Millennials care about the world. If you want their dollars, your business needs to care, too.
“Millennials are looking to spend money on things that do more,” said Julie Amor, whose Amor Consulting firm in Kansas City develops socially responsible business practices for local companies. “There needs to be a benefit beyond the one step that they’re taking with a purchase.”
That expectation calls upon businesses to clearly show such a benefit, Amor said, “whether that means donating a percentage of what is spent by customers to a good cause, or finding another way to let Millennials know that they’re money is doing more than just making a profit for the company.”
Before starting her own consulting firm, Amor worked 15 years as vice president of marketing and corporate communications for the University of Kansas Hospital. In that role, she helped to develop an organizational culture that embraced a mission that went beyond the organization. Such an approach can help any business reach and maintain a true connection to Millennials and those influenced by them.
“What I recommend to companies is find ways to tie in community initiatives that fit with your mission, vision and values, so it makes sense,” Amor said. “So it’s not just about our mission and how it makes a profit. It’s about our mission and how we change the world at the same time.”
Still, Amor said, businesses can get carried away in showing how much they care about making the world a better place.
“Everything in moderation,” she said. “Millennials are seeking balance. I have seen companies that do too much. They have so many initiatives that they’re supporting, they’re actually doing nothing because it’s too diluted.”