The Age of the Conscious Consumer
With the recent global pandemic and the rise of social justice movements, conscious consumerism has taken over the retail space. B2B and B2C brands now must recognize the demands of the mindful shopper. There are many organizations that had to shift their brand’s purpose and operations. As technology is continuing to improve, more than ever it’s important for brands to understand how their products or services can make a positive impact.
Shopping With a Purpose
To make better purchasing decisions, consumers want to know everything there is to know about a brand. They look for high-quality, eco-friendly, and ethically-sourced products at low prices. For example, in 2021 a Lending Tree report found that 55% of consumers are willing to spend more on sustainable products.
Compared to previous generations, these types of consumers keep an eye on the political, social, and environmental landscape. Having strong moral principles allows them to value and respect brands that share the same beliefs.
Taking the Lead on Trends
Health and Wellness
The importance of mental health and wellness needs has increased over the past two years. A study from the American Psychological Association found that 78% feel that the COVID-19 pandemic became a significant stressor on their everyday life. More than ever, Americans are staying focused on how they can cope with mental health issues.
Because people are now seeking products that have a positive impact on their health, brands have an opportunity to be transparent about their mental health initiatives. Brands that incorporate products that help with sleep or stress management cater to the demand of what consumers need during this time. Supplements have also seen an increase in revenue, as many are taking a more holistic approach when combating stress.
Shoppers are more willing to purchase from companies with brand transparency. Utilizing transparency tactics builds brand loyalty and consumer trust. Nowadays, consumers are paying attention to how their purchases impact the environment.
Environmental waste has become one of the top concerns for conscious consumers. For example, eco-friendly products such as compostable or recycled packaging helps decrease waste thrown into our oceans and landfills. Incorporating sustainability within your business model not only adds value to your organization but also works to create a better future for the planet.
There is more to business than just selling products or services. Brands are building consumer trust by expressing their commitment to make a difference. Social issues such as equal representation, human rights, and environmental justice have become popular topics in media over the last couple of years.
Being authentic resonates with consumers because they know that their purchases are for the greater good. Creating behind-the-scenes content can give consumers insight on your organization’s culture or how your product is made. Showcasing your own company culture, policies, or products gives consumers insight into how your brand will impact society long term.
Educating Your Customers
Conscious consumers are always looking for specific topics to influence their purchasing decisions. Think about how you can display your company history and commitment to your values. Incorporate your philosophy on sustainability or how your company is involved with the local community. Know the environmental impact of your operations and where your organization stands on social justice issues. It’s your job as a brand to educate your target audience, and in return, you’re building a loyal consumer base.
One of the best ways to align with conscious consumers is to find out what’s important to them. Ask yourself what is your target audience looking for, or what impact does your audience want to make on society? Becoming hyper-connected to your audience allows you to tap into new market needs and drive growth.
Plan for the Future
Conscious consumerism is a trend that is here to stay. Planning how your business can respond to future risks and opportunities allows you to stay prepared in an ever-changing market. Utilizing research and data is important when making these key business decisions.
Retailers and consumers want to support organizations that align with their moral values by improving the lives of others or our planet. Selling to these buyers can build lasting relationships and increase economic growth. But most importantly, your brand can help improve the state of the planet and the well-being of others.
Alliance Sales & Marketing is a future-forward broker representing organizations coast to coast. Through extensive industry experience and data-driven methods, we can take your brand to the next level. Contact us today to learn more.