I consider myself more socially conscious than your average person. As a socially-conscious millennial, I align my spending habits with brands that have similar ethical standards. There is no doubt that more young people are beginning to purchase products that come with a little extra; extra help for a child in a developing country, extra donations to wildlife sanctuaries or an extra impact on the environment. This development in audience requires big brands to make some changes in order to keep up with the shift in mentality.
Socially Responsible Marketing
Although millennials are spending less than previous generations, they highly influence corporations to practice socially responsible marketing. Socially responsible marketing is when a corporation balances the benefit they can put out into society through their for-profit initiatives. This balance entices a consumer to be more willing to put their money forward on an initiative that also benefits some aspect of society, rather than solely the corporation.
Impact for all involved
The impact of having these brands align with non-profit organizations is not only beneficial for the brand, but also for the non-profit. Socially conscious people want to put their dollar into organizations that align with their ethics. This means that they are more willing to contribute to a large corporation when they display collaboration with these non-profit organizations. The recognition of the non-profit increases, and the sentiment of the brand becomes more positive. This leads to more social benefits, brand awareness and keeping up with shifting mentalities.
Nonprofit Hub talks about examples of non-profits collaborating with for-profits. An example they explore is Coca Cola partnering with Pact. Pact focuses on international development and through this partnership “Coca Cola has donated several million dollars to the organization in the past few years to help boost female economic empowerment in Southeast Asia.” The benefit of a non-profit organization receiving mass recognition can empower the organization to continue to make a difference while looping brands like Coca Cola into the mix.
Deloittle produced a study, “The Rise of Social Enterprise,” that demonstrates that not only do millennials want businesses to be more socially conscious, but top business leaders do too. Forbes outlines that “77% of more than 11,000 business leaders rated ‘citizenship and social impact’ as critical or important.” The shift towards more socially conscious business decisions is prevalent and should be adopted in conjunction with non-profit organizations.
What can you do?
You may be asking yourself “what can I do with this information.” First, if you are a part of a corporation that hasn’t implemented socially responsible marketing, you may want to consider this! From my personal experience, I ensure that companies I support don’t test on animals, think sustainably and are environmentally conscious in their practices. Whatever social responsibility you support, it should be leveraged.
If you are a part of a non-profit organization, continue making a difference. Encouraging brands to collaborate with you and other non-profits will not only raise awareness for your cause, but also potentially provide you with additional resources for your needs.
As a millennial it is important to help the shift towards more socially conscious brands in order to make a difference. Do you research and align your spending habits with ethics that match yours.
Cover image also by Lloyd Tran (@tranlloyd on Instagram)
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