Brands have known for some time that consumers are willing to pay more for sustainably sourced or environmentally friendly products or services, which today includes everything from food, cosmetic products and clothes to solar-powered lawn mowers, phone chargers and speakers.
It’s fascinating how quickly the consumer zeitgeist aligned with socially responsible companies in almost every industry and sector, which is especially true for younger generations. According to “The sustainability imperative: consumer expectations and how to grow with sustainability,” a 2016 report published by Nielsen, 66 percent of consumers are “willing to pay more for brands committed to positive social and environmental impact,” an 11 percent increase from 2014.
Younger generations are much more likely to align their purchasing behavior with social responsibility, according to the same report.
Seventy-three percent of millennials and 72 percent of Gen Z—along with 51 percent of baby boomers—are willing to pay more for sustainable products and services.
There is a clear business incentive, then, for any brand to identify ways in which it can integrate sustainable practices into its business model, especially if the cost to do so doesn’t outweigh the corresponding increase in profits it may see from consumers who look to do business with sustainable companies.
PLNAR reduces carbon footprints.
Remodeling companies, for instances, can integrate the PLNAR app into their sales processes to reduce their carbon footprints. If a kitchen and bath remodeling company makes a dozen onsite sales visits a day and only converts half of them, the carbon cost of driving to six customers who were just looking for an introductory quote—rather than intending on making a serious purchasing decision—can add up to a sizeable amount over time.
Now imagine that a company was able to eliminate those six extraneous trips by asking the customer to download the PLNAR app—which helps users create floor plans and projects using AR technology—to identify qualified leads before ever heading onsite.
That’s not even counting the spike in brand equity a company would likely experience from marketing a sustainable business practice to its customers, nor does it account for the fact that such a marketing campaign might appeal to a younger generation that is spending more and more on renovations. According to a recent Forbes article, millennials “invested 7 percent more in their home in 2016 compared to 2015, bringing their average spending level to $26,200.”
As discussed above, millennials are the most likely to spend more on products and services that align with their own belief systems. Except, in PLNAR’s case, they wouldn’t have to spend a dime more and are actually saving time when they use the app, thus essentially doubling the incentive for businesses to adopt practices that engage younger generations without actually asking them to spend more.
If you want to learn more about how PLNAR can help you engage with younger generations through sustainable business practices, contact Ted