Sustainability in business has many benefits, one of them being an increased brand reputation. This article is part of a series to discuss the benefits of what happens when organizations work with sustainability in their core operations.
Increased Brand Reputation
Brand reputation is an important factor when running any business. People want to work with ethical, honest, and trustworthy organizations. Reputation has become such an important issue that many organizations now have vetting processes to ensure the other brand isn’t operating illegally. But reputation isn’t the only thing that carries a brand reputation. What is found to be one of the most important factors to a brand reputation is sustainability and the actions which support it.
“Nielsen (a global measurement and data analytics company) polled 30,000 consumers in 60 countries and asked them to indicate what factors had the most influence on their purchasing habits of a wide range of products. … 66% of respondents say they’re willing to pay more for products and services that come from companies who are committed to positive social and environmental impact…” – Sustainable Brands:
And with this poll comes action. In 2018, Unilever announced that “its most sustainable brands grew 46% faster than the rest of their businesses and delivered 70% of its turnover growth.” In addition, their sustainable living brands increased to 26, up from 18 in 2016. These brands include Dove, Lipton, Hellmann’s, Knorr, and its B-Corp Certified brands Ben & Jerry’s and Seventh Generation.
So how you do you become a sustainable brand? 2018’s Sustainable Brands conference outlined five key elements: system-wide brand influence, net-positive products and services, purpose beyond profit, regenerative operations (recyclable materials and sustainable processes), and transparent and proactive governance.
“Now that 80% of consumers say that they would feel more loyal to brands that value community and environmental growth over money and status, sustainable branding has really hit its stride”. – Fabrik
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