Customers can exercise economic stakeholder power by voting with their wallets.
This means that if they are unhappy with the company, they have the ability to stop buying from them and instead buy from someone else who uses sustainable practices.
With more people becoming aware of environmental sustainability, there is a growing trend in favor of companies that focus on it. Customers can also use their economic power by spreading the word about what companies have done for them.
This is often referred to as “word of mouth” marketing and it has a powerful effect on how people buy products from one company over another.
If someone had an unsatisfactory experience with Company A but they liked Company B, then person could take to social media or in-person conversations to talk about how great Company B was. Companies that are responsive to consumer feedback like this will quickly rise up the ranks while those who ignore customer concerns may find themselves struggling to stay afloat.
With these two tools at its disposal, customers can wield significant influence over whether or not a company succeeds within its market space. It should be noted that the