How businesses can go green to stay ahead of the competition
The requirements for businesses to incorporate environmental practices and to report these initiatives are growing. For your existing and future customers, as well as investors, companies that are clearly showing how they are 'going green' is becoming more and more important to stay ahead of your competition moving forward.
Sustainability. once just a buzzword is now something that your customers are increasingly looking for in companies they work with and buy from. According to the Amazon Higher Impact survey of 2022:
- 73% of consumers are tired of brands acting like they are exempt from environmental responsibility.
- 62% of consumers state that sustainability has become more important to them over the past three years.
These two results, it is hoped, illustrate succinctly, the mood of your customers - they are expecting any companies they do business with to understand how their business affects the environment and what they are doing to decrease that impact.
There are ways that you can start to align your brand's image to showcase this, helping you to effectively target more customers and stay on top of this increasingly important trend.
What does it mean to 'go green'?
When customers buy a product or service from a company that is going green, they feel reassured that the future is in good hands. They know that the company is doing its part to make a difference, and they feel proud to support it. Going green isn't just good for the environment; it's also great for business.
Imagine for a minute, how your potential future customer may view their next environmentally friendly purchase, a hypothetical customer, who is looking for a new laptop:
"I was one of the 73% of consumers who were tired of brands acting like they were exempt from environmental responsibility. I wanted to support companies that were doing their part to make a difference. So when I was looking for a new laptop, I made sure to choose one from a company that was sustainable.
I was really impressed with the company's commitment to the environment. They used recycled materials in their products and they powered their office with solar energy. I knew that I could trust them to be responsible with my data and with the environment.
I'm glad I made the choice to go with a sustainable company. It's helped me feel better about myself and it's made it easier for me to make choices that are good for the environment."
This customer could be buying his laptop from you in the future or he could be buying from one of your competitors who did showcase their sustainable practices to John when he was looking for a laptop and provided him with an option that aligned with his values.
This article will discuss more reasons why, as a business owner, you might want to seriously consider 'going greener' and what concrete steps you can take to do this.
Why should your business go green?
There are many reasons why embracing sustainability in your business is important, to find new customers and retain existing ones, to keep up with future environmental requirements as a business owner, and to reduce your operating costs over time. Since the COVID pandemic, maintaining customer satisfaction has never been more important.
Your customers are looking for eco-conscious brands to do business with
An environmentally friendly brand is not only good for the sustainability of our planet but also your business. 66 percent of global consumers would pay more money for products from brands with sustainable practices, as they are looking to invest in companies that share their values. As a result, refocusing your brand to be eco-friendly could help you increase profits.
If you want your potential customers to choose your brand, they need to know that you're an environmentally responsible company. A study conducted by Sustainable Brands showed that 78% of people interviewed want to support companies with values similar to their own but feel lost when trying to identify them.
Altering your brand to be more environmentally friendly can benefit your company, but you need to ensure that your messaging is concise and easily understandable.
Keep up with any regulatory requirements
With sustainability on the minds of more people than ever, countries are introducing new mandates that force companies to be transparent about their ESG (Environmental, Social, and Governance) practices. The EU is spearheading this change at the moment, but it's only a matter of time before other nations follow suit.
For instance, the UK brought in two legislative measures that make ESG disclosure obligatory at the start of its 2022 tax season. Several other countries have enforced similar ESG requirements, including Malaysia, China, and New Zealand. The US has not passed any laws on this matter yet but it is only a question of time before this changes. In the United Arab Emirates for example they are embracing ‘going green’ at a government and private level.
Reduce operating expenses in the long run
These days, being sustainable is non-negotiable for businesses. Customers and investors take a company’s environmental and social footprints into account when making purchasing decisions, and governments are requiring increasingly aggressive carbon emission reductions in the next decade. Luckily, sustainability doesn’t have to be expensive.
After an upfront investment, sustainability can actually lower your company's costs in the long run. Many people see sustainability as expensive and time-consuming, but it doesn't have to be that way. In fact, sustainable practices can lead to energy efficiency which conserves resources and money. Not to mention, investing in sustainability contributes to reducing emissions of greenhouse gases that are responsible for global warming.
The electricity price hike has left high-voltage energy users scrambling, and businesses are no different. As they adapt to the new landscape of unpredictable and expensive energy costs, efficiency becomes more important than ever before. After all, being efficient not only reduces operational costs but makes for a more sustainable business model overall. So how does one go about saving money during this time of transition? The key is in increasing energy efficiency- doing so will help ease the financial burden placed on your business as we move away from traditional forms of power generation.
After the initial investment is regained, this will provide future savings. Because of its money-saving capabilities, energy efficiency is playing a larger role in achieving net-zero targets.energy efficiency not only supports sustainable living but can also be tips to saving money Advocate for your team members by making sure everyone knows howProof makes it easy for businesses to reduce their carbon footprint and live more sustainably while still being technology savvy and up to date.