Do sustainable businesses really have a competitive advantage?
Often the importance of branding is overlooked. You want your customers to view your business as the only viable solution for their particular problem. To establish yourself as such, you must fully understand their needs and wants. Branding is invaluable and it is important to invest time in researching your present and potential target markets. Knowledge is power, and businesses that realize this utilize the information around them that is being distributed by the very people they are marketing to so that they can get an inside perspective on those hot topics that are most popular.
So the big question is what is hot today? If you haven’t been living under a rock for the last decade you should have at least heard of the sustainability movement.
GREEN IS IN!
Green is the new black, haven’t you heard? Integrating sustainable products and services can give your business the competitive edge over your competition. This strategy creates value and establishes rarity behind your brand. Consumers admire environmentally-friendly businesses, and the demand is high and rising for green products and services. According to a survey conducted by the Boston Consulting Group (BCG) in January 2009, the trend toward buying green will continue well into the future! More consumers purchased green products in 2008 than in 2007, and more consumers were willing to pay a higher price for those green products if they were considered to be of higher quality.
Statistics to Note:
- 93% of Americans believe companies have a responsibility to help preserve the environment. “Companies ultimately need to engage consumers and effectively communicate the impact their business practices and products have on the environment,” the agency says. “Consumers are listening.”
- 32% of Americans say they are more interested in environmental issues than they were a year ago.
- 85% of those surveyed said they’d consider switching products or services if they learned about a company’s negative corporate responsibility practices.
- 72% said they would be willing to pay more for an environmentally sound purchase if it saves them money in the long run.
Remember, sustainability isn’t a fad, it is something that our society has embraced as a necessity and if you are going to use it as a marketing strategy you need to be on board. Being cleaner and greener is something your entire company needs to be behind to actually bring about a change. This decision needs to permeate across your business so that it can become a part of your company culture and brand image. Becoming environmentally friendly is a process that may be expensive to you now, but in the end you will be making a difference and will also save money in the long-run.
So, how do you approach this journey? Start by asking serious questions. Try to gain a deeper understanding of what sustainability means, and not with a “superficial raising your profits” mentality. Give your employees and customers something to get excited about. Be innovated, creative, and experimental!
To answer the question previously asked – Yes, becoming a sustainable business will give you a competitive advantage and as an added bonus, you will be making a positive impact on the planet for future generations to come.
Resources for Your Green Revolution:
- 10 Easy Ways Your Business Can Go Green
- The Basics of Greening Your Business
- Green Up – Ideas to improve the Eco-Friendliness of Your Faculty
- Knowledge Hound - List of Even More Resources
Tags: green, marketing strategy, sustainability
