BUILD A SUSTAINABLE BUSINESS FOR BRAND GROWTH
According to consumer trends, users today want to commit to brands that focus on sustainable business practices. Along with brands, governments around the world realise the importance of sustainable business models. For example, the UK is putting pressure on businesses to create models with a low-to-zero carbon footprint. Clearly, the agenda of preserving our natural environment is gaining importance.
Indeed, adapting to become more sustainable is hardly a choice; it is now a necessity. Businesses need to take responsibility to help contribute towards creating a circular economy. Unfortunately, most brands see sustainability just as a marketing avenue to reach a younger target audience. The new generation of consumers now have both the tools and the information to spread the word about a brand’s sustainability. Moreover, they know how to identify if a brand is truly committed to sustainable business practices, or if they use it as just a buzzword. This is why sustainable marketing is gaining traction.
In this article, Team Luxeveda outline some of the tenets of sustainable branding. We elaborate briefly on how to build a sustainable business.
STARTING ON BUILDING A SUSTAINABLE BUSINESS MODEL:
Building a sustainable brand, or pivoting your existing business model, can be difficult. This beginner list of ways to build a cohesive sustainable business model can help you get started on your journey.
- Analyse your supply side:
When it comes to your supply side, look at what waste you are producing and its source. A simple analysis then can tell you whether you can conduct your business with less waste, or even whether you can reuse/ sell some of it!
- Train all staff members:
Make sure your team knows your strategy and how your waste is being segregated. It is imperative that everyone is on the same wavelength. At the end of the day, your team represents your business.
- Sustainable marketing:
The market potential for a sustainable business is steadily growing. Along with real business improvements, like greater efficiency, a sustainable business model also builds authenticity through a transparent supply chain. This transparency in turn attracts customers, who feel confident with transacting with your business.
HOW YOUR BRAND CAN INTEGRATE SUSTAINABLE MARKETING:
As consumers become more cognizant of wanting to associate themselves with sustainable businesses, here are some ways to kickstart sustainable marketing:
- Focus on Core Values: The most successful companies have a mission beyond making money, and their sustainable marketing strategy should reflect that. Look at your business offering and conduct an analysis to see where the issues are in the supply chain. Never forget, your consumers purchase from you for a reason: so do not shift from your core business values. Instead, integrate sustainability to become one of your core values.
- Cost-Benefit Analysis: A cost-benefit analysis can help you understand how having a sustainable business model will generate revenue while producing positive externalities. For example, Levi Strauss & Co. has committed to sustainability while continuing to grow profitably.
- Weave a Narrative: Stakeholders are interested in knowing how your brand is working towards a sustainable business model. An important aspect of sustainable marketing should be to include regular and transparent communications. Communicating your progress towards your sustainability goals will attract more people to your brand. This is also great for revenue generation.
- Be Customer-Centric: It is important to understand your customers, how much they care about an issue and how much of an impact your new business positioning will make. Understanding customer needs (and wants) will be crucial when it comes to sustainable marketing.
Clearly, consumers respond to sustainable marketing. Be it because they want to make guilt-free purchases or otherwise, your business needs to change to attract the new age of consumers. Contact Luxeveda to start your sustainable business journey.