IFE ADEDAPO writes on strategies that can increase consumers’ demand
Business leaders worldwide recognise that sustainable consumption within a rapidly evolving marketplace presents a considerable challenge, one that must be driven by both business and consumers.
A World Economic Forum report states that certain projects between 2008 and 2011 which were directed at ensuring sustainable consumption were focused on supply-chain elements.
The report notes that the projects which were championed by partner companies and the World Economic Forum, involved the laying out of business case for sustainable consumption and collaboration with stakeholders. They also highlighted the value for business in inspiring and driving sustainable consumption.
The report titled, ‘Engaging Tomorrow’s Consumer Project Report 2015’ says that since 2012, significant work has been done with partner companies and key stakeholders to design, launch and scale up programmes to create a movement to change the consumer attitudes and behaviour towards more sustainable lifestyles.
It adds that the business challenge has been framed around the key question: “How can companies engage consumers to trigger simple behavioural shifts that enable more sustainable lifestyles, grow demand for more sustainable products and create business value?”
Marketers can change consumer behaviour
The WEF report says brand marketers have the tools and influence to shift consumer behaviour towards more sustainable choices.
It says that companies championing the work of the ‘Engaging Tomorrow’s Consumer’ project recognised this potential and saw an opportunity to be a catalyst for a positive change.
Research shows that marketers do not have the incentives that will allow them to incorporate sustainability into their marketing programmes.
A Millward Brown Corporate research on ‘Engaging Marketers’ discovers that 72 per cent of marketers surveyed believe that marketing has the ability to create a demand for sustainable products and services; 71 per cent of marketers are aware of their company’s plans for and commitment to sustainability and 20 per cent of marketers feel empowered and incentivised to prioritise sustainability strategies.
Awards position marketers for better performance
The Positive Change Effie Award, which recognises and rewards brands for putting emphasis on sustainability in their marketing programmes, was introduced on the Earth Day 2014 by the World Economic Forum in collaboration with Effie Worldwide Incorporation.
It notes that the champions of the new award believe that marketers will want to win as it is the first time marketers are being rewarded for effectively incorporating sustainability strategies into their brand messaging.
It says, “The announcement of the award has been met with interest both by marketers and agencies, and the news of the award has been shared across many forums and events. Effie Worldwide Incorporated has also selected a highly acclaimed jury comprising of sustainability experts and marketing executives for the inaugural year.
“Getting globally recognised business and sustainability leaders championing the award is a great indicator of the industry’s willingness to support and drive the award’s mission.”
Young people are engaged in shaping consumer preferences
‘Collectively’ is a global digital media platform that came about as a result of the Engaging Tomorrow’s Consumer project. The idea for ‘Collectively’ was sparked by discussions at the annual meeting in Davos in 2013 on how to engage young people, often referred to as millennials or Gen Y, in adopting more sustainable lifestyles.
WEF notes that the platform has been built by young people for young people – many of whom are opting for access over ownership, building their status on experiences and favouring workplaces, brands and organisations that align with their values.
Research indicates that 61 per cent of millennials are concerned with the state of the world and want to make a difference; 84 per cent of millennials say “knowing I am helping to make a positive difference in the world is more important to me than a professional recognition” and 93 per cent of millennial consumers say they will buy a product because of a cause association.
With the launch of the Positive Change Effie Award and Collectively, the WEF’s partner companies acknowledge that significant progress has been made to catalyse and drive action to engage consumers in sustainable lifestyles.
Sourcing ideas from business leaders
According to the report, business leaders believe that consumers are critical actors to drive sustainable changes on issues relevant to different industries in collaboration with companies and other stakeholders.
As a result, the WEF, together with its professional services adviser, PricewaterhouseCooper, and the United States, conducted over 50 interviews of marketing, sustainability and corporate social responsibility with leaders within partner companies and other constituents, to solicit ideas on challenges and opportunities in engaging consumers towards positive societal objectives.
Build partnerships
The report says that based on the mandate, the proposed strategy is to engage millennials through public-private partnerships and open innovation to drive progress on sustainable living challenges. One idea to enable this strategy is through crowdsourcing of innovative concepts and driving them faster to execution through collaborative events, such as hackathons.
“Open innovation models offer the flexibility for different companies to address diverse sustainable living challenges, while sustaining impact across employee action, consumer action and venture funding. The digital platform of ‘Collectively’ will also serve as a natural point of collaboration for public and private partnerships on innovative concepts, it adds.”
It suggests that cities and universities are effective platforms for engaging millennials in both developed and emerging markets emphasising that an opportunity for partnering with cities can be through the universities.
The report explains that many universities have official or unofficial partnerships with cities in which they reside. Additionally, many universities have campuses globally which can facilitate efficiency for scaling purposes.
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