When marketing to Millennials and Generation Z, consider your sustainability promise. What it contains can make the difference between a successful effort and a dud.
On the April 23rd, 2016 episode of Focus on Suppliers, Jessica Hendrix, CEO of Saatchi & Saatchi X, offered a Millennial Minute on the purchasing decisions of Millennials. It turns out that this socially-conscious demographic pays close attention to sustainability.
As Hendrix says:
“. . . 75% of Millennials will actually pay more for products that they know are connected to a sustainable organization.”
How much more will Millennials pay? Up to a whopping 33%. And, yes, Gen Z (those born in the mid-to-late 1990s) are following suit.
Your sustainability effort can’t be just a one-time thing, however. Jessica also notes that Millennials are paying attention to your corporate culture. Some examples include TOMS Shoes and their pledge to donate a pair of shoes to a needy child for every pair of shoes a customer buys. There’s also CVS’s decision to stop selling tobacco and Walmart’s commitment to local produce and organics.
Let your Millennials know about your sustainability story but make sure that they understand that the story isn’t confined to one product or product line. Show how sustainability is part of your culture and not just a one-off attempt at attracting customers.