Blog and Ideas
December 7, 2018
By Sarah Rose

Corporate Social Responsibility: Why this is The Bandwagon You Need to Be On

A look at millennial purchasing power and the power of CSR to put you in the eyes of your consumers.

Corporate Social Responsibility: Why this is The Bandwagon You Need to Be On

The “rat race” has reached a whole new level. The digital world has triggered an ever-more powerful consumerist culture, and with the prevalence of digital advertising and marketing, businesses – and individuals for that matter – are engaging in a daily crusade so as to remain relevant and in the forefront of the eyes of their consumers.

Did you know that according to Forbes, it was estimated in 2017 that in the U.S. alone, millennials would hold a spending power of $200 billion dollars? Now today, at the end of 2018, millennials have the most spending power of any generation. Plus, 62% of millennials said that they were more likely to become a loyal customer if brands were engaging with them on social media.

Okay, so what is my point? Well, I have several actually.

First, the fact that social media has undoubtedly become the most powerful marketing platform in the history of the business world; especially since it caters not only to the generation with the most purchasing power, but to almost every other generation too. I mean, it’s totally the norm for Grandma to be on Facebook nowadays – and just you wait until she finds Pinterest, it’ll be pie for days. Case in point, for any business to stay relevant there must be a strategic social media presence.

Second point: millennials are calling the shots. I mean, maybe not in government quite yet, but I like to think we’re well on our way. Continuing on, it’s safe to assume that our generation is not only calling the shots, but we’re also realizing that we’re about to inherit one heck of a mess. Which leads me to my third point being that sustainability is definitely an attractive feature to our generation when we’re making decisions as consumers, and as investors.

Today more than ever, Corporate Social Responsibility (CSR) is one of the most valuable business models to take into account when investing time and energy into the continued success of any organization. Don’t get me wrong, I don’t expect your real estate company to single-handedly save the ocean. I’m talking about true, authentic transparency when it comes to business practices; and about taking a stand that is beneficial both for business and for society.

Let’s take a look at a few reasons why embracing sustainable business practices is a great way to secure the continued success of your company (as if saving the planet weren’t enough for you…*millennial eye roll*):

  • Choosing CSR represents major cost savings. Taking a look at manufacturing costs and looking at greener options is actually very likely to cut costs, as opposed to the contrary that many unsustainable energy corporations would love have you believe. Furthermore, restructuring your company to go green can cut energy costs, make you eligible for government grants, and plus…let’s get real, going green is PR heaven.
  • Sustainable business practices call for innovation. Need I say more? We live in a day and age where every day is literally like waking up in a new episode of the Jetsons. Innovation is key to keeping up with the times, and trust me, when we millennials get it our way – your unsustainable manufacturing practices are going to need a re-haul sooner rather than later.
  • You’ll be leading a movement that is rapidly going global. I mean…talk about brand differentiation. Choosing to work outside the norm, and differentiate yourself by actually caring about the planet and society is a pretty darn attractive business model. Just this past Black Friday, I was scrolling through my Instagram feed (yes, my favorite millennial pastime) being bombarded by all the terrifyingly strategic attacks on my credit card, and I came across a post that threw me off in the best way possible. One of my favorite clothing companies had posted that they were closed all weekend, because they preferred to give their staff the entire Thanksgiving weekend to enjoy with friends any family rather than have them work Black Friday. Can you guess what I did? Yup. You bet that on Monday morning I went straight to their website and made a substantial purchase.

Corporate Social Responsibility is on the rise, and fast. I’d say it’s the perfect time to jump on the bandwagon and lead a movement toward more sustainable business practices, and toward a more sustainable planet.

Here at Mijo! Brands, a creative digital marketing agency with offices in Puerto Vallarta, Mexico City and Guadalajara, not only do we help businesses achieve their full potential in terms of social media presence and consumer engagement, but we also help to define the values that differentiate your brand amidst the ever-growing digital world.

Sarah lives in her little bubble of compassion and love for the planet. She studied Literature and Communications at Camosun College in Victoria B.C., and is presently working towards obtaining her Herbology and Natural Medicine certification in order to start her own practice. When she isn’t spending her time geeking out in the digital world, tending to her plants, or reading books on natural medicine, you can find her running barefoot with her pups, looking up delicious new vegetarian recipes to try, or trying (and failing) to reach whatever is on the top shelf.

 

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