The socially-conscious consumer: opportunities for entrepreneurs

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The socially-conscious consumer: opportunities for entrepreneurs

  1. 1. THE SOCIALLYCONSCIOUS CONSUMER: OPPORTUNITIES FOR ENTREPRENEURS FINANCING | CONSULTING > BDC.CA
  2. 2. THE SOCIALLYCONSCIOUS CONSUMER Many Canadians are concerned about how their choices affect the world and their own well-being. The Socially Conscious Consumer: Opportunities for entrepreneurs > PAGE 2
  3. 3. THE SOCIALLY-CONSCIOUS CONSUMER Today, 3 key trends characterize this shift—and offer rich opportunities for entrepreneurs. ENVIRONMENTAL AND SOCIAL CONCERNS THE “MADE IN CANADA” ADVANTAGE The Socially Conscious Consumer: Opportunities for entrepreneurs > PAGE 3 HEALTH CONSCIOUSNESS
  4. 4. ENVIRONMENTAL AND SOCIAL CONCERNS SOME TRENDS • Half of Canadians are inclined to buy environmentallyfriendly products. • Nearly one third of consumers are willing to pay a premium for ethically-made products. • One third of consumers have researched companies’ CSR policies in the last year. • 90% of consumers would stop buying from a company using irresponsible practices. The Socially Conscious Consumer: Opportunities for entrepreneurs > PAGE 4
  5. 5. ENVIRONMENTAL AND SOCIAL CONCERNS THE OPPORTUNITY • Environmental and socially-responsible concerns are now part of many consumers’ buying decisions. • Enhancing and promoting the ethical and ecological aspects of your company can attract customers and build loyalty. The Socially Conscious Consumer: Opportunities for entrepreneurs > PAGE 5
  6. 6. ENVIRONMENTAL AND SOCIAL CONCERNS STRATEGIES • Increase or build environmental and social responsibility throughout your business. • Seek out and form partnerships with responsible suppliers. • Obtain certifications from trusted third-party organizations recognizing your responsible practices. • Tell people about your actions, including in advertising, social media and product packaging. The Socially Conscious Consumer: Opportunities for entrepreneurs > PAGE 6
  7. 7. THE “MADE IN CANADA” ADVANTAGE SOME TRENDS • Canadians are proud of products and services made in Canada. • Two thirds of Canadians have made an effort to buy Canadian in this past year. • 30% of Canadians are willing to pay more for a locally-made product. • 97% of those who buy Canadian do so to support the local economy. The Socially Conscious Consumer: Opportunities for entrepreneurs > PAGE 7
  8. 8. THE “MADE IN CANADA” ADVANTAGE THE OPPORTUNITY • Canadians are buying locally to translate their social concerns into action. • Canada is perceived internationally as “a model country”— associated with open, trustworthy people and safe, high-quality products. • Entrepreneurs can differentiate themselves from multinationals by emphasizing Canadian links. The Socially Conscious Consumer: Opportunities for entrepreneurs > PAGE 8
  9. 9. THE “MADE IN CANADA” ADVANTAGE STRATEGIES • Source in Canada as much as possible. • Communicate and promote the Canadian/local characteristics of your products. • Emphasize other Canadian/local features of your business, such as R&D, product design, etc. • Highlight your economic impact, such as jobs created, local partners, etc. • Use the “Made in Canada” brand at home and abroad to capitalize on positive perceptions. The Socially Conscious Consumer: Opportunities for entrepreneurs > PAGE 9
  10. 10. HEALTH CONSCIOUSNESS SOME TRENDS • In 2012, Canadian health and wellness services were worth $735 million. • Sportswear sales in Canada reached $5.4 billion in 2012, a 5% increase over 2011. • 50% of Canadians consider the health impact of a product before purchasing. • 33% of Canadians are willing to pay a premium for healthy products. The Socially Conscious Consumer: Opportunities for entrepreneurs > PAGE 10
  11. 11. HEALTH CONSCIOUSNESS THE OPPORTUNITY • Health awareness is changing how Canadians eat, spend leisure time and purchase products. • Canadians spend an average of $935 per year on health and wellness. • Consumers are actively seeking health and wellness benefits. The Socially Conscious Consumer: Opportunities for entrepreneurs > PAGE 11
  12. 12. HEALTH CONSCIOUSNESS SUGGESTED STRATEGIES • Provide new products/services to meet the public’s desire for a healthier lifestyle. • Adapt existing products/services to health-conscious consumers. • Research health benefits of your products/services and use them to differentiate yourself. • Identify “hidden” benefits that can be marketed as healthor wellness-related (e.g.: ergonomics, comfort). The Socially Conscious Consumer: Opportunities for entrepreneurs > PAGE 12
  13. 13. SUMMARY • Canadian consumers are increasingly demanding products that are good for the planet, for Canada and for their own bodies. • Entrepreneurs should ask themselves if their business is offering products/services that are ethical/ecological, locally produced and healthy. • It is important to go beyond a “do no harm” mentality to consider how your business can make a difference to your community, Canada and the planet as a whole. The Socially Conscious Consumer: Opportunities for entrepreneurs > PAGE 13
  14. 14. FINAL ADVICE • Reorient products, services and business practices in line with the socially-conscious consumer. • Try to back up marketing claims with independent certification. Claims with no backing can generate mistrust. • Make ecological, local and health concerns an integral part of your supply chain, R&D, etc. The Socially Conscious Consumer: Opportunities for entrepreneurs > PAGE 14
  15. 15. REAP THE REWARDS By making these key changes to your business, you will help your company to: • meet the evolving demands of Canadian consumers; • be more focused and innovative; • enhance its reputation; and • boost employee engagement, operational efficiency and profits. The Socially Conscious Consumer: Opportunities for entrepreneurs > PAGE 15 Business transitions: planning your succession > PAGE 15
  16. 16. SOURCES • Abacus Data (2011) • BDC-Ipsos survey (2013) • Cone Communications-Echo Research study (2013) • Deloitte analysis of Euromonitor database (2013) • Euromonitor database (2013) • Synovate Global Trends Survey (April 2011) The Socially Conscious Consumer: Opportunities for entrepreneurs > PAGE 16
  17. 17. FOR MORE ADVICE, GO TO BDC.CA /GROWTHCHALLENGES
  18. 18. BDC IS THE ONLY BANK DEDICATED EXCLUSIVELY TO ENTREPRENEURS. FINANCING | CONSULTING BDC.CA/GROWTHCHALLENGES

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