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Pru Chapman
OC Founder + Head Hustler

Pru Chapman is the Founder + Head Hustler at Owners Collective, a dedicated digital community and global online resource hub for early-stage entrepreneurs. Pru gets giddy supporting business owners to create meaningful, sustainable + profitable business. She loves nothing more than bulletproof coffee, her pooch Maverick, and an empty mountain hiking trail.

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Consumers are Changing


Consumers today are making decisions differently. They prioritize values-based decision-making and seek out brands that actively create the future they want to live in. The younger generation understands that every decision impacts the planet and therefore only supports brands that take an active role in considering both people and the planet.

Ignoring the impact of your business can have serious consequences. In the best-case scenario, your brand becomes outdated, a “dinosaur brand.” In the worst-case scenario, you are actively called out for failing to consider your impact on people and the planet. A McKinsey study found that two-thirds of consumers worldwide would switch, avoid, or boycott brands based on their stance on controversial issues. 

In order to future-proof your business it’s time to meet new Conscious Consumer – who is focused on responsibility, transparency, and creating positive change through their purchasing actions. 

A big part of this shift is driven by Gen Z’s increasing purchasing power. As of 2020, Gen Z made up 40% of global consumers. This generation is especially influential because nine in ten Gen Z consumers believe companies have a responsibility to address environmental and social issues (McKinsey). Growing up with the realities of climate change and the internet, they are highly informed and active in seeking solutions. They scrutinize brands deeply, aware of the impacts of fast fashion and pollution.

In fact, one-third of global consumers, from Gen Z to Baby Boomers, would ditch their favorite brand if it doesn’t align with their personal values. These consumers are willing to pay more and change their buying habits for brands that do align with their beliefs (IBM).

(Image credit: The Nix Company)

Embracing the New Conscious Consumer

To meet the Conscious Consumer and future-proof your brand, you’ll want to address the sustainability and transparency of your brand’s action head on – there’s no mucking around with the new conscious consumer, they’re the real deal and they expect you to be too.


1. Embed purpose into your Business Model

Purpose-led brands are led by a simple mission that is backed by data insight and can easily be understood by the Conscious Consumer. This takes the form of a simple, compelling message to educate consumers about the issue at the heart of their mission.o.


2. Consider & Communicate Areas of Impact

Sustainability must be checked at every stage of your supply chain. It’s about showing that your brand is genuinely trying to save resources and reduce waste. Smart, considered supply chains and the concept of a circular economy are essential. Consumers want proof that brands are going the extra mile – like recycling materials such as textiles, fabrics, and plastics. And they love seeing creative solutions, such as turning food waste into something useful through partnerships with farmers and kitchens. It could be animal feed, protein flour, or even a new type of beer.


3.Be Transparent

Brands need to be upfront and honest if they’re to win over the Conscious Consumer. Making things convenient or speedy isn’t cutting it anymore. Nowadays, people want simple and straight-forward ways to know all about a product—the good stuff like what’s in it, how it’s made, and if it’s coming from a good place sustainably and ethically.


4.Consider Taking a Stance on Controversial Issues

This is how as a brand you can demonstrate your values in real time, and the conscious consumer of tomorrow is looking for exactly that, a values-alignment with the company they choose to purchase from.

 

Keen to learn more? Check out our Sustainability Starter Program HERE

By understanding and adapting to the needs of the New Conscious Consumer, you can ensure your business remains relevant and successful in an ever-evolving market.

 

Owners Collective

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