ecoHQ

If you have ever spent a little bit more on something because you know it was locally sourced or 100% recyclable, you have experienced the magic of Sustainable Marketing. More brands have put the planet’s needs first in recent years. It is no longer a business strategy but a conscious decision. With changing perspectives, 96% of businesses are feeling the heat (pun intended!) to become more sustainable and following the changes, 86% expect their sales to grow subsequently.

So what is Sustainable Marketing? 

It promotes socially responsible products, services or practices through specific strategies, tactics and campaigns. It aims to create awareness, generate interest, and drive consumer behaviour towards more sustainable choices. Sustainability marketing goes beyond green, is based on genuine efforts to improve sustainability, and is mostly backed up by transparent reporting and third-party certifications. 

And this is where sustainability branding comes into the picture. 

Interestingly, it is more than ‘Go Green’ logos and designs or pasting ‘eco-friendly’ labels on the packages. Sustainability branding emphasises a more significant purpose by providing a solid foundation and authenticity for marketing efforts. By integrating sustainability into brand strategy, brands stand out and communicate their values to the audience. Sustainable marketing and branding are potent tools that foster long-term brand loyalty.

If you have ever purchased something sustainable, know that you have done your bit towards contributing towards a more environmentally conscious world. It is like working on a common mission- to make the future more sustainable and greener. 

Marketing is a skill!

Marketing is a skill; the good news is that all skills are learnable. Sustainability has become more critical than ever due to climate change and environmental degradation. Even established brands are trying to reduce the ill effects on the environment. For instance, Starbucks claims to have cut emissions by 50%. They also invite their consumers to track the way they produce their products. Dell has a friendly recycling plan in place. They have repeatedly asked consumers to send the used equipment to them to destroy the potentially harmful parts at no cost safely. They have also vowed to remove about 86 million metric tons of plastic from the oceans from the parts of the profits earned. The tech giant Apple is committed to becoming 100% carbon neutral for its products and supply chain by 2030.

Fuelling a greener future, step by step!

 By sustainability marketing, startups can reap economic benefits, improve customer loyalty and build a brand reputation that is better than the rest. Many startups these days use software to scrutinise their energy usage and reduce their carbon footprint, while others use innovative materials and manufacturing processes to create more environmentally friendly practices. Some startups work with suppliers and customers to promote sustainability throughout their supply chain, while others collaborate with NGOs and other organisations to usher in positive, sustainable changes. 

For example, Phool is the world’s first profitable and lean solution to the monumental temple waste problem. The company uses dumped flowers from temples and recycles them into incense sticks. The packaging is made from Floraform, a high-performing mouldable and durable material, which is again purely made up of flower recycling. Another fine example is Greenko, a cleantech startup that enables sustainable and affordable energy with a net installed capacity of 7.5 GW across 15 states in India.

We are riding the wave of change!

It is rightly said that a well-aligned sustainability strategy allows a company to make long-term investments. Regarding sustainability, a do-nothing strategy can mean a more significant loss in the future. Many corporate leaders are realising this and are moving towards the circular economy. With the renewable energy market expected to be $2.15 trillion by 2025, it is also a huge area for growth. 

Though sustainability is also about social and economic aspects, alarming environmental concerns are bringing in the much-awaited changes. Corporations focusing on sustainability are best positioned to get valuable new business opportunities. A corporate strategy focusing on sustainability can add brand value, meet consumer brands, increase efficiency, attract valuable talent and create new opportunities. It also improves government and local community relations and gets company tax incentives and subsidies.

Companies not operating in the sustainability, environment or climate space benefit from showcasing their impact initiatives in several ways. It helps enhance their reputation, build customer trust, attract like-minded employees and set themselves apart from their competitors. Sharing their impact initiatives also inspires and motivates others to follow the trend, creating a positive ripple effect in the market. 

Measuring what matters!

Another excellent way for companies to showcase their environmental, social and governance efforts is ESG impact disclosure reports. These reports highlight the efforts and progress in reducing carbon emissions, promoting diversity and inclusion and ensuring ethical supply chain practices. It helps them communicate their commitment to sustainability to investors, stakeholders and consumers to help them make informed decisions. 

In one of our previous articles, we had discussed the need for Sustainability Communications due to ESG mandates, do give that a read for more context.

Interestingly, stock exchanges, regulatory bodies, and other government agencies have mandated ESG-related reporting, widely known as ESG disclosure. Various frameworks ensure that data is consistent, standardised and comparable across organisations and industries. High-quality ESG disclosure includes risks, opportunities, strategies and performance.

Misleading ESG disclosures may be considered greenwashing. A famous example is that of McDonald’s, which sold paper straws, claiming them to be recyclable, only to be found out later that they weren’t. However, marketing spin or not, the significance of sustainable brands is increasing daily, and it is here to stay.

As per a study, around 66% of consumers would spend more for a product if it came from a sustainable brand, and 81% of consumers feel that companies should help improve the environment. 

While sustainability might come with a heavy responsibility and a heavier price tag, it is pretty evident that consumers have got their back.

It is more conclusive than ever that sustainable marketing and branding are not just buzzwords but a conscious effort towards making the future more sustainable and greener.

When integrated into brand strategy, they can foster long-term brand loyalty, improve customer loyalty, and build a brand reputation that is better than the rest. Established brands are moving towards sustainability, and startups are reaping economic benefits by incorporating sustainable practices. It is high time that companies realise that a do-nothing strategy can mean a bigger loss in the future. By focusing on sustainability, companies can add brand value, increase efficiency, attract valuable talent, and create new opportunities, all while contributing towards a more environmentally conscious world.

Credits

Smriti is a certified digital content writer. She has a master’s in Mass Communication and Journalism, loves the mountains and the beach, lives out of suitcases/trunks (Fauji life)! Cold coffee fuels her creativity and helping out an animal in need makes her heart full.

The article was strategised by Deepa Sai

References

1. https://brandmasteracademy.com/sustainability-branding/
2. https://aicontentfy.com/en/blog/importance-of-sustainability-in-startups#:~:text=Sustainability%20can%20bring%20many%20benefits,positive%20impact%20on%20the%20environment.
3. https://greenbusinessbureau.com/business-function/marketing-sales/what-is-sustainable-marketing-and-why-is-it-important-in-2021/
4. https://blog.hubspot.com/marketing/sustainable-marketing
5. https://blog.gwi.com/marketing/sustainable-brands/
6. https://www.customplanet.co.uk/a-guide-to-sustainable-marketing-and-branding
7. https://corporatefinanceinstitute.com/resources/esg/esg-disclosure/#
8. https://timesofindia.indiatimes.com/blogs/voices/rise-of-the-esg-regulations/
9. https://www.forbes.com/sites/theyec/2018/08/20/why-sustainable-branding-matters/?sh=5a4cd7d55b6e
10. https://www.bbc.com/news/business-49234054.amp
11. https://startuptalky.com/sustainable-startups-india/