Recent research conducted by Vendigital has revealed that ‘competitive positioning’ is the number one driver for sustainability initiatives within businesses according to 49% of respondents, with one in three also highlighting market perception. With public perception of sustainable businesses positive, many companies are rushing to put initiatives in place to differentiate themselves in their chosen markets.
However, doing things in a hurry is not necessarily the best strategy. If sustainability strategies are not properly considered, businesses could resort to ‘bolt-on’ solutions that aren’t truly lived throughout the organisation; leading to inauthenticity that customers are likely to reject.
The businesses that are most successful when it comes to implementing a sustainable agenda are those that place it at the centre of their strategy and business model. This goes beyond swapping out products or raw materials for more sustainable alternatives, which may provide a quick win, but not necessarily a holistic solution.
Instead, companies should consider their overall impact on the environment and wider society, from their supply chain and materials to considering sustainable consumption patterns. This could involve promoting the repair of items rather than contributing to a replacement culture, as well implementing a circular economy or closed loop model designed to minimise waste.
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