Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

The socially-conscious consumer: opportunities for entrepreneurs

15,529 views

Published on

Published in: Business, Health & Medicine
  • Be the first to comment

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

×