A Boston -based company named Cone, Inc. helps companies develop individual cause initiatives. The company's chairman, Carol Cone states that Companies with a true pioneering spirit are able to meet the high expectations of millennials by getting involved in relevant environmental and social issues. She further stressed the importance that companies confidently state their commitment in an honest and sincere manner to the consumer. It is important to the millennials that they are aware of how there loyalty to a particular brand or product is making a difference.
Studies show that approximately 9 out of ten millennials (also referred to as generation Y) are likely to switch from one brand to another if it associates itself with a good cause.
Furthermore, nearly 8 out of ten millennials desire to be associated with a company that is concerned about how it contributes to our world.
Studies have shown:
83% of surveyed individuals put more trust in a company if it shows actions that are both environmentally and socially responsible.
69% take into account the above factors when choosing where to shop.
64% stated the environmental and social actions of their company help boost their loyalty to their company.
56% refuse to be employed by a company which has shown to be irresponsible.
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