Advertising Green Products
It wasn’t all that long ago that you could expect to charge a premium for items that were environmentally friendly. But time, and a long, tiring recession seem to have put a damper on that. As more and more marketers are going green, research is demonstrating that consumers are less and less willing to pay for it. Take packaging that uses less plastic. 52% of consumers were willing to pay more for it at the start of the recession in 2008. Compare that with just 47% today. How about energy-efficient light bulbs, once all the rage? Down from 70 to 60% in just four years. Still, any way you slice it, green still is big business. Sales of environmentally friendly products in the US exceeded $40 billion last year alone. This includes organic food, vehicles, lightbulbs, cleaning products and more. What appears to be happening is a bifurcation in the market — the most committed “green” consumers are still willing to spend the extra. But the mainstream market is on the fence. As with any other product or service, it’s simply important to research your target audience before you launch or change any product or direction — especially if you’re riding on a trend.