Millennials already number nearly 2 billion worldwide, or nearly 30% of the world’s population, and they will comprise 75% of the workforce by 2025, according to Deloitte.
In addition, the earning and spending power of Millennials will exceed their Boomer parents by 2018, which is why brand marketers are stretching to meet these digital natives who come equipped with conscience, confidence and competence.
A recent survey of 8,000 Millennials in 17 countries on active citizenship by MSLGROUP and Research Now, “The Future of Business Citizenship,” identifies key insights about the rising cohort and what they expect from business and advertising.
brandchannel asked Scott Beaudoin, Global Practice Director, Corporate & Brand Citizenship, MSLGROUP, commented on what the global study indicates that brand marketers must to resonate with Millennials.[more]
“To engage this challenging generations, marketers must focus on what not why, impact not ego, and we not you,” he said.
“Millennials want transparency—tell them exactly what you are doing, focus on the micro issues. They care about impact—tackle issues where you are able to make a real difference. They want to collaborate and do it together—include them as your citizen partners.”
# 1 – Millennials have Given Up on Government: 73% surveyed don’t believe that government can solve today’s issues alone.
# 2 – Millennials Expect Business to Pitch In: 83% of Millennials want business to get more involved, that business can make a greater impact with needed resources to make a real difference.
# 3 – Millennials Want to Be a Part of the Change They Wish to See: 51% want to be personally involved, and 69% want business to make it easier for them as consumers.
# 4 – With Loyalty: 71% are more loyal to brands and companies they believe are doing good.
# 5 – And with Recommendations: 78% recommend a company based on its involvement with society.
# 6 – Leaders: Eight in ten see those companies as setting an example for others.
# 7 – And, Employers of Choice: 74% of Millennials (7 in 10) perceive good business citizens as companies they would want to work for.
# 8 – Genuine: 77% see good business citizens as “genuine” or doing the right thing because it is the right thing to do.
# 9 – Trustworthy: More so than other brands who are not active in this area.
# 10 – Business is NOT meeting their expectations.
Notably, just one out of ten Millennials believe business is doing a good job today and 79% wished companies were more transparent.
One surprise from the survey, said Beaudoin, “Impact over ego: Millennials are able to separate what they personally care about and instead want business to focus on areas where business can have the most impact. e.g., 51 percent of global Millennials ranked inflation and rising prices as the top personal concern. But this issue ranked #28 when it came to areas they want business to focus on.”
“The data implies that Millennials are beginning to look to business to address the lack of kindness in the world,” he added. “When asked to list Top 5 areas they want business to address, Millennials in Poland, France and Sweden are saying they want business to help raise people’s self-esteem.”