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Figure 1. Some consumers prefer companies that display corporate social responsibility.[\/caption]\r\n\r\n Figure 1. Some consumers prefer companies that display corporate social responsibility.[\/caption]\r\n\r\nWe are witnessing an evolution in consumer expectations as consumers increasingly vote with their wallets. Millennials (those born between 1981 and 1996) and Generation Z (those born between 1997 and 2012) are now the biggest global generation, making up 65 percent of the world\u2019s population.[footnote]Submittable, \u201cMillennials, Gen Z, and the Rising Demand for Corporate Social Responsibility,\u201d American Marketing Association, July 6, 2020, https:\/\/www.ama.org\/2020\/07\/06\/millennials-gen-z-and-the-rising-demand-for-corporate-social-responsibility\/[\/footnote] As these generational cohorts enter their prime spending years, many companies have begun to focus their marketing efforts on this segment of the population.<\/p>\r\n
What marketers have discovered is that Millennials and Gen Z engage with brands differently than older generations like Generation X (born between 1965 and 1980) and the baby boomers (born between 1946 and 1964). They\u2019re more likely to steer clear of mass-market branded products in favor of smaller, eco-friendly brands. They are the most likely to make buying decisions on values and principles. For example, 62 percent of both Millennials and Gen Z are willing to spend more for sustainable products, compared with only 54 percent of Gen X and 39 percent of Baby Boomers.[footnote]Id.[\/footnote]<\/p>\r\n
What implications does this have for marketing to these generations? Traditional marketing methods won't cut it. The lesson that companies need to learn is that corporate social responsibility is more than just a buzzword for these generational cohorts. To make an impact, companies need to use their resources to prove to these younger generations that their business activities are making an impact. Authenticity and transparency are their keys to success.<\/p>\r\n
An organization must consider all parties that it might impact, not just consumers. Stakeholders include investors, communities, governments, customers, employees, and suppliers. In the context of corporate social responsibility, this means that leaders of companies must create value for all of these groups while simultaneously producing a fair return for shareholders or owners.<\/p>\r\n
When considering organizational and individual values, the marketer needs to ask (and answer honestly) the following questions:<\/p>\r\n
These questions can help inform the organization\u2019s activities as it works through the strategic planning process. Thoughtful analysis and design at this stage can build strong organizations that not only deliver profits but also produce positive social outcomes for all parties.<\/p>","rendered":"
We are witnessing an evolution in consumer expectations as consumers increasingly vote with their wallets. Millennials (those born between 1981 and 1996) and Generation Z (those born between 1997 and 2012) are now the biggest global generation, making up 65 percent of the world\u2019s population.[1]<\/sup><\/a> As these generational cohorts enter their prime spending years, many companies have begun to focus their marketing efforts on this segment of the population.<\/p>\n What marketers have discovered is that Millennials and Gen Z engage with brands differently than older generations like Generation X (born between 1965 and 1980) and the baby boomers (born between 1946 and 1964). They\u2019re more likely to steer clear of mass-market branded products in favor of smaller, eco-friendly brands. They are the most likely to make buying decisions on values and principles. For example, 62 percent of both Millennials and Gen Z are willing to spend more for sustainable products, compared with only 54 percent of Gen X and 39 percent of Baby Boomers.[2]<\/sup><\/a><\/p>\n What implications does this have for marketing to these generations? Traditional marketing methods won’t cut it. The lesson that companies need to learn is that corporate social responsibility is more than just a buzzword for these generational cohorts. To make an impact, companies need to use their resources to prove to these younger generations that their business activities are making an impact. Authenticity and transparency are their keys to success.<\/p>\n An organization must consider all parties that it might impact, not just consumers. Stakeholders include investors, communities, governments, customers, employees, and suppliers. In the context of corporate social responsibility, this means that leaders of companies must create value for all of these groups while simultaneously producing a fair return for shareholders or owners.<\/p>\n When considering organizational and individual values, the marketer needs to ask (and answer honestly) the following questions:<\/p>\n These questions can help inform the organization\u2019s activities as it works through the strategic planning process. Thoughtful analysis and design at this stage can build strong organizations that not only deliver profits but also produce positive social outcomes for all parties.<\/p>\nMarketing to Values<\/h3>\n
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