A new research report by Glow looks at 12 United States sectors (airlines, liquor products, quick service restaurants, fashion retailers and brands, telecom, car/automotive, banks, energy providers, grocery retailers, pension funds, general insurance and food/grocery) and arrived at the following:
- 87% of consumers consider it important that businesses act responsibly regarding society/environment
- 25% of respondents stopped doing business with a company in 2023 due to its social/environmental behavior (You might want to read this one again)
- 58% said social/economic considerations are more important today than a year ago
What did the report uncover as to how those views convert to spending?
- $44 billion is ‘up for grabs’ in these 12 sectors
- That’s the amount expected to move from vendors not seen as sustainable, to vendors seen as sustainable, as soon as clients find a vendor that is seen as sustainable
If we assume these 12 sectors are consistent with the balance of US and Global views, we see:
- $125b is currently looking to move to a sustainable vendor in the US
- $500b is currently looking to move to a sustainable vendor Globally
If you are not a certified sustainable business, you will be a Giver:
- You will be an easy mark
- You will surrender sales, profit and market share to competitors that are doing what you are doing, but doing it while also being certified/verified as a sustainable business
If you are, or become, certified sustainable, you will be a Taker:
- This might be the easiest money you will ever make
- Assuming your product/service is consistent with your competitive peers, all you have to do is say, “I do what the other guy is doing, but I am who you want to buy from as I am a Good Corporate Citizen while doing it”
Our job is to help the Takers at the expense of the Givers. We are good at our job.
If you would rather be a Taker than a Giver, read this on what you want in a sustainability program, watch this master class, and contact us.