Editor’s Choice How doing good creates value
Irvin Newbitt, chief executive at Ecoveritas, says sustainability doesn’t have to come at the sacrifice of profit
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t is, however, still necessary to balance the needs of people, the planet and prosperity. That balancing point is where sustainability meets smart business.
In the past 40 years, we have seen more man- made disasters, corporate scandals, fraud and ethics issues than any time in recent memory. Resource consumption and environmental change are all trending in the same direction. We’re so used to justifying, minimising, and keeping the boundaries of what we observe and measure within office walls, we’re not looking at the greater issues that business has on our communities and environment.
Naval-gazing, token projects that mask the view of their genuine negative impact on the environment and society, are now commonplace. It’s very easy to become dispirited. And it’s even easier to throw up our hands and say there’s nothing you can do about it. If the system prevents you from running a financially sustainable business and doing the right thing, you need to identify those barriers and take them to decision-makers. Even better if you are armed with data!
Our friends and colleagues in Westminster are not engineers, and they don’t have an intimate grasp of your issues. They don’t understand the complex web of legislation you are facing, which prevents you from doing the right thing. This is where it becomes important to collaborate with specialists such as Ecoveritas and to work with trade associations to identify blockers.
CHANGE ONLY MATTERS IF IT’S MEANINGFUL
Consumption is the current elephant crashing around the unsustainable room. And businesses are increasingly reaping bottom-line benefits from focusing on environmental and ethical issues. It is no coincidence that we have seen an increase in businesses aiming to turn a profit while simultaneously transforming our world for the better.
Companies that use sustainability as a driver of innovation and then smartly market their benefits will win. Strong forces are changing the rules, the strategies, and how corporations conduct business.
If you want to know how to make your
packaging more sustainable and how to sell your brand better to your customers, data holds the key. It can help you thrive despite the disruption and changing consumer values. Data can help show you the way to good profit - whether you work for an international supermarket chain, a medium-sized regional business, or your start-up.
To some, it might appear a fast-evolving subject, but we’ve been at it for 20 years. And only now is Extended Producer Responsibility making its final descent.
At Ecoveritas, we help brands take sustainability to heart and market themselves more effectively, attaining a tighter grasp of the subject, its many applications and implications. Additionally, we help businesses understand what sustainability means to their consumers and other significant audiences.
DECODING THE FUTURE OF THE PACKAGING INDUSTRY
Ecoveritas has decades of experience as the trusted, gold-standard intelligence provider to leading packaging brands, manufacturers, and suppliers, helping them make faster, more informed decisions.
Looking at life from a different point of view is a rare skill. Built on in-depth research, broad experience, and original thought, our service
helps measure success in a new world that is not always straightforward.
Investors are already moving capital towards organisations with robust plans to take action. Finance organisations are already tying capital to new projects that have sustainability metrics. Consumers are already shifting their demand towards sustainable products and services. Businesses need a modern and flexible range of partners who can support them on the journey and advise them as they go through it. Needs can change over time, but those core processes of bringing things together to make better decisions will always be important.
While sustainability-driven cost savings are valuable, the opportunity on the other side of the balance sheet may be even greater. Becoming a sustainability leader can pay off, but it is not easy. Largely, it’s a perception issue, and we must show that it makes good business sense to overcome the hurdle.
The degree to which a company aligns a meaningful brand promise with how it designs, builds, and delivers its brand to the market is key. Business leaders do have an opportunity to drive sales and build customer loyalty and brand value by positively addressing the social and environmental challenges we face through purpose-driven product innovation.
14
April 2023
www.convertermag.com
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