![\"purpose-driven](\"https:\/\/webolutionsmarketingagency.com\/wp-content\/uploads\/sustainable-businesses-480x219.jpg\")
According to a recent IBM study<\/a>, purpose-driven consumers who seek products and brands that align with their values and promote sustainable practices have surpassed value-driven consumers as the largest segment of the population. They now comprise 44% of all American consumers, and this percentage is expected to continue rising over the next few years.<\/p>\nThe same study also found that purpose-driven consumers are much better brand ambassadors than consumers prioritizing value. Purpose-driven consumers introduce friends and family to the brands they support more frequently than value-driven consumers, with 58% of purpose-driven consumers indicating they regularly offer these recommendations. As a result, demonstrating the ways your brand aligns with the values of consumers can result in lucrative, long-term relationships with individuals that can help you grow your customer base over time.<\/p>\n
Another study<\/a> conducted by the retail inventory technology company Sensormatic Solutions found similar evidence that brands who promote their sustainability efforts are gaining a competitive advantage:<\/p>\n Not only are consumers valuing sustainability more than ever, but they\u2019re also willing to pay for these products. A recent survey<\/a> by the Business of Sustainability Index found that 66% of US consumers are willing to pay more for sustainable products compared with less sustainable options offered by competitors. This figure is more pronounced with younger consumers, with 80% of Americans between the ages of 18 and 34 saying they\u2019re willing to pay more for sustainable products.<\/p>\n In addition, this survey found that a brand\u2019s ability to communicate their sustainable practices is important in these purchasing decisions. Approximately 50% of consumers said clear language on products detailing their sustainability is important, and 46% of consumers also say having a third-party or independent source confirm these sustainability practices is important in their decision making. Furthermore, 73% of consumers said they\u2019d sign up for a company\u2019s loyalty program if it helped reduce the environmental impact of their purchases.<\/p>\n According to Harvard Business Review<\/a>, Millennial and Gen Z consumers are 15% more likely than older generations to spend more money with a brand and choose it over its competitors when they rate the brand highly on humanity. In addition, 75% of Millennials consider sustainability when they make a purchase<\/a>, compared with 66% of the general population. Moreover, 90% of Gen Z consumers interviewed for a recent survey stated they\u2019ve purchased a sustainable product in the past six months.<\/p>\n The fact that Millennials and Gen Z consumers are driving this shift in purchasing behavior is significant, and it\u2019s a clear indication that this trend is likely to continue over the next decade. Gen Z\u2019s influence on consumer behavior will continue to increase as the youngest members of this generation become adults. In addition, the Harvard Business Review report indicates that the purchasing power of Millennials and Gen Z will surpass the purchasing power of Boomers by 2030. Furthermore, Gen Z will represent 27% of the world\u2019s income by 2030<\/a>, and they are expected to surpass the percentage of income possessed by Millennials by 2031.<\/p>\n Businesses who fail to align with the sustainability ethos valued by these younger generations can expect to struggle to maintain their market share as we reach 2030. In order to avoid this fate, it\u2019s critical for businesses to pivot towards sustainability now.<\/p>\n To thrive in this changing consumer landscape, your business must embrace sustainability and appeal to the growing number of purpose-driven consumers who now hold the largest market share. One of the best ways to do this is to shift your business model from a linear economy to a circular economy.<\/p>\n Traditionally, businesses have operated as a linear economy. In this model, businesses take materials from the earth to manufacture their products. Consumers then purchase these products and use them until they wear out, eventually throwing them away as waste.<\/p>\n A circular economy, on the other hand, takes steps to prevent this waste from being produced. In this model, processes such as reuse, refurbishment, recycling, maintenance, remanufacture and composting are implemented by businesses to keep these materials in circulation and reduce the waste generated by consumers. As the trend towards prioritizing sustainability in purchasing decisions continues to grow, it\u2019s likely that more and more companies will shift their model towards a circular economy that keeps the materials they use in circulation as long as possible.<\/p>\n It takes more than sustainable practices to appeal to the changing purchasing patterns of the modern consumer. You must also make this a core part of your brand and communicate this to your target audience to gain their trust. There are several important steps to take in order to connect with today\u2019s purpose-driven consumers:<\/p>\n It\u2019s important to identify the values and practices that are most important to your customers. When you know what motivates them to support your purpose, you can begin to transform your operating models to deliver the sustainability your customers value.<\/p>\n Once you\u2019ve established sustainable practices and adopted socially conscious values that your customers expect from the companies they support, you must make sure your brand messaging<\/a> aligns with these practices and values. It\u2019s important to communicate these ideals in all your marketing efforts to raise awareness of the steps your business takes to foster a more sustainable solution.<\/p>\n Communicating these ideals in your brand messaging is important, but purpose-driven consumers expect more concrete information in order to trust that you provide the sustainable solutions they demand. These consumers often spend a significant amount of time investigating the brands and products they support. When researching your company, they will look for hard evidence to demonstrate your use of sustainable solutions.<\/p>\n The more transparent you are when providing this information to consumers, the more likely you are to gain their trust. When this occurs, you\u2019ll be able to cultivate a loyal customer base that will also serve as powerful brand ambassadors to others in their network who share their socially and environmentally conscious values.<\/p>\n Vaniman operates under a \u201crepair, don\u2019t replace\u201d business philosophy. As part of this approach, all their machines are designed to:<\/p>\n As new motors, switches and other technologies become available, Vaniman upgrades their replacement parts with newer, better units while ensuring they are compatible with older models, including the original Vaniman machines made decades ago. For example, if a new motor is designed that is more powerful and efficient, Vaniman will also make an adaptor bracket to allow the new motor to retroactively replace a motor in an existing machine designed 20 years ago.<\/p>\n This business philosophy creates a circular economy that keeps Vaniman machines out of landfills. A typical light industrial dust collector with a five-year lifespan manufactured by a competitor will create 3 cubic feet of landfill waste every five years, and 12 cubic feet of waste every 20 years. A similar unit manufactured by Vaniman will only need replacement brushes and potentially a replacement motor over time. As a result, their machines produce less than 1\/8 of a cubic foot of landfill waste in that same 20-year period. This equates to 1% of the volume of waste produced by their competitors every 20 years.<\/p>\n In addition, this model reduces fuel consumption and transportation costs since there is no need to deliver new units to customers every five years.<\/p>\n Vaniman\u2019s sustainability efforts are making a significant impact on our environment and as an increasing number of customers prioritize these initiatives over the next decade, they are primed to experience a strong competitive advantage over other businesses in their industry.<\/p>\n These sustainability practices aren\u2019t unique to Vaniman\u2019s products. There are ways to adopt sustainable business models in just about any industry. If your company is committed to prioritizing these initiatives and living these values, you\u2019ll find that the growing number of purpose-driven consumers in our country will come to view you as a trusted brand that they want to support and recommend to others.<\/p>\n","protected":false},"excerpt":{"rendered":" Traditionally, consumers have prioritized price, convenience and value when making purchasing decisions, but this is rapidly changing. There is growing research indicating that we\u2019re on the cusp of a significant shift in consumer buying patterns where brands that prioritize environmental sustainability will possess a tremendous competitive advantage over companies who fail to make sustainability a\u2026<\/p>\n","protected":false},"author":24,"featured_media":52254,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1433],"tags":[],"class_list":["post-52239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-leading-your-market"],"acf":[],"yoast_head":"\n\n
Younger Consumers Are Driving This Trend<\/h2>\n
![\"Millennial](\"https:\/\/webolutionsmarketingagency.com\/wp-content\/uploads\/gen-z-consumers-480x322.jpg\")
While we\u2019ve seen this trend hold for consumers of all ages, it\u2019s also clear that this shift towards prioritizing sustainability in purchasing decisions is being driven by younger consumers. Millennials and Gen Z consumers have been leading the charge.<\/p>\nEmbracing the Circular Economy Will Help Elevate Your Sustainability Practices<\/h2>\n
![\"linear](\"https:\/\/webolutionsmarketingagency.com\/wp-content\/uploads\/circular-economy-768x449.jpg\")
<\/p>\nLeveraging an Emphasis on Sustainability to Grow Your Business<\/h2>\n
\n
Know Your Customers<\/h3>\n
Communicate Your Values as Part of Your Branding<\/h3>\n
Embrace Transparency<\/h3>\n
A Real-Life Example of a Company Embracing Sustainability<\/h2>\n
![\"businesses](\"https:\/\/webolutionsmarketingagency.com\/wp-content\/uploads\/ecofriendly-business-480x320.jpg\")
At Webolutions<\/a>, we see many of our clients embracing a culture of sustainability every day. One of these clients is Vaniman<\/a>, a manufacturer of air filtration systems, dust collection solutions, and other industrial products that improve air quality.<\/p>\n\n