Companies that are able to give experiences and reach a spiritual dimension are supplying meaning to their millennial consumers, and here are some tips on how to do it.
"From sponsoring the local Little League to developing environmentally-responsible technologies, US companies have long invested in philanthropy and corporate social responsibility. Today, they spend an estimated $2 billion in cause marketing and another $14 billion in corporate philanthropy (IEG, Giving USA). And for many leading companies, from Wal-Mart to JPMorgan Chase, that means investing literally hundreds of millions of dollars in sustainability and corporate social responsibility (CSR) initiatives.
"In turn, American consumer are expressing a growing interest in the social impact that businesses can have on their lives, their families and their communities. And it’s not just consumers who are asking these questions.
"Given the size of the current—let alone future—budgets for these efforts, shareholders, CEOs, CMOs and CFOs are now wondering about the ultimate value of socially-responsible investments as well. And rightly so. Gone are the days when “doing good” was enough. And I say good riddance."--Perry Yeatman, Quartz