March 20, 2008

WOM Could Unlock $104 Billion In Green Technology Sales

Americans’ appetite for environmentally friendly technologies and consumer products is grossly underserved, with a potential $104 billion in sales this year, according to the 2007 National Technology Readiness Survey. A whopping 71 percent of adults are interested in green technology, the survey, sponsored by the the University of Maryland’s Robert H. Smith School of Business and Rockbridge Associates, reports.

The $104 billion market opportunity represents the annual sales potential of 11 product categories. More than half, $54 billion, is the potential for sales of “green” vehicles.

The research finds that word of mouth is a key to green tech marketing with trends led by a small, yet powerful group of influencers that actively act as evangelists to a secondary group of adopters.

People most committed to the environment - 10 percent of adult consumers - are also very enthusiastic about technology. These “green tech leaders” are the same consumers who are often approached by others for advice on technology and the latest gadgets and devices. The researchers urge marketers to target this segment when introducing green products and services.

The market segment tends to be younger, heavier users of online social media and more enthusiastic about technology in general. They write blogs and advise others, and they also create a strong social networking effect that is critical for diffusing green technology to the larger market.

2007 NTRS Findings:
• 83 percent of adults want to preserve and protect the environment
• 42 percent of adults said products and services that help the environment are hard to find
• 59 percent of adults say they like trying new technologies that help the environment
• 56 percent of adults say gadgets designed to help the environment would be fun to own
• 68 percent of adults like to do business with companies that are environmentally responsible
• 72 percent of adults say they resent companies who say they care about the environment but are not sincere

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