Consumers aren’t just looking for good prices and quality products — they’re becoming more eco-conscious too. Recent studies found that companies employ green initiatives in their campaigns to improve their brand’s value.
via Triple Pundit:
These days, if your business isn’t going green, it’s going extinct. Consumers aren’t only looking for businesses that offer high-quality products and competitive prices; they want to know that the organizations that take their money are going to use it to make the world a better place. Recent studies have found that green initiatives can significantly improve a brand’s value. Because of this trend, more and more corporations are including green initiatives in their marketing campaigns, in order to show that they are willing to play a part in the push to preserve and sustain the environment.
But beyond simply improving company reputation, taking on an environmentally sound and responsible position benefits businesses in more practical ways as well. For example, many organizations have found that by taking steps to reduce energy use, they end up saving a great deal of money.
These efforts at improving sustainability give brands a boost in value, and help businesses to find success and longevity in their respective markets.
One such business that has seen improvements in value perception through its green initiatives is Honda. Due to the rising cost of petroleum fuel, Honda turned its attention toward finding a way to manufacture a more fuel-efficient car. As it implemented this particular green initiative, customers took note, and Honda’s sales figures rose dramatically. Compared to numbers from four years prior, the company’s figures improved by 28 percent after launching more fuel-efficient models.
A similar effort was made by GE in 2005 — when the company publicly declared that it intended to take on clean technology to reduce environmentally harmful greenhouse gas emissions, and also adapt green technology for other uses, such as in locomotives, wind turbines and jet engines. The company saw a rise in consumer satisfaction, and its revenue rose by $6 billion.