The Basics of Sustainability and Business
Today the word “sustainability” has become somewhat cliche… everyone is using it. Be it reducing the amount of straws we use to reducing our meat intake to offset climate change, “sustainable” initiatives seem to be everywhere.
As we, as a society and culture, begin to learn more about the benefits of sustainability in our daily lives, we’ll sure to hear more of it as well.
However, it is in business that we can see a true change of tide in both consumer behavior and commercial response and production — And this is largely because “good business” is also smart and profitable business today.
Through sustainable practices such as creating products with a more ethical (b corp) standard, reducing a company’s carbon footprint, and creating healthy work environments, the for-profit sector is changing the way we interact with both clients and employees.
The opposite holds true as well. Companies that are not complying with the consumer desire for sustainable products and initiatives are beginning to flail with both consumers and new hires.
Top talent is also looking for ethical treatment during their everyday work lives, from flexible hours to ethical missions, the younger generations are not willing to settle for a cubicle and no voice. Not on board? It’s likely that your employees aren’t either and will be looking elsewhere in the near future.
Adding Sustainable Marketing Initiatives is Good For Business
Sustainability sets companies apart and does good for not only the environment, but your image and brand as well.
In recent years there has been a growing wellness trend that has been prevalent in all industries; consumers (and employees) are increasingly looking to support companies that promote positive business practices and whose values align with theirs. In fact, a new authoritative study, published by Nielsen, found that regardless of product category, brands with legitimate sustainability claims do better.
A new authoritative study, published by Nielsen, found that regardless of product category, brands with legitimate sustainability claims do better.
For example, in The Bronx of New York City sits the Montefiore Health System which stands apart as a star of sustainability. Montefiore has created green roofs atop their buildings (which lower their bills and allow for a place for hospital visitors and staff to enjoy), satellite health centers and offsite health/food education programs (which allow the community to remain healthy thereby reducing the amount of hospital beds needed), and a co-generation plant that enabled the hospital to be the sole building providing power during Hurricane Sandy (while also reducing their spend on energy throughout the years).
The examples of businesses doing good to draw in profits is rising exponentially. A coalition of giant brands is about to change how we shop forever, with a new zero-waste platform. And Google’s former head of HR wants to help people act more human at work.
In today’s economy, having a sustainable business model isn’t just ethical, it’s good business. People in today’s society (especially today’s younger workforce) want to purchase from and work with ethical and sustainable companies.
3 Perks of Adding Sustainable Marketing Initiatives to Your Business Plan
Gain a Competitive Edge
There’s little better marketing than a 3rd Party Advocate (AKA “Your Brand’s Personal Cheerleader”)
You need a solid workforce and employees who stand behind your company and mission to build a successful brand.
Lower turnover means higher productivity and profits. Providing your employees with a sustainable work environment and lifestyle increases motivation and encourages further dedication to the company, improve quality of work, often work more hours, and advocates for your cause.
There are endless options and new innovative business ventures for consumers to select from. Having a mission that is both ethical and sustainable gives your business a competitive edge.
Market Share Growth
Consumers are looking for responsible and ethical companies and products/services that they can confidently stand behind. When your business advocates for the environment and community, regardless of industry, customers feel happy about their purchase or participation, which will in turn inspire brand loyalty.
Customer loyalty: When customers regard your company not solely as a quality product or service, but also as an advocate for initiatives that align with their personal values.
When customers feel that you are in line with their beliefs, they are more likely to purchase from you over a competitor with a similar product and spread the word within their network. They’re also likely to buy more of your product, engage with you more, and share their love of your brand throughout their online and offline social circles.
Greater Innovation
Let’s face it — Once you start implementing new sustainability initiatives, you will think of more, innovative ideas and start to see more opportunities for positive environmental change arise within your current business strategy.
Diversity within your team is key when brainstorming for a more sustainable workplace. Diversity increases the ability to innovate because people with different perspectives are creating solutions for the same issue — thus allowing for more ideation, growth, and profit. Teamwork makes the dream work when it comes to innovation; and having a diverse team allows for a wide range of perspectives and knowledge.
Ready to take the next step in growing your business and increasing profits by adding sustainable marketing initiatives to your plan? Contact our Sustainable Marketing experts today!
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