Millennials make up the largest segment of consumer purchases in the country – $5 billion in 2015! They are constantly looking for the next best thing and in order to do that, they act and react to the world around them very differently.
- They want to work on newer terms. They want flexible work hours so they can manage child care or work when they are most productive
- They want the chance to work from places other than the office all day
- Their devices (phones and tablets) are always within their reach
- They tend to criticize older generations for being too slow to jump on new technology that makes working much easier
- They tend to only do business with companies that have a sense of social responsibility
- They want to clean up the planet and do business with companies that are on board with that
These factors should make businesses think about their social and environmental impact in a different light. In fact, businesses who are environmentally conscious could develop very loyal customers and employees from this generation. If you are a business owner, think about how this could impact your bottom line.
Millennials are obviously big consumers. Businesses who take the environmental movement seriously and take action within their business will not only be better off in-house, but they will be able to market to these spenders in a way that will make you stand out in the crowd. So many big businesses have created sustainability-related missions and goals for themselves and use it as a fantastic advertising and marketing tool (and who sees these advertisements? Millennials with their smart phones!).
Millennials will be the Decision-Makers
As baby boomers retire, Generation X’s are moving into top executive positions. This leaves the mid-management positions for millennials. As this generation moves into positions that involve making purchasing decisions, guess what will be one of their criteria for deciding who to purchase from? It will be other businesses who are socially responsible and doing their part to make the world a better place. In addition, installing solar energy gives a lot of incentive for consumers to choose your company over your competition.
2016 is the Year to Go Solar
Right now, federal subsidies and tax incentives for going solar are still in place. These incentives are due to expire at the end of 2019, and lessen incrementally after that date. This is a fantastic opportunity in place and we recommend everyone to take advantage of them while they last.
Overall, if you want to tap into the priorities of millennials, both as consumers and as upcoming decision-makers, a very wise move would be to implement sustainability into your business, publicize those improvements, and get a “leg-up” on your competition. Especially knowing that solar will pay for itself over the long-term, you will have done your share for the planet, and your business is guaranteed to stay competitive.