What is Green Marketing?
Green Marketing is the act of developing and advertising products depending on their real or perceived environmental sustainability. Green marketing is also known as eco-marketing or sustainable marketing markets the offering based on its environmental benefits.
Importance of Green Marketing
Green marketing benefits both the environment and the company as well in the long run. Let’s see some of these benefits:
Green marketing gives a company a competitive advantage over its competitors. This is because it adds up more customers toa company already existing customer base, giving the company more exposure and sales.
As stated earlier, green marketing is a new domain that attracts customers who are becoming not only environmentally conscious but also environmentally responsible. These customers prefer green products over non-green products.
A company is seen as being responsible when it tows the green marketing route. This makes the customer feel that the company has a responsible outlook and is aware of the current environmental happenings. This, in turn, puts the company in a good spot in the eyes of existing and prospective customers.
Green marketing increases brand loyalty and brand equity. Brands who display their commitment towards safeguarding the environment and going green are more eligible to earn greater loyalty from customers than brands who are not.
Examples of Green Marketing
Another example, are companies that sell themselves as environmentally conscious companies by donating a portion of their sales proceeds to further environmental causes.
Objectives of Green Marketing
The following are what green marketing is geared towards:
- It affects every part of a business, from production and packaging to advertising as well as public relations.
- Aims at directing every marketing strategy towards a single objective which is profit via sustainable development.
- It also focuses on how to sell green products to earn the most profits.
Green Marketing Strategies
Here are some green marketing strategies employed by companies in order to gain loyalty and respect from customers. Your business can also benefit from it.
Green pricing is used by brands as a marketing strategy to make their product or service offering more appealing. The main aim here is to throw more light on what the customer stands to gain from the green offering.
Your company can go to the greenway. How? By designing your product or service green. This happens to be one of the most effective strategies that a company can employ to its advantage.
Here, companies boost their sustainability values by positioning itself as a company that is environmentally friendly. Now the company focuses on partnering with and getting certifications from green oriented organizations in order to attract customers who are green conscious.
This is for businesses that their product offering results in generating a lot of waste material. Now such companies can take advantage of this, and use the green marketing strategy to talk about the sustainable disposal practices they use and how well it has reduced the impact on both the environmental and human life.
Those who run an e-commerce store or a green products store can use this effective green marketing strategy, which includes measures taken by the company to minimize the ecological impact of all logistics activities between the point of origin and the point of consumption.
Impacts of Green Marketing
Green marketing has a positive influence on both the health of people and the ecological environment. This new marketing domain has created an awareness of pure products and pure methods of producing, using, and disposing of the products. It has gone to a great length in encouraging integrated efforts for purity in production and consumption.
Knowing that anything that has green added to its prefix attracts attention some companies merely attach green to their prefix without actually offering green. This is known as Greenwashing which is also called green sheen. This is a practice of promoting the deceptive perception that the product is green when in the actual fact it’s not.