Sustainable marketing explained
Our world is blaring an urgent alarm: temperatures are hitting historic highs, and social justice issues persist globally. In response, governments are implementing mandatory sustainability reporting, with businesses and financial institutions gradually embracing it. Billions in investments are pouring into the burgeoning greentech sector, aiming to address the pressing need to curb our impact on the planet.
In this landscape, sustainable marketing emerges as a strategic, cross-function instrument enabling businesses to communicate their sustainable practices while driving business growth.
Let's explore the precise definition of sustainable marketing and learn how to integrate it into your business strategy.
What is sustainable marketing?
Sustainable marketing is the practice of promoting a company's commitment to taking concrete, continuous actions towards achieving a socially and environmentally better future.
How is sustainable marketing different from traditional marketing?
Sustainable marketing operates as a form of soft power, indirectly influencing sales, investment and recruitment through enhanced brand perception and alignment with a changing paradigm where environmentally and socially conscious choices are being prioritised by key stakeholders.
Why is sustainable marketing important?
Sustainable marketing is crucial for various aspects of a business:
1. According to a survey conducted by Nielsen, 73% of global consumers are willing to change their consumption habits to reduce their environmental impact.
2. Research by Deloitte indicates that Millennials who perceive their organisations as socially responsible are more likely to stay with their employers for an extended period.
3. Businesses have emerged as the most trusted institution globally, according to the 2023 Edelman Trust Barometer – meaning that they are expected to act on issues where governments, media and NGOs fall short.
Discover additional insights on embracing sustainability: Sustainability: a new corporate function that you can't ignore.
What are the benefits of sustainable marketing?
Sustainable marketing offers a range of advantages:
tapping into the modern consumer's priority on environmental and social impacts;
attracting top talent, particularly among Millennials and Gen Z, who actively seek employers prioritising sustainability;
gaining a competitive edge in tendering processes, especially for government contracts, a growing number of which are now requiring suppliers to present sustainability credentials;
attracting green finance and investors prioritising sustainable ventures;
making a positive impact on the community and the environment while enhancing brand reputation.
Delve further into the topic: The benefits of sustainable marketing.
What are the challenges of sustainable marketing?
Some business leaders see adopting sustainability as an expense and may be hesitant to invest. Convincing them of the long-term benefits can be a challenge.
At the same time, communicating sustainability without actions taken can lead to scrutiny and accusations of greenwashing (as well as hefty fines!). Sustainable marketers thus must solemnly advocate for internal action before external communication.
Finally, not all consumers are environmentally conscious, and some may be hesitant to pay a premium for sustainable products or services. Convincing them of the added value may require targeted messaging and education.
What internal action is needed to substantiate sustainable marketing?
There are several sustainability metrics, including tracking greenhouse gas emissions, energy consumption, water usage, gender equality, diversity and inclusion – to mention just a few.
If you're new to the area of sustainability and wondering what to start focusing efforts on, check out my brief overview of 10 common sustainability metrics and KPIs.
To see how these criteria are communicated in practice, I suggest reading my guide to crafting a sustainability report.
Are there strategies unique to sustainable marketing?
There are several sustainable marketing strategies:
You can find out more here: 5 sustainable marketing strategies.
For practical examples of sustainable marketing in action, check out these articles comparing different brands and campaigns:
How can I delve more into the subject?
If you are looking to further your knowledge in sustainable marketing, here is a curated list of courses with details on duration, prices, learning outcomes, and even some free options: Top 10 sustainability marketing & PR courses.
In addition, I recommend exploring these essential books: Best books to get started with sustainable marketing.
Finally, I suggest going to the websites of sustainability-focused marketing agencies. Many of them are pioneering sustainable marketing best practices before offering these strategies to their customers. Here is my selection: Top 15 sustainability marketing and PR agencies.
