Millennials are a diverse bunch: what some consider attractive will not appeal to other members of this generation. Although it is impossible to make generalizations, all millennials have enough features in common to fit into one profile.
With the cost of living rising everywhere, the lagging labor markets and other disadvantages millennials face as a generation, their economic situation differs a lot from their parents: many grew up during different economic crises that affected both their financial habits and their consumption preferences. The current economic restrictions have changed the way we approach and exercise philanthropy: although you may not be able to donate to a cause, practices such as transparency and social support are important drivers of consumption and participation in companies and brands.
The importance of transparency
According to the results of a study published by Nielsen, 73% of millennials are willing to pay more for sustainable brands. In addition, 81% expect their preferred companies to implement practices of transparency and corporate citizenship. As an entrepreneur, the more direct you are about your company’s operations (product development, financial practices, etc.) the greater are your chances of winning consumer preference, trust, and finally, loyalty.
Whether there are policies of inclusion and equity, sustainable operating practices or openness and financial transparency, millennials want to know what the companies are doing to make the world better. As consumers, millennials choose companies that operate within the law and that not only focus on making money, but about creating a positive impact at all its levels of operation. This is one of the ways in which millennials are responsible for contributing to different causes and supporting the social improvement.
Prioritize social impacts
Millennials expect modern brands to be open and communicative about how they operate in the world and how they seek positive social change. They want companies to be open and honest about their efforts, not only in relation to the amounts that go to different causes or organizations, but where they come from and where their profits go.
Create joint efforts
Millennials want companies to make them part of their social campaigns, whether with opportunities to contribute to causes through time or purchases. Implementing an administrative transparency of social aid campaigns helps create the confidence that millennials need to consume. Being part of efforts to improve the world is enough to attract millennials.
Using different technology platforms to make companies’ operations more transparent is the simplest way to demonstrate that your company not only cares about doing business, but believes in work opportunities for everyone, implementing sustainable practices, improving the use of resources and ethical practices.
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