Why should a business use sustainable development in its marketing?
As the threat of climate change has been given increased attention over the last few months, the public has begun to investigate the level of corporate responsibility businesses have taken for their portion of the problem.
Unfortunately, it is slowly being realised organisations are not taking the same level of responsibility for their actions and their environmental impact as first anticipated. However, as a continuing of growing businesses means larger carbon footprints, lack of address of this trend is out of the question.
The good news is business and sustainability can coexist.
Sustainable development is becoming a strategic imperative, not a choice
The more focused the world becomes on eco-friendly business models, the faster sustainable development will become a strategic imperative for organisations rather than an operational choice.
But, as sustainable development will become more than just a means of meeting social and environmental concerns, focus on corporate responsibility will not just go towards meeting corporate sustainability goals but can become a method of maintaining a sustainable comparative advantage.
Sustainable development can create a comparative advantage for an organisation
Although sustainable development is often misunderstood as requiring a business to change its profitable business models to benefit the environment, in reality, the idea behind sustainable development is still to allow for an organisation’s economic enrichment.
It does not need to impact the bottom line
In the true sense of the term, sustainable development is meant to describe a method of achieving a profit for an organisation without causing further damage to the environment.
Therefore, if an organisation properly utilises more carbon-efficient technologies in efforts to adopt more environmentally friendly operations, they should be able to. This will not only benefit the environment but stand out from its competitors in a way that will generate attention, without an impact on the bottom line.
Sustainability efforts can benefit an organisation financially
As the right attention is now being paid to producing more affordable, ecologically efficient technology, profitability and sustainability are no longer mutually exclusive. In fact, examples of companies who have properly embraced sustainable development indicate that employing sustainability can improve profitability.
It can increase business efficiency and consumer choice
The profit increase in sustainable development is for many reasons surrounding operational efficiency and social recognition. But among them is the fact that consumers are more inclined to invest their money into brands that show they care about the environment. For example, current trends reveal that, although 66% of global consumers are willing to pay more for sustainable goods, this number will likely further increase as three out of four Millenials are willing to pay for more sustainable products.
It’s not just a good cause
Clearly, sustainable development is becoming more than just a choice or a sales pitch. As the environmental business practice is not only becoming more possible with improved innovations but a soon to be better heavily imposed obligation, sustainable development is not just a good cause anymore. It is a method for a comparative advantage over competing and lesser environmentally inclined companies.
Perhaps your business is wanting to or already is employing eco-friendly business practice but it’s not something you have not properly marketed or included in your brand image yet. The question is, does your business want to take advantage of the reward that sustainable development can bring beyond philanthropy, before the corporate reckoning?