Reduce. Reuse. Reevaluate Marketing Initiatives.
“Reduce, reuse, recycle” is the going green motto. Interestingly, as much as individuals are weaving more sustainable ways into their everyday lives, our most loved brands and products are also pushed by this unwavering action to be more aware of waste. As a matter of fact, businesses from every vertical are designating teams to reduce, reuse, and reevaluate their eco-friendly efforts and they have started green marketing.
So, here is a “G.R.E.E.N.” approach to help you understand the impact of green marketing as well as how to identify areas within your business that can benefit from more sustainable choices.
“G.” – Grasping the concept
Marketing is like an onion with many layers: There is “cause” marketing, “relationship” marketing, and “transactional” marketing. Frankly, the list can go on. The practice of “sustainability” marketing focuses on the promotion of environmental and socially responsible action. It’s a little more than placing recycling bins throughout the office, and any business can adopt green marketing. As a matter of fact, a business does not need to be sustainable in every area. Perhaps one of a few areas such as product development, business practices, or overall company values is a starting point for you and your team to analyze.
“R.” – Recognizing the opportunity
Millennials and Generation Z consumers are, if not already, becoming decisionmakers and product purchasers. These individuals are also highly regarded to be conscious consumers with fluctuating brand loyalty. What then is the business implication? Even though they are the most prominent generations to cash in on the loyalty points, they enjoy the power of choice. They instantaneously can choose Brand B over Brand A because Brand B's company values are more aligned with their values. Bluntly, they are holding brands accountable by demanding truth and transparency in the ways their most loved brands do business.
“E.” – Exploring economic benefits
Big picture: Climate plays a significant role in the economic ecosphere. Mother Nature's dramatic weather has the potential to affect every business vertical. On the one hand, outdoor recreation businesses that are seasonal – such as snow and sun regions – are noticeably impacted when the weather is not in their favor. On the other hand, any business which utilizes a supply chain can be affected by dramatic climate changes as well.
Quick fact for trivia night: Outdoor recreation is one of the United States’ largest economic sectors.
Many companies are reassessing their needs and necessities lists. Over the past few years, budgets in digital marketing have surged. Consequently, digital marketing overhead expenses are much more minimal than alternative print and mailing media outlets. In addition, digital marketing provides significant tracking abilities to help manage performance.
“E.” – Empowering change
You don’t have to be a tree hugger to encourage leadership, nor do you have to be on the green marketing team. Circling back to the definition, every area of business can seek eco-friendly changes. Position the changes to the executive team as a way to foster innovation and increase investments in revenue-generating areas.
“N.” – Next Steps
It is most important to recognize that this is neither a fad nor a trend. Forward-thinking brands are already acting. And the generations that are holding brands and products accountable, well, they are already doing so. Many say that we shouldn’t fix what’s not broken, but if you wait any longer for it to break – how much will it cost in the end to fix? Skim through recent media headlines and you’ll notice how well-known, iconic sneaker brands have already utilized recycled plastic, and CPG brands are directing resources to refine packaging.
Green marketing is about developing ways to improve the quality of life and contribute to a healthier future for the planet. The goal is to establish sustainability strategies that enhance product experience and values. We here at EGC have made strides to reduce, reuse, and reevaluate our marketing initiatives. We encourage you to give us a call and discuss how we can support you and your team as you make changes.