A word with a lot of buzz around it lately has come in to conquer businesses with its philosophy. Sustainability has an air around it which most people are turning their head towards. In recent years, consumers have consciously evolved to understand that their behaviour has a large impact on the environment, hence indulging in brands that align and reflect their values and sentiments. A purpose driven concept, sustainability makes a commitment to make the world a better place for generations to come with efforts to minimise waste and maximise resources that are readily available.
Sustainability has four distinct pillars that touch upon several aspects of preservation. Human sustainability zeros down on improving human capital such as health and education in society that are made accessible to all individuals. Economic sustainability focuses on maintaining capital to raise bars of social equality and inclusion. Social sustainability aims at reworking society by building communities and cultures to acknowledge that individuals have the profound power to make a change. Last but not the least, the most important, environmental sustainability works towards the protection of natural resources. Research shows that human wellbeing is interconnected to the wellbeing of the environment, thus conserving nature and making decisions to act mindfully are a top priority.
Under the umbrella of environment sustainability, individuals can adopt lifestyle changes that can take many forms such as:
• Making efforts to consume organic products that in turn support sustainable agriculture
• Altering living conditions by living in eco-friendly homes and cities through sustainable architecture
- Optimising on renewal sources of energy to reduce carbon emissions
- Individual lifestyle changes such as cutting down on fast fashion or food choices that interrupt and harm the flow of nature
• Purchasing local items and fair trade products
Companies have invested in sustainable practices in a similar fashion to business practices leading to corporate social responsibilities. Finding the relationship between sustainability and brand value has come to the limelight with several businesses incorporating sustainability initiatives into their programs. This brings to the table decisions taken by companies to benefit the environment, society and finances. With this, it promises the consumers on the sustainability of the product or service through ethical means to alter the states of behaviour and helps them live a life that is closer to a sustainable realm. By developing relevant methods, companies influence buying behaviour that creates a secure bond between customer and company that translates into repeating purchasing patterns.
A brand creating value can happen through generating demand and staying consistent to lower the risk of losses in the future. With the concept of sustainability on the rise, a sustainable strategy that stays afloat and aligns itself with the brand’s positioning will allow to create value for the brand. Brands can make a difference in people’s lives by creating demand for matters that are of personal importance and having readily available choices for consumption. Thus, sustainability has a massive chunk in the Psychology of consumption and behaviour.
Brands have the power to make a difference to the world one step at a time. Believing that taking baby steps will serve a bigger purpose is one of the only ways into a sustainable future. Coming to understand that sustainable assets can shape the brand’s overall perception and determine the market are what stakeholders look into now. The risk of losing reputation if they are not investing in sustainable projects is another side of weighing a brand’s value. Transforming a business to ‘Go Green’ in some way is as essential as companies turning towards digitalisation and globalisation in the past decade or so.
Making use of digital platforms to communicate and create awareness about sustainable practices is growing with the years, as a niche audience wants to build a community around it to make conscious efforts to change the environment. Brands can be stirred in a direction towards a more sustainable future with strategies and consulting from firms that work in the field leaving a positive impact. All these efforts and practices would go unseen if the consumers do not notice; hence driving a strong message through brand strategy is the secret to establish a strong link between companies and customers with ecological awareness in mind.