There are roughly 80 million Millennials (those defined as being born between 1980 and 2000) in the United States currently. They are a unique market, and they spend around $600 billion (USD) each year. How is your brand going to capture the interest of these market-influencing millennials and what are they looking for in their purchases?
According to a study by Cone Communications, 70% of millennials are prepared to make personal sacrifices to make an impact on issues they care about, even if that means paying more for a product. A Harris Interactive survey of American adults found that Millennials are more likely than other generations to take a company’s social responsibility into account when making purchase decisions.
Millennials are highly social shoppers who value personal, tailored experiences, and they are genuinely excited about sharing these experiences online and with their friends. The millennial audience wants to feel like they know brands, and they specifically reward openness and authenticity.
According to the Pew Research Center, over 53 million Millennials are currently in the U.S. workforce, and by 2025, Millennials will represent 75% of the American workforce. Brands that understand how to connect with this future majority market will win loyalty, mindshare, and the battle for revenue as the millennial market grows.
[Related Content] 7 Tips to Increase Retailer Engagement In Your Marketing Campaigns
Cause-related marketing campaigns resonate with a millennial audience because they build the idea of a community and develop a deeper brand and consumer connection. According to research by Deloitte, 76 percent of millennials now regard business as a force for positive social impact.
Millennials find social causes worth paying more for and won’t hesitate to change their shopping habits for a brand that they feel has a genuine commitment to change.
An Initiative study of of almost 10,000 25-34 year-olds found that the majority of millennials believe that:
- Brands should actively participate to improve causes (59%)
- Brands have the potential to be a force for good (58%)
- they are more loyal to a brand that helps improve societal or ecological issues (54%)
- only 13% feel that brands should just focus on their products and services.
Many Companies Are Already Doing This Well
Companies like Orvis are doing a great job of spreading their message through their retailers. Orvis works to save the everglades on a national and local level through their #NowOrNeverglades campaign. The campaign centers around the growing movement to fix the hydrology of South Florida and send more water to the Everglades continues space. Organizations such as Captains for Clean Water, Bullsugar.org, and The Everglades Foundation have been working with legislators to build support for Florida Senate Bill 10, which called for the purchase of 60,000 acres of land near the lake to build a reservoir to hold excess water, which would reduce discharges to the coasts. Orvis promoted this campaign on their national digital and social channels, and extended this campaign to their local retailers as well.
The key to multi-channel success is an authentic, truthful, and consistent feel throughout the customer journey. While brands have a strong national reach, retailers have a direct connection to their local communities, and can provide the in-store experience that the millennial market is drawn to. By creating inspirational campaigns that showcase and explain the social cause your brand supports and sharing them with your retailers, you can extend the message of the cause and bring new content to retailer pages while connecting with a target market.