ICYMI, Millennials do things differently. They shop differently, engage with brands differently, and they hold brands accountable more than any generation before them. New research reveals a stern warning for companies to keep an extra-sensitive eye on their Millennial customers as the Great Wealth Transfer—considered the greatest transfer of wealth in history—looms in the near future.
With Millennials having even more buying power in the coming years, CEOs should look into business practices that reflect their younger consumers’ ideals, including socially responsible practices like “going green.” A business blog writes about how business leaders could go green by implementing recycling practices, have their energy usage audited or even introduce a telecommuting policy to reduce fuel consumption. Within each of these initiatives are more ideas to compound on the eco-friendly actions.
Brandon Frere, CEO of business consultancy Frere Enterprises and social change advocate, recommends that business owners look at their current sustainability practices and assess their company’s values. Shifting to low-impact and greener choices are not only good for the environment but could also be good for publicity.
“A multi-layered approach to a new green policy could be beneficial to your company,” said Frere, in a news release. “You may have employees who have eco-friendly lifestyles and would appreciate seeing those types of initiatives implemented at their job. It could also improve company morale for all employees, knowing there is an underlying common mission to help the environment at work.”
Corporate Social Responsibility not a new concept—but the way that Millennials are affecting businesses will soon change the way they conduct themselves
With $30 trillion of assets expected to transfer from Baby Boomers to their children—including Millennials—in the coming decades, business leaders need to start strategizing for their Millennial customers. According to a Nielsen survey, 73 percent of Millennials prefer to work with socially responsible companies. More so, 81 percent of Millennials expect their brands to make a public commitment to good corporate citizenship. These numbers indicate marketing teams need to shift their tactics to reflect the changing tides.
“Marketers need to shift their mindset from the traditional ROI model to one based on ‘ROR,’ or Return on Relationship,” said Jamie Gutfreund, chief strategy officer at The Intelligence Group. “In other words, what are you doing to fuel that expression and how are you partnering with each customer or prospect to help them establish their own personal brand?” In specific terms, Millennials are looking for companies to give back to society by getting involved, be transparent about their socially good efforts and give Millennials the opportunity to get involved with the company’s efforts.
“One of my businesses has incorporated giving back into its structure. We had employees raise funds for local nonprofits. I agreed to match what they fundraised. It was incredible watching them raise $6,000 for a great cause. After matching it, we donated $12,000 total as an organization. Not only that, but we also took part in the 3K and 10K runs connected to the fundraiser. I believe it really boosted morale for our organization as a whole,” added Frere. “It may seem like a small initiative, but I knew we had to start somewhere to reflect our deeper service-driven mission.”