From Insight to Impact: How can Market Research be a Catalyst for Sustainability?
May 2024, by Ben Davis
As a market research agency positioned at the crossroads of various industries, we have a unique opportunity and responsibility to ensure sustainability remains a key focus for our clients. On World Environment Day, we delve into market research’s crucial role in shaping sustainable business practices and driving positive environmental impact, highlighting how MM-Eye drives change through our latest Say Do Sustainability Study (SDSS).
Uncovering Hidden Opportunities for Sustainable Innovation
In recent years, sustainability has evolved from a niche concern to a central aspect of consumer behaviour. Today’s shoppers are increasingly vigilant about the environmental and social impact of their purchases. Our market research capabilities are essential in identifying these shifts and helping businesses capitalise on them.
Through advanced data analytics, surveys, and focus groups, we reveal emerging trends that can drive sustainable innovation. Our innovative tool, ThoughtScape™, leverages AI-powered text analytics to delve into consumers’ subconscious motivations, revealing trends that other research methods might miss. This insight enables businesses to innovate, whether it’s developing biodegradable materials, enhancing energy efficiency in production, or creating products that support a circular economy.
Assessing the Effectiveness of Sustainable Business Practices through SDSS
Implementing sustainable practices and investing in sustainable innovation is crucial, but measuring the effectiveness of both is equally important. Market research provides the metrics needed to evaluate these initiatives comprehensively and assesses whether they have been effectively communicated to consumers. Companies can gauge the real-world impact of their sustainability efforts by tracking key performance indicators, though these don’t always reflect consumer perceptions.
Our latest SDSS offers an in-depth benchmark analysis option for businesses to compare their performance against industry standards. With fresh insights and consumer perspectives from 2024, this is the most comprehensive study of its kind in the UK, covering 55 brands across 11 industries and using 12 key metrics to assess the success of the brands’ sustainability initiatives and strategies. This comparative analysis highlights areas for improvement and showcases achievements, fostering a culture of continuous enhancement in sustainability. It also engages a representative sample of the UK population, helping our clients recognise what matters most to their target audience and understand the different targeting strategies available to ensure the most effective communication of their impact.
Enhancing Stakeholder Engagement through Data-Driven Insights
Market research helps craft targeted communication strategies that resonate with each stakeholder group by understanding the values, concerns, and expectations of consumers. Businesses can tailor their messages to demonstrate genuine commitment and progress in sustainability.
SDSS has revealed key trends in sustainability messaging, providing deep insights into how different groups perceive sustainability efforts. These insights help businesses refine their communication strategies to build trust and credibility with consumers. For a deeper dive into these insights, please follow this link to our Say Do Sustainability Study or read our recent article on how Zellenials view sustainability and brand efforts here.
Driving Behavioural Change for a Greener Future
Once a strategy is created to communicate a company’s sustainability initiatives and impact, ensuring the messaging effectively changes consumer behaviour remains a significant challenge. Market research can identify the behavioural barriers and motivators that influence sustainable choices. By leveraging behavioural science principles, we help businesses design interventions that nudge consumers towards more sustainable actions, thereby extending the positive impact of many businesses. We can then conduct projects that track behavioural change and the real-life impact of sustainability strategies, providing the evidence needed to drive further investment and impact in sustainability.
Celebrating World Environment Day
On this World Environment Day, we celebrate the indispensable role of market research in fostering sustainability. From uncovering hidden opportunities for innovation to driving behavioural change and ensuring effective marketing and communication of sustainability strategies, market research equips businesses with the insights needed to make informed, impactful decisions.
By harnessing the power of market research, businesses can enhance their sustainability strategies and contribute to a greener, more sustainable future.
Contact us or book an appointment to discover how MM-Eye can support your sustainability initiatives, help you achieve your environmental goals, and help you achieve your business goals.