Today’s Trends: Do Good Brands
Do good, feel good, sell good.
With millennials beginning to take control of the marketplace as the largest buying group, more and more brands are looking for ways to market to this strong-willed, individually-minded group.
It begs the question, “What do millennials care about?” While there is no exact right answer, the general theme across the board is almost unanimously socially-conscious and value-centric. Whether they’re fighting to protect the environment or for political and human rights issues, there’s no denying that millennials tend toward action and fighting for what they believe in.
They want the same from their brands.
It’s more important than ever for brands to find ways to align their values with those of their consumers. And not just for marketing purposes, either. More and more millennials are demanding that their companies don’t just talk about their values; they’re demanding authentic action. They want activism, engagement, taking a stance against injustice, and where they spend their dollars will depend on it.
In a 2015 Nielson Report, it was found that, globally, 66% of consumers are willing to spend more on a product if it comes from a sustainable brand. Millennials gave an even more impressive showing, with 73% of surveyed millennials indicating a similar preference.
You see, millennials believe that companies can make a difference and they will choose to actively support those that genuinely do. In fact, more than nine in ten millennials would switch brands to one associated with a cause.
CSR (corporate social responsibility) isn’t just a confusing business acronym anymore. It’s a practice that not only reaps higher consumer base and sales for you as a company, but it actively betters society. Isn’t that good enough reason to start?
Even big-name brands like Bombas, that donates a pair of socks for each one purchased, and the Kohl’s Cares Program that donates 100 percent of net profits from sales of certain products to children’s education and health initiatives, are getting involved and making a real difference in the world.
It might seem strange to consider participating in social betterment and activism a ‘trend.’ But with millennials now maturing and attaining autonomy and buying power, the need for companies to take a stance and make a change in order to gain their trust and business is more important than ever.
Do your part and consider ways that your brand can act in a socially-conscious way to benefit everyone, not just your sales. Millennials and anyone who values activism and moving about our world with care won’t let it go unnoticed.