MARKETING THE ECO-FRIENDLY BRAND: DOES PRICE PLAY A SIGNIFICANT FACTOR?

When marketers work on an eco-friendly brand, one of the key issues is pricing.

To what extent is premium pricing for eco-friendly brands a deal-killer? I recently asked AnalyticsIQ CEO Dave Kelly to illuminate the issue. His firm’s research reveals that 75% of us say we prefer eco-friendly brands, but only 40% of us will pay more for them.

Paul Talbot: What’s the number one concept marketers of eco-friendly brands should keep in mind when working on their strategy?

Dave Kelly: Marketers of eco-friendly brands face a unique challenge in that most consumers say they are ‘environmentally-conscious.’ However, many of these consumers overestimate their personal level of environmental engagement. Their stated desire to support green practices is not reflected in their lifestyle and purchases.

The fact that many consumers say or look like they would support your eco-friendly brand, while only certain individuals are actually willing to follow through, makes having the right data to target the right audiences absolutely critical.

coupled with precise targeting based on reliable data and insights, eco-friendly brands risk wasting marketing spend as they attempt to sift through the sea of consumers unwilling or unable to purchase potentially more expensive, eco-friendly products

Talbot: How should marketers best understand their target and accurately define the characteristics of the sustainable living spender?

Kelly: We found that the intersection of two unique factors are extremely predictive of an individual’s level of green consumerism. Those factors are an individual’s belief in man-made climate change in conjunction with an individual’s level of cognitive flexibility, which refers to the ability to recognize and process two opposing ideas at once.

The sustainable living spenders have both a high level of belief in climate change and possess a high degree of cognitive flexibility. This specific intersection of personal characteristics results in the most ethically-minded, green-motivated consumers we call the sustainable living spenders.

Specifically, the sustainable living spender’s green consumerism is reflected in the fact that they are more likely to avoid a product if the company that sells it is socially irresponsible.

 

  • They buy products with reusable or recyclable packaging.
  • They have paid more for eco-friendly products even when there is a more affordable option.
  • They have switched products for environmental reasons.
  • They do not buy products that are harmful for the environment.

 

What is interesting is that these true climate champions are not the tree hugging hippies you may envision. The sustainable living spenders are a highly affluent audience with an annual income that is 37% higher than average.

They also spend 23% more on discretionary items per year than the average individual. So, not only are the sustainable living spenders motivated to make ethically minded purchases thanks to their belief in climate change and high cognitive flexibility, they have the means to put their money where their mouth is.

Talbot: Does the disconnect between a preference for green products and the resistance to spend more suggest consumers haven’t arrived at the point where they attach significant importance to eco-friendly products?

Kelly: That is absolutely a fair statement. Based on our research, we’ve found that the ‘resistance’ is due directly to a lack of belief in climate change or simply a lack of financial means to make eco-friendly purchases when an internal belief in climate change is present.

Although the combination of belief in climate change and high cognitive flexibility is the magic recipe for the sustainable living spenders, lower levels of cognitive flexibility do not indicate a lack of eco-friendly purchases for all consumers when the belief in climate change is present.

As you might expect, without a high belief in and concern for climate change, you are unlikely to be motivated to make green purchases.  f an individual holds no belief in climate change, they will not make eco-friendly purchases regardless of their means or cognitive flexibility.

Talbot: Are there product categories or a price threshold where pricing resistance diminishes?

Kelly: Not for the sustainable living spenders. These folks are ethically-minded consumers to the core. It is part of who they are and that is reflected in their shopping habits regardless of product category or price.


Source: Forbes 

A THREE-POINT AGENDA FOR MARKETING SUCCESS IN THE COVID-19 ERA

As we marketers prepare for recovery, the top factors I invite marketing leaders to consider in 2021 are based on an unambiguous three-point agenda

2 ESSENTIAL FACTORS OF SUSTAINABLE MARKETING

From Thuong Hieu Vu's point of view, there are 2 essential factors that have the most impact, if you could implement it as it means your business is running on the right way.

HOW MANY LEVEL OF HAPPINESS AT WORKPLACE?

How many times have you met a mechanic or a contractor who came to fix the house, but at the time of payment, they begged you to go for a quality assessment, until you were satisfied with a smile, that person happily accepted? The difference here is the level of happiness at workplace. And the above contractor was the one who achieved the highest level of happiness.

WHAT IS CONTENT STRATEGY ?

Most people have wonders surrounding the so-called Content Strategy, even for those in the marketing industry.

BUSINESS GROWTH WITHOUT MARKETING ?

There is a problem, also known as a question: "Is there any business that does not need Marketing but still develops in the market?

FOUR MARKETING ACTIONS FOR NAVIGATING IN TROUBLED TIMES

In October of 1980, The Conference Board held a conference titled “Marketing Under Economic Adversity.” The title is apt for today as we may be facing years of economic uncertainty due to the current pandemic that has halted a large swath of the U.S. and global economies. A poll among 34 economists conducted by The Wall Street Journal indicates belief that we are facing a recession with the loss of $1.5 trillion in economic output.

TO CREATE YOUR PERSONAL BRAND- PART 1

Creating your personal brand is like creating a brand identity for a product or service with one big difference. In creating a brand identity, you can choose its name, values, and personality. When it comes to your personal brand, it’s all about you and your authenticity. That’s everything that you are, everything you aspire to be, and everything that people believe you to be.

11 TIPS TO GET YOUR BRAND LOVE

Why brand love is important? How does brand love benefit a company?

MINDFULNESS AT WORK

Everything is a miracle, an unfortunate thing is also a miracle of life, and the good thing is also a miracle of life. Gratitude to the things around us is magical

PURSUIT OF HAPPINESS

The American Declaration of Independence has the phrase "pursuit of happiness", which is one of the basic human rights, but surprisingly, Buddha said: "Not pursuing happiness is having happiness".

CPG MARKETING FOR GEN Z: NOT YOUR GRANDMOTHER'S MARKETING PLAYBOOK!

Instead, focus on building a coalition of enthusiasts to champion your products so long as they’re authentic, purpose-driven, and meet the Gen Z shopper where they are. This isn’t your grandmother’s marketing playbook.

WHY SMALL BUSSINESSES NEED An INTEGRATED MARKETING PLAN (IMC PLAN) ?

IMC - not an entirely new concept to medium and large enterprises, but for small businesses which newly start a business, form a team, and having to do a lot of work, is still a new thing.

LOVING WORDS AT WORK

It's great to say loving words to people instead of reproaches. Did you know that the energy of compassion and empathy always carries the energy of patience?

MANAGEMENT LESSONS - HOW TO GET CUSTOMER’S LOVE OF LOTTE SUPERMARKET

The online supermarket is the "clinging" place for urban housewives in the lockdown situation. Observing how supermarkets sell goods from the perspective of personal experience into sales management lessons and building brand love for customers.

WHAT IS BRAND STRATEGY ?

No one wants to resort their competitors by pricing strategy, so businesses often hear the phrase "brand strategy".

ENHANCE CONCENTRATION IN DISTRACTION ERA

Whenever we have feelings of rushing thoughts or unfocused thoughts, we lean on and observe our 3 mindful breaths, 3 questions asking ourselves what's going on, what we're feeling, what's the most important things right now?

THE RELATIONSHIP BETWEEN MUSIC AND ADVERTISING: 5 WAYS MUSIC ENHANCES COMMERCIALS

You turn on the radio and the first song you hear triggers a memory from your childhood, your first kiss or a great party. Music is scientifically linked to memory, bringing you right back to the moment when you were actually listening to the song.

PART 1: WHY IS TIKTOK?

We’ve gone from Facebook to YouTube and then IGTV and now, we’ve arrived in the age of TikTok.Once you get to know the app and exactly what you can do with it, you’ll find that it’s a great help with brand building.

TEN POINTS ROADMAP: MARKETING & BRANDING DURING & BEYOND COVID TIMES

We are in unforeseen times and no person alive on this planet has personally faced this situation unleashed by the nCOVID19 pandemic and the lockdowns announced globally thereafter. Hence, the response with regards to understanding consumer behaviour and responding with right marketing and branding strategies also have to be novel, experimental and nimble, changing as per the evolving situation.

PART 2: HOW TO USE TIKTOK EFFECTIVELY

At face value, TikTok may appear like it’s been made solely for fun and games. After all, it’s the go-to app for meme-making teens trying to go viral. But when brands venture onto this new social media platform, they can reap the rewards.

MARKETING THE ECO-FRIENDLY BRAND: DOES PRICE PLAY A SIGNIFICANT FACTOR?

Price is one of the most important issues when marketing for eco-friendly brands. Is premium pricing for eco-friendly products turn into a dead end?

COVID-ERA TRENDS THAT WILL HAVE A LASTING IMPACT ON THE PRODUCTS AND EXPERIENCES PEOPLE WANT

To say COVID restrictions lasting over a year has been challenging is an understatement. We see four trends that are enriching the B2C and B2B relationship, and evolving products and consumer experiences for the better.

FIVE MORE COVID-19 MARKETING TRENDS FOR ‘THE NEW NORMAL’ OF CONSTANT CHANGE

But despite the upheaval defining this most difficult year, brands are continuing to transform in real-time and lay the foundations for future growth (whenever that may be). Here are some key focus areas.

TO CREATE YOUR PERSONAL BRAND - PART 2

There are essentially 9 steps to follow to create, develop and maintain your personal brand. By getting your branding right, it will empower you as an individual, enable you to shine a spotlight on your expertise, and make you stand out from the crowd.

HOW TO CREATE YOUR PERSONAL BRAND - PART 2

Your brand’s visual identity will be the most powerful way to capture attention and build recognition as it delivers its message in the shortest possible time.

NINE COMMON MISTAKES PEOPLE MAKE WHEN BUILDING THEIR PERSONAL BRAND

Establishing a personal brand is something many professionals do to get noticed by the right people and make themselves available to the right opportunities. Unfortunately, with all the different information sources out there, it's easy to get confused about how exactly to do that. Where one source would advise you to do one thing, another article may recommend the complete opposite.

1 2 3 ... 6

YOU WILL WORK DIRECTLY WITH FOUNDER OF VU BRANDING. ALWAYS.

LET'S WORK TOGETHER

call us at 0906611188 or email phuong.vu@thuonghieuvu.asia or please kindly share your project info. in the following form.

Contact us

Contact Us

Information

Our Address

41 - 47 Dong Du Street, Ben Nghe Ward, District 1, Ho Chi Minh City

Follow Us

Tell us about your project

Personal Information

Contact Us

Information

Our Address

41 - 47 Dong Du Street, Ben Nghe Ward, District 1, Ho Chi Minh City

Follow Us

Tell us about your project and needs, we’ll reply within 24 hours with 2 hour free consultation.

Download credential

Download Our Credential

Download credential
Close
Close
Close
Close
Close
Close
Close
Close
Close
Close
Close
Close