When we have to choose between products of equal price and quality, most of us pick the one that’s the most ‘environmentally friendly’. As consumers become more aware of the effects their purchases have on the environment, businesses are beginning to realize and capitalize on the value of Green Marketing.
The benefits of Green Marketing are undeniable when you consider the results of a recent study released by the BBMG Conscious Report which states that, when choosing between products of equal price and quality:
- 90% of Americans are more likely to buy from companies that manufacture energy efficient products.
- 87% of Americans are more likely to buy from companies that commit to environmentally friendly practices.
When executed properly, promoting your business’s legitimate environmentally-friendly efforts can boost customer loyalty and recognition. On the other hand, failing to clearly explain, follow through and/or prove your claims may result in a loss of trust, loyalty and recognition. This act of deceit, known as Greenwashing, is very risky (more like idiotic) as the following chart from the Cone Communications Green Gap Trend Tracker shows.
Many large corporations and industries believe the value of a pro-environment image is greater than the costs of being labeled as a greenwasher. Some of them have gotten away with, but the largest and most deceptive ones are almost always confronted and accused. These acquisitions may not make their way to every customer, but articles like the ones listed below are doing their best to spread the word.
- The “Green” Hypocrisy: America’s Corporate Environment Champions Pollute The World
- The Top 25 Greenwashed Products in America
Do you think green marketing is worth the risk? Do you favor products that are supposedly pro-environment? Are you willing to pay more for them?
Stay tuned for Part 2 of this post, “Green Marketing Tips – How to Capture the Value and Eliminate the Risk,” coming next week!