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By Alexia Smith, Operations Manager, Polaris Marketing Research

Global warming, the high cost of oil, and concerns about water and air pollution are just a few of the many environmental issues prompting consumers to be more critical of their affect on the environment.  With this heightened awareness, many now seek ways to move towards a lifestyle focused on sustainable living.  With the increased visibility of the issue due to celebrity green supporters like Leonardo DiCaprio and Robert Redford and the success of the Academy Award winning documentary “An Inconvenient Truth” produced by former Vice President Al Gore, the fight for a greener planet reached a high point in 2007.  Millions of consumers sought to discover ways to lessen their impact on the environment, and adopt an eco-friendly lifestyle.

With all the efforts individuals put into going “green,” companies are recognizing the importance of these initiatives as well.  By adopting “green” friendly operations, and producing “green” products, not only are companies doing their part to aid in the preservation of the earth and its resources, but they are experiencing an increase in revenues and customer loyalty as well as gaining competitive advantages. This means that effectively marketing to the “green” consumer has become increasingly important as more companies try to jump on board and get a piece of the market share.

According to the 2007 GfK Roper Green Gauge study, online panel consumers say a company's environmental practices are important in making key decisions, including but not limited to: the products they purchase (79%), the products/services they recommend to others (77%), and where they invest their money (72%).  It was also found that four out of ten of their online panelists say they are willing to pay more for a product that is perceived as being better for the environment.

When looking at many of the companies that have implemented green practices into their operations and products, this appeal seems promising.  General Electric’s “Ecomagination,” for example, is an initiative where GE invests in research and creates products focused on environmentally friendly energy, hybrid engines and water treatment systems.  Since its inception May 2005, the program has produced more than $12 billion in revenue, and according to GE’s 2006 ecomagination report, there is an additional $50 billion expected from pending orders.

When hybrid vehicles first hit the U.S. market in 2000, sales did not accelerate as expected. Companies such as Toyota and Honda, undeterred by the slow start, continued to invest millions of dollars to improve the hybrid technologies of their vehicles.  Due to that continued investment, and a heightened commitment on behalf of “green” consumers over the past three years, close to 200,000 hybrids were sold in the U.S. alone in 2006, half of which were manufactured by Toyota.

Recently, the publishing giant Hearst Corporation introduced “The Daily Green,” a consumer website dedicated to “earth-friendly living."  In addition, the company has a section on its website (Being Green) to communicate its commitment to the environment and how the corporation pursues eco-friendly initiatives.

So we would like to ask our readers; how important is being “green” to your company?  What kinds of things is your company doing, if any, to become a greener corporation, or to market to the green consumer?  Please take part in a brief survey on this issue by clicking here. We will post the results in a future MR Perspectives.

Additional references:

Green Marketing Strategies for a Sustainable Future

GreenBiz

Business Sees Green in Going Green

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Alexia Smith is the Operations Manager of Polaris Marketing Research Inc., where she is responsible for coordinating the start-up and maintenance of ongoing and ad-hoc research projects with Polaris’ data collection partner.  Smith is a member of the Marketing Research Association (MRA) and is currently pursuing dual BA degrees in managerial science and computer information systems at Georgia State University.