Is Doing Good, Good Advertising?
Social activism is on the rise. The populism movement is building. Political lines are being drawn. What’s a brand to do? For many, supporting noncontroversial causes is a good corporate policy, but does it make for good marketing?
For most, a contribution is enough. But for today’s rising millennials, that kind of good- doing is not good enough. As one CEO put it, “…brands will need to give greater attention to carving out a corporate social responsibility platform that consumers” will engage with. Millennial purchasing power is expanding, so will the scrutiny of corporate cause marking.
How do millennials feel about cause marketing? Nearly two-thirds of respondents to the Toluna market research found that they seek out brands that support causes they align with. Half the people surveyed said they were more likely to purchase from a brand that supported a cause they believed in. The most popular causes according to the research were “hunger, homelessness or medical relief efforts.”
The real key is that millennials would change their behavior if they knew their money was going to a good cause because of their purchase: I would pay more for products (47% millennial, 32% Gen X, 15% boomer); I would be willing to research brands to see what causes they support (45% millennials, 39% Gen X, and 37% boomers).
Today’s consumers want brand to go beyond the expected. Cause marketing fills the requirement.