Make a difference, or get out the way of those who will.
Marketers may find the sentiment surprising, coming from millennials – a.k.a Generation Me – as it is. Yet studies show that not only is the label a perverted skewing of the generation’s propensity for dismissing traditional attitudes, it is completely unfounded.
Buzz Marketing Group recently released the results of studies into how millennials perceive the social responsibility of brands. The reports found 83% agreed that companies should make a stand on important issues.
“A lot of people come into business thinking that they need to leave their activism at home and that advocacy doesn’t have a place in business,” said the American Sustainable Business Council’s Bob Keener to TriplePundit. “Today employees, customers and investors expect to see a company walking the talk. And not just internally, but also in their public policy stances.”
Millennials are putting their money where their mouth is like never before. They’re not just looking for the products; they’re looking for a tribe. They want to shop somewhere they feel like they belong, from people who they feel genuinely connected to through shared ideals and beliefs.
67% of respondents said they donated to charity, while 61% admitted to hashtag activism. They are seeking out a range of ways to make an impact, and with 78% feeling they have the power to influence brands as consumers, there’s no doubt that if brands want to stay relevant, they must be ready to change.
If they’re ready and willing, the benefits are astounding. 95% consider themselves loyal to brands they love. 95%. It’s almost unfathomable, but the proof is tangible.
Just look at Ben and Jerry’s. Founded in Burlington, Vermont, in 1978, the ice cream manufacturers took an alternative approach to business by offering shares to locals. The company went public in 1985 with a three-part mission statement: make the world’s best ice cream, run a financially successful company, and make the world the better place.
They’ve kept to their mission by campaigning for fair trade policy, equal marriage rights and ethical sourcing of ingredients while moving against GMOs and organisations like Citizen United. Most recently, co-founders Ben Cohen and Jerry Greenfield were arrested at a Democracy Awakening protest on the steps of the U.S. Capitol building.
38 years later, they remain the largest ice cream manufacturer in the world. Unilever bought the company in 2000 for $326 million.
For more information on the purchasing power of the millennial market, see the infographic below, thanks to Adweek.
