Patagonia has a business strategy that is quite unique. Unlike many clothing brands, the outdoor clothing company Patagonia is telling customers to think twice before purchasing their products. At first this seems like a strange business strategy, don’t companies want to make sales? Well, since launching their famous campaign, Patagonia has seen their profits almost triple.
Patagonia’s Common Thread Initiative promotes reducing, repairing, reusing, and recycling. This unique approach renounces over consumerism. Based on the increases in Patagonia sales since launching this strategy we can conclude that consumers are responding positively. Consumers feel that they can trust Patagonia and that the company truly values the environment.
Patagonia’s products are not cheap, however, the guarantee of quality and longevity of their products is making consumers consider quality versus quantity when shopping.
An advertisement in which the company states, “don’t buy this jacket” with a picture of their own product seems quite contradictory, but Patagonia is proving to the world that in order for a business to succeed they must create trust with the consumer and show that they have goals beyond creating profit.
Sources:
http://www.businessinsider.com/patagonia-business-strategy-2014-9
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