BETA
This is a BETA experience. You may opt-out by clicking here

More From Forbes

Edit Story

Millennials Are Pushing B2B Companies Toward Greater Social Impact

This article is more than 7 years old.

Image Credit: Adobestock

Adobestock

Our economy changes a little every day as Millennials begin to take on more substantial business roles, opening companies and rapidly becoming a larger share of the workforce. It’s no surprise that their spending habits reflect not only in general consumer behavior, but also a shift in B2B sales.

And the major factor that affects how Millennials spend money is a company’s ethical and moral behavior, especially concerning the environment. The flood of Millennials in the B2C and B2B marketplaces is altering the way companies do business. This changes the game for B2B entrepreneurs and sales professionals who are preparing for the future of commerce. Let’s examine one company that is focusing on social impact as a major part of its platform. Which of the following three approaches could help your business align with this mega trend?

Discover your genuine contribution (Hint: It’s not just a marketing tactic)

SunToWater is an environmentally and socially conscious company that reflects those values in every aspect of its business, including the flagship product, central marketing message, and all investments in time, energy and money.

Their product is a seemingly simple water generator, but it uses a complex, efficient system to draw oxygen and moisture from the air, and turn out pure, remineralized, WHO-standard drinking water. According to their website, “Each generator can operate completely off the grid using solar thermal collectors and photovoltaic panels. SunToWater consumes 0.51 kWh of power per gallon, approximately 70% less power than conventional dehumidifiers using Freon.”

Clearly, environmental awareness isn’t just a nice thing added on as an afterthought to appeal to a more environmentally-savvy customer base—it’s built into the product itself, and shows up repeatedly in all information the company produces. Not every business will be able to hit this social-benefit target as precisely as this example, but if your offering itself is not a fit, try the next suggestion.

Align with a cause

Millennials choose to eat at Malawi’s Pizza in part because, as stated by the company,For each meal purchased in one of our restaurants we donate a nutritious meal to a child in Malawi, Africa.” The same is true for Even Stevens sandwich shop where, “For every sandwich sold we donate a sandwich to a local non-profit.” The feeling generated by putting money toward a cause much bigger than the immediate purchase of a specific product is a signature driver for this demographic.

In the case of SunToWater, they offer a prominent option to purchase water generators to donate to people in need around the world. Each one can produce 40-100 gallons of clean drinking water a day, and it’s not hard to see what a powerful improvement off-the-grid, clean drinking water would make in certain communities. They’re not cheap, but they save lives and improve the quality of life. And that matters a lot to Millennials, as well as Millennial business owners interested in buying water generators for commercial use. In fact, on the SunToWater sales page, the donation section takes up substantially more space than the regular pre-sale reservation section. Again, social consciousness is built-in from the ground up.

The Company’s Co-Founder and CEO, Benjamin Blumenthal, has publicly voiced the role this technology will play in bringing water to people all over the world suffering from water scarcity and water contamination. “What’s shocking is people around the world are dying from dehydration even though there’s an ocean of fresh water just above their heads. Like a radio that pulls music out of the air, and a TV that pulls images and sound out of the air, our Water Generators pull water out of the air. The social impact, humanitarian assistance and life-saving benefits of this technology are limitless.”

Attract a new kind of investor to your cause

A focus on social and environmental benefits can bring more to your company than just customers. Increasingly, investors want their dollars to create more value than a return for themselves. Wikipedia contains some interesting information on Socially Responsible Investing, outlining the types of companies that are embraced or avoided by socially minded investors. How socially investable is your company?

Obviously, the availability of drinkable water for people that don’t currently have access is a big draw for investors. “Water scarcity and water contamination are some of the largest and most serious risks to this generation,”  says Jim Keyes, former CEO of 7-Eleven, Inc. “SunToWater is bringing a solution to market that can truly make a difference, both here in the US and abroad, addressing humanitarian applications and disaster response all around the world. Once deployed, the technology is expected to save countless lives.” That type of response from the investment community makes raising capital much easier. You can make your company more appealing to investors by either emphasizing your own social responsibility, or adopting a cause and making it a part of your mission and strategy.

The lesson here is not to slap a leaf graphic on your marketing materials and say that you’re going green because of some superficial modification. The lesson is that meaningful, tangible action and ground-up involvement are potent tools today, but utterly indispensable strategies tomorrow. And Millennials are driving this bus. It seems that in the wake of Millennial concerns injected into the marketplace, smart brands will need to weave environmentally and socially conscious services, products and practices throughout the fabric of their organizations.

Follow me on TwitterCheck out my website