IMPORTANCE OF SUSTAINABLE BRANDING IN YOUR BUSINESS
In recent years consumer interest has increased in environmentally and socially conscious alternatives, and these alternatives are continuously on the rise. Although, there is a behavior gap; the inconsistency between consumers’ attitudes and actual buying behavior. However, sustainability attributes are becoming largely important in brand valuation and success.
Purpose rather than profit; the importance of sustainable branding has been the talk of the town in recent years. It has also become an important aspect in modern business and marketing strategies. The world is expanding like never before. Moreover, the population is increasing and the human race has been damaging the environment without realizing the ultimate consequences.
Environmental protection has become one of the top priorities for individuals and companies around the world. With such a prevalent focus on sustainability and awareness, businesses have caught on to the green movement, constantly learning to incorporate sustainable branding.
In recent years consumer interest has increased in environmentally and socially conscious alternatives, and these alternatives are continuously on the rise. Although, there is a behavior gap; the inconsistency between consumers’ attitudes and actual buying behavior. However, the sustainability attributes are becoming largely important in brand valuation and success. Consequently, the relation between brands and their consumers has thrived in a way that people want much more value for their money. They want companies to address social and environmental issues besides making profits. And from the perspective of the companies that means acting accordingly by contributing to a greater purpose and cause.
WHAT IS SUSTAINABLE BRANDING?
Sustainability branding is the process of creating and maintaining an identity of a specific product, service, or business that reflects the special added value in terms of environmental and social benefits.
A sustainable brand has a meaning or purpose that goes beyond making money. Instead of focusing only on profits, a sustainable brand is one that has successfully integrated environmental, economic, and social issues into its business operations. That is the main importance of Sustainable branding. However, most of the companies that consider themselves sustainable only meet a little chunk of this definition.
A brand is only perceived as sustainable if it credibly conveys sustainability benefits that are noticeable and relevant to the consumer. A sustainability brand must have an integrated culture for success. The key to a sustainable brand is trust between the consumer and the brand. When this trust factor is achieved, a sustainable brand can truly and largely reap its benefits.
WHAT IS GREEN BRANDING?
Green marketing is a strategy in which companies sell their products or services in a way that emphasizes their sustainability efforts or benefits to the environment.
Aside from the obvious fact that sustainability benefits the planet, green branding is fantastic for a business’s success. So massive is this environmentally-friendly trend, that it has devised its own marketing strategy.
Here are some of the goals of green marketing:
- Execute sustainable business practices
- Demonstrate social responsibility
- Reduce expenses
- Highlight the product/service as safe and environmentally aware
Greenwashing
Greenwashing is when companies spend more time and money claiming to be sustainable, rather than actually being sustainable. In other words, greenwashing is when a company misleads its consumers about the sustainability of the company or its products or services.
RELATIONSHIP BETWEEN SUSTAINABILITY, CONSUMER BEHAVIOR, AND BRAND VALUE
Although it’s hard to find the consistency among definitions of sustainability, it is a common understanding that it incorporates companies’ relationship with the natural environment, social causes, and corporate governance. A company’s initiatives must consider environmental, social, and financial impacts. That means companies must make investment decisions that will benefit the environment and society, and guarantee the sustainability of the project itself.
There is an enormous relationship between brands and consumers. Consumers, on one hand, determine the development and the success of brands, and brands reversely influence and manage consumer behavior. Consumer sustainable perceptions and preferences, the company’s sustainable practices, and brand equity are also strongly interrelated.
Sustainability can bring more profound meaning to a brand image and consequently greater emotional bonds and differentiation. A sustainability program that is consistent with a brand’s positioning will create value for companies by creating more value for their brands. Moreover, it enhances public recognition, competitive advantage, and provides future financial health and growth.
IMPORTANCE OF SUSTAINABLE BRANDING
It has been observed over the years that the buying and spending behaviors of consumers have changed. For example, millennials especially, are becoming more conscious when it comes to spending their money. They generally spend more carefully than previous generations. However, when they do spend, they prefer brands that care about social issues, apply sustainable production practices, and implement ethical business standards.
A report published by Shelton Group revealed that it’s important for brands to take a stand on social issues. “Brands & Stands: Social purpose is the new black” found that 86% of consumers want companies to stand for social issues. Moreover, 64% of them are likely to buy from such companies. According to Nielsen’s 2015 Global Corporate Sustainability Report, 66% of consumers would spend more on a product if it came from a sustainable brand.
In today’s world, consumers have far greater awareness about the impact the products they buy on environmental systems and social welfare; therefore, it’s essential for consumer brands to invest in sustainability for long term success. Brands that master sustainability will not only be rewarded with consumer loyalty and goodwill but can also carve out a competitive advantage by contributing to build a better world.
We are Ocean Panda Creative, a passionate team consisting of accredited marketing and e-commerce professionals focusing on branding and conversion enhancement.
Our mission is to help those brave individuals, couples, families who decided to start something on their own, something they are passionate about.
We stand for values that represent freedom, creativity and sustainability.
Ocean Panda is here to make a difference and help your dreams come true. All your digital needs are fulfilled under one roof. We have helped numerous businesses with product photos, videos and website design to improve their online presence.
THE BOTTOM LINE
The idea behind the importance of Sustainable branding is more than just eco-labeling or going green. It needs to take into consideration the three major aspects; environmental, economic, and social. Each aspect is vital for a true sustainability strategy. Translating sustainable principles into real consumer behaviors requires integrating them into society and business ideologies. However, it does take time, investment, and consistency at all stages.
Consumers nowadays are willing to identify with the brand values and to adopt the messages and lifestyle that brands recommend. Consumers are also already beginning to operate from a sustainability mindset. It’s clear that consumers prefer sustainable brands. The businesses need proper messaging to reach consumers and show them what the brands are actually doing. There should not be a contradiction between what message brands send out in public and what their efforts reflect for sustainability. Therefore, to learn the importance of Sustainable branding is important now more than ever. In order to stay ahead of competitors and to maintain general brand perception, the brands must ensure that they are providing consumers what they stand for.
Head over to our Website to explore our cases.