Businesses can track when customers vote with their feet but may struggle to find the why behind the walk away. One reason that once-loyal customers disappear is more likely about a conscious choice than fickle buying habits.
These Conscious Consumers make buying decisions based on the positive social, economic, and environmental impact of a product or service.
From Gen Z to Baby Boomers, many consumers care more about the why and how a product is made than the number on the price tag. If a brand doesn’t intentionally connect with followers’ values, it’s likely sales may drop as much as forty percent according to a study by IBM Institute for Business Value.
Conversely, conscious companies that communicate their authentic focus on natural, organic, or sustainable products and practices have opportunities to build revenue. Nielsen findings show the trend in eye-opening numbers:
- 41 percent of global customers said they would pay more for organic/natural products;
- 73 percent of folks around the world said they would change consumption habits to reduce environmental impact;
- $150 billion in revenue will come from this sustainably-minded crowd by the end of this year.
To communicate to this conscious crowd, share early and often the following about your product or service:
- Where it is sourced.
- How it is made.
- How it is delivered/distributed.
- What packaging is used.
- How employees are treated (environment/pay).
- How it fulfills your company mission.
- What value it provides to the individual, the community, or the planet.
- How a purchase positively impacts a community or the world.
Local companies are at a distinct advantage to sync with these seekers of sustainability. Here are 10 ways to make the conscious connection:
- Share your founding story and the relationships within the community.
- Show how you give back to the community — its schools, non-profit organizations, and employees.
- Watch for a shift in community need or focus for a certain purpose such as poverty, pollution, school supplies, or mental health, and direct additional resources to help in the effort.
- Highlight your quick and mindful distribution of products.
- Ask customers how they would like to see your company give back.
- Promote a give-back connection. For each $5 spent, your business gives a percentage to a local organization.
- Seek input from loyal customers on new products in which they have gained interest. Sell those products or highlight how yours connect with the same value.
- Highlight your people, their values, and why they support your business.
- Serve on community boards that serve a wide range and age of people and purposes.
- Actively and consistently promote the how, why, where, who and what of your company.
Another tip to attract local, regional and global-minded group from the IBM study:
Conscious consumers shop when and where the mood strikes them, in what are called “micro-moments” while performing other tasks when they may discover a “micro-need”.
Let Poole Communications help connect your company to these mico-needs at the right micro-moment to achieve macro results! We can help you maintain and grow your relevance with the rising opportunities among conscious consumers.
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