3.2 Market Research for Eco-Conscious Consumers

Knowing the audience is key to developing a sustainable business model. Eco-friendly and ethically produced products are not only becoming a mainstream cultural concern among Millennials and Gen Z, but these younger consumers also reportedly prefer to pay more for them.

• Consumer Trends:
  • Growing interest in plant-based diets and cruelty-free products
  • A preference for brands that they know have clear sustainability commitments
  • Growing need for used, restored, upcycled products
• Market Research Tools:
  • Surveys & Focus Groups: Direct consumer feedback.
  • Customer Personas: Develop profiles of eco-conscious consumers intricately detailing their pain points, values, and buying behaviours.
  • Customer Journey Mapping: A process for mapping sustainable brand engagement to visualize where a company could be doing better.

Example:

• Zero Waste Earth Store: A Malaysian zero-waste shop uses customer feedback to shape its products, offering refillable household items and packaging-free groceries to satisfy the country’s growing eco-consumer community.
• Reformasi Eco: A Malaysian startup recycles furniture and home decor, leveraging its business savvy to tap into the urban market of customers who want stylish, eco-friendly home solutions.