5 principles for successful sustainability branding
Recent branding research has shown that 73% of global millennials are willing to pay extra for sustainable products - and they are twice as likely to invest in companies and funds that "seek specific social or environmental outcomes" than older generations may be.
The New York Law Journal wrote about the need for true transparency in supply chains, noting that:
"Millennials are expected to inherit approximately $30 trillion in assets over the next 30 to 40 years and this transition of wealth will bring widespread changes in investing and consumer behaviors. When it comes to investing, millennials will look to companies that meet their social and environmental concerns and shun businesses that engage in unethical activity such as human trafficking.
This follows 2015 research by Havas Media which suggested that 73% of brands could disappear without anyone caring, 55% of people have boycotted a brand in the last 12 months and only 20% of worldwide brands are seen to have a positive impact.
The pressure is on.
So, what do consumers want? More and more, they demand business models with integrity – that don´t merely strive for the greatest profit – and brands that stand for something.
Demand for environmental, social, and governance (ESG) products—tools used to measure a company’s ethical and environmental impact—has increased significantly in the past five years.
Businesses are adapting and embracing the idea of having a greater purpose, as this may well be the most effective way to survive in today´s more socially-aware world.
Brazil´s top beauty brand, America´s second-fastest growing restaurant chain and the world´s third-bestselling car brand are all successfully merging social responsibility with profitability. It might sound paradoxical, but these companies have proven to be more profitable in the long run.
Read the full article by Judit Maireder from Y Brand in Idealog here, or enjoy this brilliant video by the Rainforest Alliance – a great example of how to tell a sustainability story that is relevant to the consumer, in an entertaining and seriously funny way.