Good Corporate Social Responsibility is no longer a nice-to-have. In fact, companies who want to grow MUST practice good Corporate Social Responsibility, aka, CSR. Those brands who don’t face losing sales.
Driven by millennials who prefer to do business with brands who have ethical and sustainable business standards, the recipe for sales and marketing success changed dramatically. So now, all generations have an increased expectation that companies who want to earn their business must practice sustainability. Is your brand adapting, or dying?
Millennials (and other generations too) are looking for four major qualities in socially responsible companies. Download the checklist here for free.
According to findings from the 2015 Cone Communications Millennial CSR Study, “More than nine-in-10 Millennials would switch brands to one associated with a cause (91% vs. 85% U.S. average). Two-thirds use social media to engage around CSR (66% vs. 53% U.S. average).” Because of these factors, companies not yet engaging in good corporate social responsibility are losing sales.
Practicing Good Corporate Social Responsibility Is Great for Business
In 2015, Nielson published its annual Global Corporate Sustainability Report. It indicated that, globally, 66% of consumers are willing to spend more on a product if it comes from a sustainable brand. 73% of surveyed millennials indicating a similar preference. Additionally, 81% of millennials evexpect their favorite companies to make public declarations of their corporate citizenship.”
As John Mackey, the CEO of Whole Foods puts it:
“The whole corporate social responsibility ideal is trying to graft something onto the old profit maximization model. Now more than ever, we need is a transformation [in] the way we think about business, what it’s based on. People want businesses to do good in the world. It’s that simple…. We now need a deeper, fundamental reform in the essence of business.”
So, traditional advertising won’t work with Millennials. Conveying CSR efforts to Millennials requires authenticity, and a unique approach. Since Millennials grew up with the Internet, they want their voices heard. And they expect a two-way, open dialogue with companies and their brands.
Millennials and many of the customers from other generations want to buy from companies who give back. As a result, brands who want to attract more customers and keep existing ones need to have a good corporate social responsibility program.