Consumers in both Australia and the USA have an appetite for environmentally friendly technologies and consumer products however this is grossly under estimated claims a leading research Company.
Consumers in both Australia and the USA have an appetite for environmentally friendly technologies and consumer products however this is grossly under estimated claims a leading research Company. In a recent survey Rockbridge and Associates identified $104 billion in potential sales this year alone in the US. They also found that 71 percent of adults are interested in green technology, but there is a large gap between the number of products consumers own now and the number they say they would like to own.
The US $104 billion market opportunity represents the annual sales potential of the 11 product categories measured in their recent survey. More than half, $54 billion, is the potential for sales of “green” vehicles, including high-mileage, hybrid fuel, biofuel, and alternative-fuel vehicles. Researchers measured respondents’ interest levels for each of the green product categories and calculated market value based on average selling prices.
“The key to tapping this huge potential market is targeting and appropriately addressing the green consumer,” said P.K. Kannan, director of the Center for Excellence in Service. “Our research found that green technology trends are led by a small, yet powerful group of influencers that actively act as evangelists to a secondary group of adopters.”
The researchers classifies respondents into six segments based on their commitment to green technologies, their influence on others on being green, their skepticisms about green and their interest in technology. The survey finds that those most committed to the environment — 10 percent of adult consumers — are also very enthusiastic about technology. These “green tech leaders” are the same consumers who are often approached by others for advice on technology and the latest gadgets and devices. The researchers urge marketers to target this segment when introducing green products and services.
“There is a great opportunity for firms to not only target these green tech leaders to adopt their green products and services, but also use them to get the word out,” Kannan said. “This market segment tends to be younger, heavier users of online social media and more enthusiastic about technology in general. They write blogs and advise others, and they also create a strong social networking effect that is critical for diffusing green technology to the larger market.”
“Marketers also need to be mindful of their message,” said Charles Colby, president of Rockbridge Associates. “Consumers are quite sensitive to companies that don’t follow through on their promises. Firms that misrepresent or exaggerate the benefits of their green technology may find it backfires with consumer hostility or rejection.”