sustainable business

Being B Corp boosts sales

February 13, 2024

Becoming a B Corp reaps a host of benefits, one of these is boosted customer sales and brand loyalty. We call it the double whammy ROI of B Corp.

Around the world, we’re seeing a tidal wave of consumers demanding to know more about the provenance of what they’re buying. From clothes to cars and food, consumers are voting with their wallets and increasingly choosing ethical goods and services, which is driving massive shifts in the business sector.

A few statistics to highlight this shift…

US sales of products marketed as sustainable grew 5.6 times faster than other products from 2013 to 2018 – NYU Stern Center
In 2015, a survey of 30,000 consumers in 60 countries found that 66% of consumers are willing to pay more for products or services from companies committed to positive social and environmental impact – Nielsen, 2015
In the UK alone, the market for ethical products grew to more than £81.3 billion in 2017, with demand for sustainable fish growing by nearly 37% in 2016 (Ethical Consumer, 2017)
73% of UK consumers want to be more sustainable in 2021 – YouGov
Two thirds of consumers support carbon labelling on products across France, Germany, Italy, the Netherlands, Spain, Sweden, UK and US – YouGov
Millennials (80%) are almost twice as likely than Baby Boomers (48%) to pay more for sustainable products – Nielsen… and Gen Z are likely higher.

Given this soaring demand for sustainable products and services, companies are trying to figure out how to both be more sustainable and market themselves as such without risking accusations of greenwashing.

That’s where B Corp Certification comes in. As an independently verified certification, it’s the gold standard and gives credibility to ethical claims.

As well, it offers customers who are worried about issues like plastic pollution, climate breakdown, and social justice, an easy way to spot a truly sustainable business from a greenwashing fake one that’s just saying the right things but not doing anything.

When customers see the logo on a product or service, they tend to automatically trust that brand more than a non-B Corp competitor and thus be more inclined to buy.

In summary, having the B Corp logo on your packaging, marketing materials and pitch documents, is a clear sign to prospective clients/customers that your firm is committed to ethical practices. It gives your business an edge over non-certified competitors when pitching for business and is proven to have a direct positive impact on sales and profits.

Is your organisation ready to B Corp?

Certified B Corps are a new form of business that seeks to value people and planet while making as much profit as possible.

If you think B Corp might be for you, check out our free e-book “2B Or Not 2B: The What, Why & How Of B Corp Certification” here.

Why Kiwis buy sustainable products and services… and why they don’t

August 22, 2023

What’s driving the Kiwi consumer to buy sustainable products and services? And what are the barriers to purchasing?

This was a big focus in the latest NZ State of the Nation consumer outlook report Q2 2023 by NeilsenIQ. The report considers sustainability a key market trend as the impacts and costs of climate change are increasingly felt across society.

For sustainable brands and B Corps, there are some interesting insights to glean, so we’ve summarised a few points here.

First up, 76% of Kiwis surveyed believe climate change and sustainability are linked and 54% of these people say that sustainability has become more important in the last two years.

Why do Kiwis believe sustainability has become more important? According to this report, it’s because 69% say they see the impact of climate change in the news regularly.

As well,

57% say that leaving a liveable world behind for future generations has become more important.
52% believe products and services have become more expensive because of extreme climate events.
41% are noticing more pollution and waste in their surroundings.
36% feel their personal health and safety could be impacted by climate change.
48% feel more informed about climate change and sustainability.

Business has to step up

Another telling figure is that 64% of people believe it is very important for companies to take the initiative to reduce their environmental footprint. In the same vein, it’s sustainable packaging claims that most resonate with consumers (aka ‘people’).

The study found that people are more likely to buy sustainable if it had a benefit for their health or the planet. As well, more than 70% of people would most likely stop purchasing a brand that was found guilty of greenwashing. Let that sink in. More than 70% of people would most likely stop purchasing a brand that was found guilty of greenwashing.

What were the barriers to people living a more sustainable life? Three things: cost, limited choice, and confusing messaging.

So, if a sustainable product was seen as too expensive, 56% of those surveyed would not buy it. How do you address this if you’re a sustainable brand that costs more than cheaper, unsustainable alternatives? Justify and explain why it costs more. As well, be clear with your messaging and information because 28% of people say they don’t buy sustainable products because the messaging isn’t clear.

So how to move forward as a sustainable brand?

This survey suggests several actions:

Ensure your range offers value to help ease the on-going pressures consumers are feeling; optimise your pricing and promo strategies.
Be the consumers’ choice by offering a unique experience and/or value proportion – in other words, prove your worth against the competition.
Resonate with the consumer using clear messaging on what is sustainable about your product and how it benefits them.

Sustainability is a key future theme

Sustainability is here to stay as a key market trend. This is only going to grow. Why?

The impacts and costs of climate change are being felt across society.

From 1980 to 1999, there were 3656 climate related disasters that cost $1.63 trillion to address. From 2000 to 2019, these figures almost doubled, with 6682 climate-related disasters costing almost $3 trillion to address.

Governance and cost will accelerate this shift beyond consumer demand.

There are 3 key forces driving business to change

Role of governance and mandates: Financial reporting requirements, sustainable investments, fines and taxes, new legislations.
Exploding costs due to the impact of climate change: Rising energy prices, rising cost of goods, supply chain disruption.
Escalating consumer demand: Cost of living stress, personal impact, availability of choice, shifting values and attitudes.

Around the world, countries are at very different stages of sustainable progress. Some markets have fallen back to carbon intensive habits to recharge economies while other have ramped up investment in renewable energy. Top five green leaders are Iceland, Finland, Norway, Denmark and Sweden. While the bottom five are Bangladesh, Qatar, Zambia, Algeria, and Iran.

New Zealand sits just below the middle of the spectrum, dragging the chain a little, which relegates the nation to the ‘climate laggards’ section.

We need to lift our game in a big way. We can’t wait for government to act (but we still need to push them on that). The business sector has the resources, initiative and creativity to find solutions to the world’s biggest problems. Let’s get on with it.

One route is by becoming a B Corp business.

Become a B Corp

Here at Grow Good, we exist to coach people through the process of becoming B Corp certified.

The B Corp Impact Assessment framework is free to access and provides dozens of useful insights and opportunities for any business but it can be confusing and overwhelming.

We are consultants who have completed the official training provided by B Lab, the organisation that runs the B Corp certification programme. We live, breathe and sleep B Corp. We are your B Corp buddies. We make it easier. We translate the questions into plain English and give you a host of template policies and example documents so you don’t have to start everything from scratch or reinvent the wheel. We show you how to unlock the big point scoring areas most relevant to your business.

Are you ready to go B Corp? It’s completely your decision but if you are, and if you think it would be helpful to have a guiding hand through the process, we’re here to help. Drop us a line or jump straight in and book a free 30 min discovery call with me.

Yours in purpose,

Ngā manaakitanga,

Tamara

tamara@growgood.co

Are you Ready to B Better?

Ready to take the plunge towards becoming a B Corp business? Let the Grow Good team guide you through the process either through 1:1 coaching or group coaching on one of our regular cohort programmes for micro businesses. Book a 30-min discovery call with Tamara here.

You can use your Business as a Force for Good.

Just get started. Take the first step. Get in touch

Redefine Business Norms and Success with B Corp

April 24, 2023

What if we, as a community, nation, society, decided that a company was an abject failure if, in the operation of its business, it caused environmental damage or perpetuated social injustice?

What if we all judged this business as an epic fail? And what if we had a slew of tools to, not only prevent such companies ever doing business in the first place, but also tools we could employ to either help businesses correct unintentional failure, or face immediate and consequential punitive action for this harm caused? For example, the immediate cessation of the right to operate; or hefty penalties.

What would these tools be? Corporate legislation, government regulation and policy, taxation, financial penalties, legal action.

But what do we do instead when a company pollutes or has modern slavery in their supply chain? At best, we do nothing. At worst, we applaud and praise these companies for making huge profits for their shareholders. A token of which they may throw at a worthy charity, or sponsor a sports team, as part of ‘giving back’.

Meanwhile, the world burns.

The climate crisis and egregious social injustice are human-made crises mainly created and exacerbated by those with economic power and privilege. When we buy something “cheap” we are supporting and perpetuating these power structures. (By the way, there is no such thing as “cheap”. There is only passing on the true cost. In other words, another being is suffering so we can can have our “cheap” delusion. That being could be a child in the Congo, a woman in Bangladesh, a cow in America, orangutans in Brazil… someone is paying for our “cheap”. The irony is, it ultimately comes back to bite us.)

What if, we all judged a business as a wild success if it healed and regenerated the environment and drove social justice and equity? And what if our societies, and our systems of education, law and governance were structured to encourage and reward these businesses. What if we had tools to help these businesses flourish and thrive?

Then we would not be facing the biggest existential crisis ever faced by humankind.

It does not need to be like this.

Happily, there is change afoot. And it cannot come quickly enough.

The one unifying goal of all certified B Corporations – businesses of varied sizes, industries, and sectors — is a mission to use business for the good of all people and the planet rather than singularly focus on profit.

B Corps pursue this mission by developing products that are regenerative rather than extractive, policies that are transparent rather than opaque, and programs that are equitable rather than unjust.

Redefining success for business and creating new economic norms also involves speaking up for change and learning continually.

At your company, this can mean launching a sabbatical program that acknowledges the need for rest. In your community, this can mean forming advocacy partnerships that support climate justice. With federal leaders, this can mean sharing how your business is using clean energy to reduce its environmental impact.

Through small and large changes and actions, B Corps are weaving a future when business as a force for good is the way everyone does business.

If this is a movement you think you’d like to be a part of, drop us at Grow Good a line at tamara@growgood.co, or book in a free discovery call.

Kia kaha

Tamara

tamara@growgood.co

Are you Ready to B Better?

Ready to take the plunge towards becoming a B Corp business? Let the Grow Good team guide you through the process either through 1:1 coaching or group coaching on one of our regular cohort programmes.

Don’t wait to be a better business, get on with it now. The planet depends on it.

Here at Grow Good, it’s our job to help businesses become B Corp certified. Because the process can be confusing and daunting. We translate it, break it down, offer resources to make it as manageable as possible. If your business is ready to go B Corp, give us a shout or book in a discovery call.

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