How Small Businesses Can Appeal to Millennials by Being Eco-Friendly
As the world’s richest individuals are beginning to retire: the Baby Boomer generation, the baton of wealth is being passed to the next generation: the Millennials. The transfer of wealth is estimated to be roughly $29.7 trillion dollars, according to a Wealth-X NFP- 2016 Global Wealth Transfer Report.
However, it is no secret that businesses and corporations are having difficulty appealing to the richest-ever, young generation. Studies
show that Millennials, those within the ages of 21-36 on average are more risk-averse and are less likely to spend money unnecessarily than previous generation and are pickier to choose where they want to do business. But when Millennials do spend money key patterns have emerged. The younger generation prefers to do business with corporations and brands with pro-social messages and sustainability goals, according to an article by Forbes.
Environmental sustainability proves successful
Environmentally sustainable plans from global companies like Energizer and Tesla has proved successful for business. Last year Energizer made the world’s first AA batteries that contained 4 percent recycled battery materials. The company also committed
to increase these levels to 40 percent in the future and it looks to be paying off as Energizer is the fastest growing brand in the battery market.
Following release of their environmental sustainability plan last year, Tesla generated $10 billion of presales for their electric Model 3 car in just two days. Sustainability now makes commercial sense and it appeals to the younger generation. In a brand study by Google
, the electric car company polled to be the “coolest car brand” by Millennials, beating out luxury brands like BMW and Audi.
5 Ways to cut costs and increase environmental appeal
To appeal to the youth and eco-conscious customers, businesses should focus on efficiency and reduction of their carbon footprint. With advancements in technology, simple tech products can be integrated into a business to take steps toward sustainability.
- Products like the Amazon Echo, Google Home and other smart technology assistants can be used to program lights in the building to turn off when not in use.
- Products like the Moleskine Writing Kit and reMarkable can be used to reduce the amount of paper used in the work place by keeping all of your notes digital, improving efficiency
- The Nest Thermostat( 3rd Gen) and Ecobee3 Thermostat are Wi-Fi enabled thermostats that can be programed to turn air-conditioners and heaters off when not in use. The Ecobee3 can be directly paired with your Android and iOS devices, and can send you free monthly reports on how much energy you are saving and how to save even more.
- By switching to laptop computers, offices can see an 80 percent reduction of energy used when compared to desktop computers.
- Use compact-fluorescent (CFL) or LED lights. Though CFL and LED lights both have a higher purchase price than standard incandescent bulbs, they last significantly longer and use much less energy. CFL and LED bulbs can replace standard bulbs in most fixtures and can save you up to $200 per bulb over time.
The benefits of an environmentally friendly business
Promoting your environmentally friendly methods can set your business apart from your competitors and can attract millennials and other new customers who want to buy products and services from an environmentally aware business. Reducing the environmental impact of your business will improve the sustainability of your business. If you are less dependent on natural resources than your competitors and can reduce your carbon footprint, your business will have a greater chance of long-term success.
What are you thoughts on integrating eco-friendly techniques in the work place? Have you tried it? What is the best method you have come across to save your business money?