Ivo Bozukov serves as vice president of energy transition at Forum Energy Technologies. In this role, Ivaylo Bozoukov has outlined a development path for technologies that can be utilised by Forum Energy Technologies customers to help provide the greatest environmental impact.
This article will examine the importance of sustainability in business, providing pointers to help business owners make their enterprises more eco-conscious – in the process potentially winning more customers, partners, and talent while protecting the long-term future of the business.
Today’s discerning customers are more environmentally and socially conscious than ever before, putting their spending power behind socially responsible companies that align with their ethics and values. Green marketing is a concept that centres around marketing a business’s products and services in a way that highlights their environmental benefits, positioning the enterprise as a sustainable business.
This can be achieved via a variety of different strategies, including the creation of eco-friendly products. Made from sustainably sourced natural materials, green products also help to minimise the amount of waste that is sent to landfills.
When a business invests in creating environmentally friendly products, sustainability becomes an integral part of its business story. Take for example Nike’s sustainable footwear, which is composed of a minimum of 20% recycled material. Each time a customer purchases a pair of Nike’s sustainable shoes, they are reminded of the brand’s commitment to the environment.
When businesses communicate with customers about their sustainability efforts, it is sensible to focus on one or two pertinent issues; narrowing the message makes it more believable, as well as helping to differentiate the business from its market rivals. It is also helpful to focus on issues that specifically impact the industry the business operates in. One example is Starbucks, which has focused on shifting to reusable packaging, expanding its plant-based menu options and driving down environmental waste.
In the United States, the Federal Trade Commission regulates the claims that businesses can make about their sustainability efforts. Companies cannot simply issue vague, generalised statements regarding the eco-friendliness of their products without backing up those claims with data.
Businesses that choose to advertise their sustainability efforts need to be specific and transparent about the actions they are taking. For instance, if a business claims its products are environmentally friendly, this statement needs to be backed up with reliable information establishing that the product is not harmful to the environment.
Greenwashing occurs when companies mislead the public about their environmental practices or the attributes of the company and the products and services it offers. Greenwashing may involve making false, misleading or exaggerated claims to create an illusion of sustainability. Greenwashing takes several different forms, from irrelevant endorsements and vague and unsubstantiated environmental claims to highlighting a single eco-friendly aspect but ignoring the business’s overall negative environmental impact. Greenwashing is a deceptive marketing practice where businesses overstate their positive impact on the environment which should be avoided at all costs.
A consumer behaviour study conducted by IBM in 2020 suggested that most consumers were willing to adapt their shopping habits to be more environmentally conscious. In the wake of these findings, many businesses have upped the ante in terms of presenting themselves as sustainable brands.
Sustainable marketing is the promotion of socially responsible practices, products and services. While eco-friendly businesses naturally work on sustainable marketing campaigns, enterprises that are not rooted in sustainability can still adopt this approach, applying its principles to their strategy and promoting an overall mission rather than simply advertising a product or service.
A 2022 survey by Hubspot involving 1,034 consumers revealed that approximately half of respondents regarded climate change as one of the most important social issues that businesses should take a stance on. 46% agreed that they were more likely to buy from a business trying to reduce its environmental impact, while 28% said the ethical production of a brand’s products and its environmental impact were two of the most important factors influencing their buying decisions.
Creating a sustainability page on the business website can be an effective means of highlighting steps the company is taking to improve its environmental impact. A sustainability page increases transparency with customers, as well as shows the world at large that the business is not merely engaging in greenwashing.
Obtaining third-party certification can also be a very compelling demonstration of environmental credentials. Indeed, in modern marketplaces, customers are actively seeking out businesses backed by a well-known environmental certificate or seal. When a business receives such third-party accreditation, this shows the world that the company is committed to improving the environment in the long term. Examples include B-corps, which are companies that meet the highest environmental and social performance standards, as well as companies that operate from LEED-certified premises, which are buildings that are specially designed and built to improve water and energy efficiency, enhance indoor air quality and minimise CO2 emissions.
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