What this means for businesses is that connecting with this crucial cadre of consumers requires more than just a good product at a good price.
(PRWEB) November 28, 2012
The 18 to 30 year old demographic known as Millennials is redefining everything — and businesses need to understand how, according to CampusAuction: Bid for a Better World (http://www.campusauction.com).
Even more than other generations, this cohort is motivated by doing good. A recent study shows that Millennials get involved in membership-based organizations, like museums, art galleries and other civic institutions, for reasons that are fundamentally different than the motivators of their elders.
Those over 35 and under 35 both cite free admission as the top draw for membership in these sorts of civic organizations. However, the next four items on the top five differed substantially. For those over 35, all of the top five items were what could be considered self-interest motivators, specifically: priority access, members-only functions, advanced notice of upcoming activities, and member discounts. For those under 35, after the top priority of free admission, the next four motivators were all generally altruistic, specifically: belonging to the organization, supporting the organization, supporting the cause, and making a positive impact.
“The study is significant for nonprofits, which need to motivate the current generation in order to sustain their operations in the decades to come,” says CampusAuction CEO Eyal Lichtmann. “It is also significant, though, for businesses because it demonstrates the altruistic motivations that drive the activities of the Millennial generation.”
For younger people, a sense of belonging is important, he says. Supporting good causes — and being seen to support good causes — are likewise important. Making a positive impact on the world is absolutely crucial as a defining feature of this generation.
“What this means for businesses is that connecting with this crucial cadre of consumers requires more than just a good product at a good price,” Lichtmann says. “This generation votes with their wallets to support businesses that share their worldview. The study of Millennial involvement in nonprofits can give a very clear indicator of how businesses can demonstrate shared values with consumers.”
By demonstrating dedication to causes and institutions that may not be obviously related to the business’ bottom line can be an important link between business and consumer. In this seemingly roundabout way, involvement in good causes that are not directly related to the bottom line can ultimately help the bottom line — and the world.
“It is, in some ways, a whole new manner of looking at business,” Lichtmann says. “It's a brave new world and some businesses could use a hand navigating the new terrain.”
CampusAuction: Bid for a Better World, http://www.campusauction.com, connects businesses with socially conscious consumers through an unparalleled marketing platform that helps charities.
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