Here’s a summary of the content in 200 words:
The article discusses the growing demand for a circular economy, where consumers are looking for ways to reduce waste and pollution by reusing and recycling products. This shift in consumer behavior is reflected in the rise of refurbished electronics, second-hand buying, and repairing rather than replacing broken items. Companies are exploring ways to create circular business models that keep products or materials in circulation, such as refurbished tech, reusable packaging, and furniture buybacks. Marketers can work with procurement and production teams to create a positioning strategy that attracts buyers.
The article highlights examples of companies that have successfully implemented circular economy strategies, such as Back Market’s refurbished tech sales and Diageo’s reusable kegs for bars. It also discusses challenges, such as delivering the same level of functionality, convenience, and price points as traditional products.
Additionally, the article provides insights from research conducted by Kantar, which outlines four pathways for companies to achieve better circularity: creating scalable circular solutions, driving demand for circular propositions, making circular behaviors irresistible, and hardwiring circular KPIs. It concludes that marketers hold the key to unlocking the value of a circular economy, promoting brand loyalty, and reducing waste and pollution.