Green business practices bring a lot of opportunities to businesses. This article will introduce you to several of them.
Increasing market share through research and development
When you start trying to make your products greener and more sustainable, you will often be able to identify new product features and sometimes even entirely new product lines. For example, if your company creates furniture, you may consider using new materials for it. New products lines, in turn, may open new markets for your products.
Bringing the qualities of natural products to your product lines
Today on the market you can find glues that are as strong as shells of molluscs, buildings with great cooling because they use the principles behind termite mounds. More and more businesses in the twenty-first centuries are discovering that many of the problems people are trying to solve have the best solutions in nature.
Creating new markets in developing countries
Once you figure out how to create products from natural materials, bringing your business and business model to the developing world can be yet another business opportunity. For example, markets for water purification, efficient fuel and transportation, and high-yield crops exist all over the world.
Differentiating yourself in the marketplace
While more and more companies are calling themselves green, there are still a lot of opportunities in the market for those that really want to embrace the ideas of sustainability and green living. As consumers get more and more education about climate change and green principles, they will be leaving companies that don’t know what they are talking about and make those companies pay through loss of revenue and customers.
Building customer loyalty
Examples of brands that have incredibly loyal customers because of their commitment to sustainability include Patagonia and The Body Shop. If you take your social responsibility seriously, you will likely be able to build a very loyal base of customers.