By having a loyal audience such as millennials, you’ll also be promoted on social media much more often — a big plus as social media is one of the main drivers for a company’s success. You’ll feel like another friend to them, and they’ll be proud and eager to support your business.
The Difference Between Millennials and Other Generations
The 2015 Global Corporate Sustainability Report reveals that 66% of consumers are more willing to purchase a product from a sustainable brand. In comparison, 73% of millennials felt the same way. In other studies, many millennials even say they would take a pay cut to work for a socially responsible company. Unfortunately, older generations were around 6% below that of millennials.
Not to mention that millennials also make up the fastest-growing force in the marketplace today. With more than 80 million millennials, this group already contributed to an estimated $1 trillion of US consumer spending. A large percentage of that comes from online spending. Many millennials get most of their information from social media and gravitate towards brands that are up to date on the current trends and share values. Once this group reaches peak buying power, companies with a loyal following of millennials can expect their business to skyrocket. By almost any measure, millennials place a premium on corporate social responsibility efforts.
They Can Spot Fake Brands
Millennials can tell when a brand is trying too hard and not being genuine to themselves. According to Joline McGoldrick, senior vice president of Data Insights and Research at VidMob, “Millennials are very aware of when something feels inauthentic or forced, and we know this based on the ways they want to be targeted or what they want to see in ads. They are looking for, and respond to, things that almost can’t be inauthentic.” In addition, they also want to feel that brands care about them. They want to know that their needs and concerns are valued. They’ll be able to see demonstrations of genuine interest in care through customer service, reviews, social activity, and a brand’s website. Millennials don’t mind advertising; they just want it done in the right, honest way.
Attitudes Affect Consumption Decisions
Studies found that more than 9 in 10 millennials would change their brand loyalty to one associated with a cause when it comes to consumer behavior. In most cases, consumers would pay more for a product that supports an issue they care about. Sometimes this group doesn’t feel like they have much of a voice, so they want to get involved and help out as much as they can. Thus, supporting strong valued brands is important to millennials because they believe in being part of “something bigger.”
Millennials’ demonstrated interest in belonging to a more significant cause has driven companies to uphold their standards and remain socially responsible. Companies make sure to feature organizations they’re involved with on their websites and in their social media posts. They also regularly donate or take part in community fundraisers. One significant component is remaining inclusive. Inclusivity has become more of a need than a want for many brands and consumers; millennials expect that companies remain faithful to the promises and values they put out into the world.
If you haven’t started adapting to new trends and incorporating the values of your consumers, now is the time. Even brands that have been around for several years are taking a hard hit because they’ve failed to adapt to current standards. Millennials are open and alert to what brands offer and will insist they remain true to their word. Millennials are important drivers of change, and businesses should start responding accordingly. If you’re having trouble finding socially responsible businesses, visit SCORD at GetSCORD.com for help. SCORD’s primary mission is to connect socially conscious consumers to socially responsible organizations with a fun user experience. Things are changing, and they’re changing fast. Don’t get left behind.