Because people are continuously becoming more aware of their responsibility to protect our world and its natural resources, many new opportunities are becoming available for green businesses. Environmentally conscious entrepreneurs are creating a valuable niche for themselves.
You may be one of those entrepreneurs, seeking ways to make your product or service stand out from the multitude of others exploding onto the marketplace. What information can you glean that will help you reach the right consumers for your business? How can you find out what your customers want, need or would like to change about your goods?
One way is by consulting a market research firm. But you don’t want just any research firm. You need a company that specializes in green market consulting.
What Do Green Market Research Consultants Do?
Green marketing is a specialized field. Fledgling owners of environmentally friendly businesses often need a little help understanding the way green-minded consumers make buying decisions. That knowledge is crucial when you are attempting to get a business off the ground.
Bob Beaulaurier of 20-year-old market research consulting company Research 13 in West Linn, OR, said all business owners should focus on the “4 Ps”‘ (product, price, place and promotion) to steer their business to success. Many new business owners make the common mistake of focusing only on the product. For example, if you concentrate only on the product, you may under price it, and not make the most money possible. Let’s be realistic. You may own a green business, but every business must make green as well, or it will fail.
How do you know what a consumer will pay for your product? That’s just one of the online market research projects Research 13 helps determine. The company also keeps you current with buying trends and buyers needs, which continually fluctuate. Beaulaurier said market research is an effective way to learn what customers want so you can deliver it to them.
How To Make Online Market Research Pay for Itself
One way using a market research firm pays for itself is by saving time and money by not promoting your company to the wrong target audience. Sometimes it is only a subtle difference in your product that will make it stand out from similar items available on the market. By knowing your consumer, you build a strong market base of loyal customers who in turn spread word of mouth about how well your product meets their needs.
One of the market research projects Research 13 is studying right now is solar. Demand for solar has been slower than expected, Bob says, but he expects that to change. The Obama administration and Oregon State are investing in renewable energy. Here are the Research 13′s top 5 findings from its study:
- Nearly nine-in-ten educated Oregonians say that they own their own home (86 percent). On average, the median personal individual income stated is $65,500 (not household income which would be greater) and median respondent age is 46.1 years.
- Respondents who are better educated are more likely to say things are headed in the right direction than the national average (61 percent vs. 38 percent.)
- Respondents said that they were most likely to shop for fruits and vegetables: farmers’ market, Coop, or local vendor (42 percent), local grocery store (37 percent), chain grocery store (5 percent), and Costco, Winco or Wal-Mart (16 percent).
- Respondents said they are most likely to buy sporting goods, sports equipment or sportswear (sweats, shorts, etc.) at a retail chain (45 percent) specialty retailer (24 percent) than a specialty retailer (24 percent) local retailer (8 percent) or online (5 percent).
- Respondents said they are even less likely to use a larger retailers like Wal-Mart, Costco or Target (8 percent) for a bicycle purchase. Respondents report they are most likely to buy a bicycle from a specialty bicycle store (37 percent) or local
Homeowners are bombarded with new environmentally friendly products everyday. Yes, many people do want to buy and use products that will help sustain our environment, but what makes yours better than the next guy’s? ”We help people in the green industry understand their markets so that we can help to position their green products against less green options,” Bob says. ”We are experts at ’social response bias.’ Nearly everyone will say they want to buy green but what are the hot buttons to actually get people to buy your products?”
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