By Madeleine Smith
While the term “cause marketing” was coined in the 1970s, it’s become increasingly important today for companies to support a cause or sponsor a charity. If you want proof that cause marketing is on the rise, it’s in the numbers. Engageforgood.com tracks several consumer studies, all of which support the importance of cause marketing:
- Cause sponsorship is reported to reach $2.06 billion in 2017, a projected increase of 3.6% over 2016 (IEG Sponsorship Report, 2016).
- 33% of consumers are now choosing to buy from brands they believe are doing social or environmental good (Unilever Study, 2016).
- 74% of employees say that their job is more fulfilling when they have a positive impact (Cone Communications Employee Engagement Study, 2016).
- 80% of global consumers believe that businesses must play a role in addressing societal issues (Edelman Trust Barometer, 2016).
What’s most interesting is where Millennials factor into the picture. A 2014 Cone Communications Digital Activism Study found that:
- 74% of Millennials surveyed learn about a companies’ social or environmental business practices, versus the U.S. average of 54%.
- 80% of Millennials were likely to donate to a cause after learning about it through an online source, versus the U.S. average of 63%.
However, Millennials are often portrayed as the “me” generation–selfish, entitled, lazy… Also, it seems every Millennial has had the talk with their grandparent about how, “back in the day, they had to actually read books to write research papers, and walk to school uphill both ways in the snow.” The bottom-line is that they think technology has made Millennials’ lives much more convenient, and we have it so much easier than they did.
That’s probably true to some extent. Growing up with computers, cell phones, and technology has made things easier for some of us, but harder for others.
While I’m not walking to work in the rain or churning my own butter, I’m involved in my community. I’ve spent countless hours doing unpaid work for causes that I care about – and, after doing research, I know I’m not alone.
If you’re a business owner and you want to reach Millennials, consider supporting a cause or devoting pro-bono work to a non-profit. Cause marketing statistics show that it does pay off, no matter what side of the transaction you’re on.