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Those of us in the United States recently welcomed the unofficial start of summer over Memorial Day weekend. The weather is getting warmer and another school year will soon be coming to a close, so it’s no surprise that more people are enjoying the great outdoors. Of course, everyone understands that caring for our planet must be an integral part of ensuring that the outdoors can be enjoyed for generations to come. Businesses and consumers alike are becoming increasingly conscious about the detrimental impact that certain processes can have on our environment, so it’s more important than ever for brands to position themselves as being sustainable and environmentally sound.
Today’s buyers want complete transparency into how businesses operate, so simply being conscious of the environment or promoting your business as “eco-friendly” is not enough. Even though most organizations understand the importance of sustainability, change is seldom easy. Fortunately, there are many earth-friendly practices that most companies (regardless of size or industry) can implement to reduce their impact on the environment.
Sustainability Defined
Although there’s no single definition for sustainability, it starts with relying on “green” technologies and practices that limit greenhouse gases and minimize waste. It builds on environmentally sound production processes and the use of recycled materials. Eco-conscious firms pay attention to their energy use and take advantage of renewable energy resources. They also concentrate on the proper disposal of waste materials and recycling as much as possible.
A Competitive Differentiator
Embracing more sustainable business practices might seem overwhelming at first, but even small changes can make a big difference. In addition, becoming more eco-friendly is a win-win situation for companies as well as consumers. Enterprises can become more efficient by implementing sustainable business practices, and consumers feel better about patronizing firms that care for the planet that we all share. The 2021 Global Sustainability Study by Simon-Kucher and Partners reveals that sustainability is becoming increasingly important in consumers’ buying decisions. Today’s consumers see themselves as agents of change, and businesses must respond in kind if they hope to keep their customers loyal and satisfied.
There is no shortage of options for firms that are hoping to support a more eco-conscious society. A focus on sustainability can also serve as a differentiator in today’s competitive marketplace. According to Statista, most consumers expect the firms that they do business with to implement more eco-friendly practices. Almost 90% of consumers believed that brands should be doing much more to reduce their carbon footprints.
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The Effects of Climate Change
In addition to making good business sense, becoming more environmentally friendly is simply the right thing to do. A rapid growth in the human population and a heightened focus on carbon footprints have raised concerns about our natural resources—not just in our own backyards, but on a global basis.
A recent article in The New York Times points to an unfortunate paradox with the climate crisis. Wealthy, industrialized nations like the United States and many European countries release many more greenhouse gases than nations like India and Pakistan, but these poorer, less industrialized countries are feeling a greater impact. According to the article, “India has contributed little to climate change. Home to 18% of the world’s population, it has emitted just 3% of planet-warming greenhouse gases. Over the past three months, a heat wave has devastated North India and neighboring Pakistan. Temperatures surpassed 110 degrees Fahrenheit. It is so hot that overheated birds fell out of the sky in Gurgaon, India, and a bridge in northern Pakistan collapsed after melting snow and ice at a glacial lake released a torrent of water.”
Although countries like India and Pakistan are not the primary contributors to climate change, they are experiencing the brunt of its effects. In addition, these poorer countries (many of which are near the Equator and are therefore prone to soaring temperatures) have fewer resources to adapt to extreme heat waves. Less than 10% of Indians have air conditioners, and a widespread lack of electricity limits the use of fans, too. It’s likely only a matter of time before the effects of global warming make hotter weather more common on a worldwide basis, but the less industrialized countries that did little to contribute to the problem are currently suffering the most.
Promoting Sustainability in Your Own Business
Caring for the planet is an ongoing process and not something that should only be thought about once a year. Here are some everyday actions that businesses can take to support sustainability in their own communities:
Keypoint Intelligence’s Opinion
Businesses and consumers alike have an obligation to protect the planet we all share and ensure that it can be enjoyed for generations to come. In addition, an eco-friendly strategy can be an important competitive differentiator on many fronts. Consumers feel better doing business with firms that demonstrate a concern for the environment, businesses want to align themselves with like-minded partners who share their values, and prospective employees want to work for firms that are striving to make difference.
Don’t wait until Earth Day—consider what your business is doing to be eco-friendly today, then think about what you might be able to do to take those efforts a step further on a daily basis. Your customers, employees, and fellow businesses will appreciate it, and the long-term benefits to the environment and its people will be well worth the effort.
Subscribers to Keypoint Intelligence’s Advisory Services can access additional research, forecast data, and analysis on the importance of sustainability. If you’re not a subscriber, just send us an email at sales@keypointintelligence.com for more information.
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