Brands Sustainability in 2024

One of the trends that has been on a constant rise in the past years is brand sustainability. More and more brands seem that adopting sustainable business practices can not only improve their industry as a whole but also lead to increased revenue. Unfortunately, some see brand sustainability as only a marketing stunt, and choose to adopt only the most surface level of it. So, to avoid this, let's explore what having a sustainable brand means and how you can make yours so in 2024.

Understanding brand sustainability

Brand sustainability refers to a brand's commitment to conducting business in an environmentally, socially, and economically responsible manner. This is mostly aimed at minimizing negative impacts on the planet and society while, in turn, creating long-term value. On a larger scale, it involves integrating sustainable practices into various aspects of a brand's operations such as:

• Sourcing materials
• Manufacturing processes
• Packaging, distribution
• Corporate social responsibility (CSR) initiatives.

As such, it is safe to say that brand sustainability is an important part of various modern industries and that it will only become more important as time goes by. More and more people, especially Gen Z and Millenials, are growing more concerned about our environment and the impact of capitalism and global industrialization on society. Therefore, they are far more likely to care whether a brand is utilizing sustainable business practices. In the ideal world, every company would look to minimize their negative effect on the environment and society. But, since we are far from it, the best tool at our disposal is choosing to do business with companies that strive to do so. Both Gen Z and Millenials are well aware of this, which is why incorporating sustainability is a rapidly growing trend.

How brand sustainability developed

To fully appreciate the current importance of brand sustainability we first need to consider how it evolved over the years. Due to changing consumer expectations, increased awareness of environmental and social issues, advancements in technology, and shifts in regulatory frameworks the question of sustainability has slowly risen from relative obscurity to center focus. The reason for this lies in several key changes.

Consumer consciousness

As with most industry trends, it is the market that dictates what is in focus. As a result of years of public discussions and scientific research, consumers are now more aware and concerned about environmental and social issues. They actively seek brands that align with sustainability, especially if these brands can prove that they do so. Furthermore, they place greater emphasis on ethical sourcing and responsible business practices. They are also aware that:

1. Numerous brands will continue to implement unethical business practices if left alone.
2. The only way to influence such brands is with social pressure and, most importantly, by not doing business with them.

These two combined illustrate why seeking ethical brands and solely doing business with them has become so important.

Regulatory changes

Of course, it is not only due to customer trends that brands, especially large ones, change their ways. Over the years, governments and regulatory bodies have implemented stricter environmental and social regulations. This has pushed brands to comply with standards related to emissions, waste management, labor practices, and various other issues that they might have ignored. Compliance with these regulations has become essential for brand credibility and market access. Not to mention that complying with some has become mandatory by law.

Even here we can see how the idea of sustainability has slowly found its way into government organizations and how something that was once an afterthought, became paramount. Therefore, it is likely that we'll see further government incentives and regulations towards eco-friendly measures.

Technological advancements

Now, it is a nice thought to consider that all the aforementioned advancements are due to our raised awareness. But, in practice, technology has played just as important a role. Certain technological innovations have enabled brands to develop more sustainable products and processes without losing profit or jeopardizing quality. This includes advancements in renewable energy, material sciences, recycling technologies, and data analytics that aid in supply chain transparency. Of course, there is still a lot of room for further improvement and innovations, especially on the energy front. But seeing how keen people are on finding maintainable solutions for environmental and social issues, we are likely to see notable changes in the following years.

Transparency

For a long time, customers didn't have much input into how their products were made. Unfortunately, this gave certain brands the freedom to exploit cheap labor on a global scale, leading to horrifying scenarios. As time went on, and brave journalists outed these companies, people became aware that full transparency is required if one is to trust a brand. This is the primary reason why there's been a growing emphasis on transparency throughout the supply chain. Brands are now expected to trace the origin of their products, ensuring responsible sourcing and fair labor practices. Of course, for a lot of products, we are still witnesses to atrocities that have no place in the 21st century. But, still, there are clear signs of improvement.

Circular economy

Consumerism was, and still is, the main drive behind market capitalism. Unfortunately, consumerism doesn't care much about what we do with products after purchasing. For instance, plastic was seen as a cheap, durable, easily alterable resource that companies could use at large. Unfortunately, all this makes plastic difficult to get rid of. As a result, we have literal islands of trash swimming around in our oceans.

So, it shouldn't come as much of a surprise that the concept of a circular economy has gained traction, prompting brands to rethink their business models. Companies are focusing on designing products that are more easily recyclable, reusable, or repairable, This is mostly aimed at minimizing waste and promoting sustainability.

How to Implement Brand Sustainability in 2024

So, with what we've said in mind, how are you supposed to utilize brand sustainability in 2024? Well, ideally, you will build your company up with sustainability in mind. That way you won't have to change your business practices, but simply adopt new technologies. But, if you are already running a business, you can consider implementing the following strategies:

Set clear goals

Making your brand more sustainable can mean a lot of things. This is why, if you are serious about it, you need to outline specific, measurable, achievable, relevant, and time-bound (SMART) goals. That way, you can establish a clear commitment to integrating sustainable practices throughout the organization. You'll soon learn that there are a lot of hidden challenges with every sustainability measure that you would like to implement. But, in our view, overcoming those challenges is well worth the effort.

Integrate sustainability into your brand

A common mistake that brands make is to simply add a certain eco-friendly trope to their business practice and then call their brand "sustainable". As you can guess, customers see right through this. And they don't shy away from calling the brand out on their hypocrisy. The best course of action is to embed sustainability into the core of your business strategy. Alter your brand, if necessary, but make sure that it naturally aligns with a sustainability initiative. It is paramount, both for business and for marketing, that you align your brand's mission, values, and long-term objectives with sustainability.

Transparency and communication

While there is some merit in applying sustainable business practices, and not telling anyone about them, you shouldn't do so. For one, being transparent about your sustainability efforts will make eco-friendly customers more likely to do business with you. And, secondly, you will show other brands that being eco-friendly can be a viable business model. So, communicate openly with stakeholders, customers, employees, and investors about your sustainability goals, progress, and challenges. Utilize various channels such as websites, social media, reports, and product labeling. A neat way to inform your audience is by using QR codes. Namely, you can outline via a web page or a web story, what business practices you've implemented to bring the product to your customer. And simply have the QR code lead to it. This is one of many examples where you can naturally inform your customers without being overly preached.

Measuring and reporting impact

To help boost your efforts, you should look to regularly measure and assess the environmental and social impact of your sustainability initiatives. The best way to go about this is to use key performance indicators (KPIs) to track progress. Thus, you can report results in sustainability reports or annual statements. Such reports will not only help you value your efforts but also bring the attention of your customers. If you can prove that your brand is only becoming eco-friendly as time goes by, your customers will be that much more willing to do business with you.

Education and awareness campaigns

Once you build a reputation of a brand with sustainability, you shouldn't shy away from educating your customers. Inform them about the importance of sustainability and the benefits of choosing eco-friendly products. Use video storytelling to emphasize the brand's commitment to sustainability, and the overall value that sustainability brings.

Supply chain management

As a brand, especially one that sells products, you'll have to work with other companies. Suppliers, shippers, etc... When you do, keep in mind that it is far easier to be guilty by association than innocent. What this means is that if your supply chain isn't eco-friendly, neither will your brand. You must collaborate with suppliers to ensure responsible sourcing and ethical practices throughout the supply chain. Things like transparency, fair labor standards, reduced waste, and lower carbon footprint need to be as important to you as they are to your customers.

Continuous improvement

Lastly, it is important to remember that sustainability is not a one-and-done issue. It is a continual process that will require your ongoing attention. So, embrace a culture of continuous improvement in sustainability practices. Adapt to emerging trends, technologies, and best practices to enhance your brand's sustainability efforts. And once you do, make sure to mention how those new practices improved your KPI.

Final thoughts

If you wish to incorporate brand sustainability in 2024 it is paramount that you set clear, measurable goals aligned with the brand's mission. Keep in mind that customers are unforgiving. And that if you start deviating from your mission, they won't shy away from criticizing you. So, outline what you are after and stay on course. It is better to have a moderate, yet successful impact on your industry as a whole than to shoot for the start and fail miserably. A well-documented success will even give your users content to talk about. Meanwhile, lack of trying or lack of care will give them room to criticize you.