moritz320 / Pixabay
Today’s businesses are not just looking at generating more profits or increasing sales. They are also finding ways to reduce their carbon footprint. Green marketing helps businesses find sustainable ways to do business.
When we talk of a business being ‘sustainable’, we refer to the amount of positive and/or negative impact it has on the environment. A business that follows a set of progressive and positive environmental policies is known as a sustainable business.
In green marketing, areas such as manufacturing, packaging, transportation, and storage take center stage, with businesses trying to identify safe and environmentally-friendly ways to conduct their day-to-day operations.
A new-age business practice
Global regulatory bodies constantly urge businesses to go green. In fact, many of them make it mandatory for companies to incorporate green strategies in their operations. While it is evident that green marketing is the need of the hour, most businesses are actually unsure about the benefits it will bring them. Here are a few reasons why businesses should consider investing their time and money in green marketing:
- It helps attract new segments of consumers
Certain groups of consumers may not purchase your products because they are either unhealthy or they are polluting the environment. By improving your production practices and by focusing on the health benefits of your product, you can acquire new customer segments.
- It offers a unique product positioning
Customers often consider green products to be of superior-quality, compared to products that aren’t marketed as green. Businesses can use this opportunity to position their product in the premium category. They can even charge their customers higher to recover the expenses incurred in implementing green practices.
- More product innovations are possible
In order to go green, businesses often have to rework and redesign their manufacturing practices and processes. They may even need to bring in new technology to support this change. These new processes and new technologies give businesses the ability to experiment with product development.
- Consumer education and engagement becomes easier
Green marketing is a relatively new concept. Not all customers may be aware of it. When businesses go green, they can encourage their consumers to go green as well. Additionally, businesses can engage their customers through green marketing initiates. They can create contests where customers can provide solutions to burning environmental concerns. They can also release videos and podcasts to educate customers on using their products in a more environmentally-friendly way.
- Businesses can become market leaders and influencers
Implementing green practices will help businesses be product and process innovators, which may give them the much-needed competitive advantage. Soon, they may find themselves creating benchmarks for their competitors to follow. They may even become market leaders.
- It increases brand visibility and brand recall
Product innovations and unique positioning allow businesses to gain brand visibility. The more a business implements green practices, the higher will its visibility be. The higher the visibility, the greater is the brand recall value.
Source:: Business 2 Community