What is it and why is it important?
At the corporate level, we have discussed purpose and values and the importance of pulling them through to the brand, employer brand and across the business:
In particular, the promotion of purpose in advertising has been accused of “woke washing”, where passionate marketers eager to make their jobs more meaningful and less manipulative have jumped on cultural/societal bandwagons without thinking about whether its appealing to customers, credible or can indeed be delivered across the business.
As purpose has grown in importance, as has sustainability, to the extent where they’re often spoken about as one in the same.
At the corporate level, sustainability has grown from corporate social responsibility, community relations and corporate reporting. It was seen as a “must-have” for companies to be seen as good corporate citizens.
For these organisations, one aspect of CSR may have been brought through to the brand in a community “do the right thing” pillar – like Westpac did with their Rescue Helicopter, or Blackmores Running Festival for Cure Cancer.
However, it rarely translated across the business to “do the right thing” for all stakeholders. With banks charging fees to dead customers, telcos selling mobile plans to customers who couldn’t afford them, restaurants underpaying casual employees, maltreatment of employees and whole communities in sweatshops and blood diamonds. All to increase profits for shareholders.
Sustainability has historically been more closely associated with the environment with brands often accused of “greenwashing”:
Whilst this has been happening, we’ve seen the rise of conscious capitalist organisations and brands that have been built upon purpose and sustainability. Patagonia and Wholefoods have shown how conscious growth is possible and viable, even if somewhat reluctantly. And through his research on “Firms of Endearment”, Rajendra Sisodia demonstrates how such businesses are outperforming the S&P 500 with eight times the returns to investors.
CSR has now evolved to ESG – environmental, social and governance. More organisations are aiming towards the Triple bottom line – planet, people and profit. And we’re seeing governance frameworks such as Shared Value and B-Corp and Doughnut Economics be adopted by organisations. All shifting the way organisations pursue growth – for the benefit not to detriment of other stakeholders, including customers and employees, partners and suppliers, investors, community and the environment.
Sustainability Strategy Alignment
We’re now living in the decade towards 2030 UN Sustainable Development Goals, faced with increasing awareness and experience of the gaps in the plan – illness with Covid, the climate crisis and inequality to name a few. Customer, employee and stakeholder demand is increasing for organisations to be responsible. At the same time, as is sustainability savviness – greenwash, woke wash, at your peril.
Just as its important to pull your purpose and values through to your brand, employer brand and across the business, it is critical for your sustainability strategy:
How we go about it
Please contact us to discuss further what we can do for you.