Doing Well by Doing Good - The New Differentiation?

Cause marketing -- the practice of tying charitable contributions of a firm directly to customer revenues produced by promoting a product -- is nothing new. Barnes & Noble promotes literacy, Coca-Cola sponsor local boys and Girls Clubs, and many brands support the Race for the Cure for Breast Cancer. Here is a list of the nine most influential cause marketing campaigns of all time.

The altruistic tendencies of Gen Y are giving extra urgency to many brand seeking to connect with under 30 consumers. Pepsi recently announced it would not be participating in the Super Bowl in order to focus on social media. Pepsi's 'Refresh Everything' social media campaign kicks off Wednesday. Pepsi is inviting consumers to nominate and vote on the causes that should receive funds from Pepsi, a classic 'crowdsourcing' effort. Pepsi plans to give away multiple grants each month, including two $250,000 grants, 10 $50,000 grants, and 10 $25,000 grants. Visitors are also encouraged to submit their own organizations and grant ideas, a $20 million effort in all.

This is a risky move for Pepsi, even if it is considerably less expensive than running spots in the Super Bowl. Do you think it will pay off? Do you think this effort will be among the most influential cause marketing campaign of all time? Why or why not?