While consumers are willing to pay a pretty penny for sustainable products and services, they also expect companies to commit to making a positive social or environmental impact on society.
In The Huffington Post, TerraCycle Founder and CEO Tom Szaky explains the benefits that come with integrating sustainable solutions into branding strategies.
The Huffington Post has more:
In a highly competitive marketplace, one of the most significant challenges that companies and major brands face today is distinguishing themselves as a social agent. Gone are the days where being “environmentally friendly” automatically added value in a largely niche market for socially responsible corporate behavior. Today’s consumer is highly discerning, increasingly concerned with things like supply and production chain sustainability and product recyclability, and highly allergic to ethical claims that are inauthentic, vague or misleading.
That consumers are willing to pay a premium for sustainable products and services is an understatement. More and more, consumers expect companies to dedicate themselves to making a positive social or environmental impact on society as a baseline, and want to be able to trust them to prioritize ethics on their end. It’s no new idea that consumer brands that have not embraced sustainability and CSR initiatives are at risk on many fronts. But creating the kind of value that grabs the attention of consumers also requires legwork beyond simply “doing good.”