The target market for waste management includes organizations that generate large quantities of waste that cannot automatically be disposed off in municipal waste management systems.
Such organizations include hospitals, research laboratories, farms, factories, and construction sites. It also includes cities that need to process all the waste they collect from residents. Each of these organizations has unique waste disposal needs that must be met in order for them to operate effectively.
If you’re in the waste management business or are planning to get into it, you will need to be clear who your target market is, what type of wastes they generate, and what they look for in a waste management business that they wish to contract for disposing off their waste.
Keep reading!
What is Waste Management?
Different people can have different definitions of Waste Management. So to get on the same page for the sake of this article, let’s define waste management.
We define waste management as follows:
Waste Management is the process of collecting, managing and disposing of waste in an environmentally and socially responsible manner following all applicable laws and regulations.
Now that we have a common understanding of what Waste Management is, let’s review the different types of waste that are typically generated.
Different Types of Waste: An Overview
There are many different ways in which waste can be categorized. Here are a few of the categories:
- Inorganic Waste
- Organic Waste
- Hazardous Waste
- Agricultural Waste
- Electronic Waste
- Medical Waste
- Recyclable Waste
Most other types of waste can be sub-categorized into one of these 7 categories. Also, as you can imagine, some wastes can fall into one or more categories. For instance, paper waste can be both organic as well as recyclable. Used batteries could be classified as electronic waste as well as hazardous waste.
Who is the Target Market for Waste Management?
The target market for waste management includes organizations that generate waste in such quantities that they need special waste management processes to be in line with waste disposal regulations.
Such organizations include:
- Factories
- Hospitals
- Farms
- Chemical & Pharma companies
- Construction Sites
- Cities
Let’s look closely at each of these.
1. Factories
Factories generate a lot of waste, and it is not always easy for them to dispose off this waste through municipal channels. This is because factories produce a variety of types of wastes that are not typically generated by households or small businesses.
For instance, a factory might generate hazardous waste, chemical waste, biomedical waste, electronic scrap, etc. And so it’s important for factories to have a waste management partner that can help them with all their special disposal needs.
2. Hospitals
Like factories, hospitals generate a lot of unique types of waste that need special processing before they can be disposed off. For example, hospitals produce biomedical waste and hazardous wastes which must be managed in accordance with stringent regulations.
In addition, hospitals also generate a lot of general waste such as paper, plastics, and metals. While some of this waste can be recycled, a lot of it still needs to be disposed off in landfills.
Hospitals typically look for waste management partners who can help them with all their waste disposal needs – both regulated and non-regulated.
3. Farms
Farms generate a lot of agricultural waste such as animal manure, crop residues, sludge and wastewater which could be contaminated with pesticides and fertilizer.
Agricultural waste can be harmful to both human health as well as the environment. While some of this waste can be used as manure or compost, a lot of it still needs to be disposed off.
The increase in agricultural waste is often a direct consequence of commercial farming techniques and methods.
4. Chemical & Pharma companies
Chemical, as well as pharmaceutical companies, generate byproducts and waste during their manufacturing processes. Some of this waste is hazardous, and it needs to be disposed off in accordance with strict regulations.
The relevant regulations in the United States are the Resource Conservation and Recovery Act and the Clean Water Act.
5. Construction Sites
During construction projects, a lot of waste is generated in the form of rubble, concrete, wood, metal, and plastic. Construction companies need to work with waste management companies to ensure that this waste is disposed off in a safe and legal manner.
6. Cities
Cities usually collect waste from residents and combine it to be processed in a single location. However, some cities generate more waste than their municipal channels can handle.
In such cases, it becomes necessary for the city to work with a private waste management company to help them process and dispose of their extra waste.
If a Waste management company has the infrastructure to manage different types of wastes, it could become a valuable partner for cities that need to ensure compliance with waste disposal regulations.
Selecting a Waste Management Service
The key factors that the organizations use while selecting a waste management service are:
- The type of waste the service can handle
- The regulatory environment
- Experience
- Reputation
- Geographic distance
- Cost
Let’s take a closer look at each one.
1. Type of Waste Handled by the Waste Management Service
If a waste management service is unable to handle a specific type of waste that an organization produces and needs to dispose off, it will not get hired for that job.
For example, if a factory generates hazardous waste, it will need to find a waste management service that can handle that specific type of hazardous waste. Or if a farm generates agricultural waste that it wants to convert into compost, it will need a waste management company capable of doing so.
The type of waste an organization produces (and what it wants to do with it) is by far the most important factor in selecting a waste management service.
2. Regulatory Environment
Another critical factor to consider is the regulatory environment. Depending on the country, state, and city, there might be different regulations that govern how waste can be disposed off.
Remember that the primary objective of businesses is to dispose off their waste in compliance with all local laws and regulations.
And so businesses look for waste management companies that have a clear understanding of the relevant regulations and how to dispose off the waste in compliance with these regulations. Often the liability of compliance can rest with the producer of the waste and so great care must be taken while selecting a waste management partner.
3. Experience
Having experience in disposing off waste in a compliant manner is another key factor that businesses look for in waste management services. No one wants to take a chance on an important matter as waste disposal with a company that is just learning the ropes.
4. Reputation
A good reputation means that the company has a long history of satisfied customers and has been able to meet stringent regulatory requirements. It also indicates that the company has high standards for safety and environmental compliance. In the waste management industry, a poor reputation can be the death knell for a business.
5. Geographical distance
Often, waste needs to be carried from the point where it has been produced to the point where it is to be processed for disposal. If this distance is significantly large then transportation and storage costs start becoming factors in the selection of a waste management company.
All other things being equal, any company will prefer a waste management partner that is in close proximity to the location where the waste is being produced.
6. Cost
Finally, like with all purchases, cost matters. Depending on the type of waste and the geographical location, the cost of disposing off waste can vary significantly.
However, for many businesses, the cost of waste disposal is not the most important factor. The most important factor is the proper disposal of waste in compliance with applicable laws and regulations. Because if a company becomes non-compliant with waste disposal regulations, it could lose its license to remain in business.
So companies often weigh the cost of waste disposal against the cost of non-compliance.
Summary
The target market for waste management services includes businesses and organizations that generate a lot of waste and need to ensure compliance with waste disposal regulations. These organizations include factories, hospitals, farms, industries like chemical & pharma companies, construction sites and cities.
The key factors that these organizations use while selecting a waste management service are the type of waste the service would need to handle, the regulatory environment, the service’s experience and reputation, the geographic distance that the waste would need to cover before being processed and total cost.
If you are planning to get into the waste management business or grow your existing business, there are plenty of opportunities to be had in this market. As concerns for the environment continue to grow and as regulations continue to get stricter, more and more businesses will turn to professional waste management companies to handle their waste in compliance with all laws and regulations. Outsourcing this critical function is often the best and only solution for many companies.