- Millennials have a lot of buying power at $2.45 trillion, and will reward brands for their corporate social responsibility.
- According to Omnicom Group's Cone Communications, Gen Y-ers will spend 70% more on brands that support causes.
- A recent Hotwire PR report also found that millennials are better marketed to as a group segmented by individual passions rather than as a cohesive age demographic.
There’s a subset of agencies that are specifically tapping into the corporate social responsibility market to help brands effectively create and execute socially conscious marketing.
Enso is one of the agencies specializing in socially responsible marketing. Co-Founder Kirk Souder told Adweek, "Brands started saying we can't continue to have this approach to social responsibility … doing something in the margins. We have to embed it deeply into the business."
"We were tentative about putting [corporate social responsibility] out there as our key differentiator, but now it has become a viable business opportunity for us," Rebecca Armstrong, managing director of North, also told Adweek. "There is enough to serve a business, and that happened in large part from the advent of millennials and the evolution of social media."
Corporate social responsibility has become a point of business value for brands including Google, Nike and Clif Bar, so there’s a big budget market for agencies offering socially responsible marketing.