A study by MIT Sloan Management Review found that consumers are willing to pay an average of 14% more for products that have been certified as sustainable by a third-party organization. However, the premium that can be charged will depend on various factors, such as the product category, the region, and the perceived value of the sustainability efforts. It’s worth noting that the premium that consumers are willing to pay for sustainable products can vary depending on the context. Therefore, the pricing strategy for a sustainable brand should be based on a variety of factors, including the costs of production, the competitive landscape, and the target audience’s willingness to pay.
A strategic alignment between your products or solutions and your marketing – including shifts in your product, production process, packaging, distribution, and a host of other factors – could yield positive results.