Businesses: Reducing the use of SUP because of Brand Image and Brand Equity
There is growing evidence that consumers and stakeholders are increasingly concerned about the impact of businesses on the environment, particularly in relation to plastic pollution. As a result, companies that take action to reduce plastic pollution can benefit from enhanced reputation and brand image. Here are some examples of data that support this assertion:
Consumer surveys: According to a 2020 survey conducted by GlobeScan, 88% of consumers surveyed said they would like to see companies reduce their use of plastics. Another study by Nielsen found that 81% of global consumers feel strongly that companies should help improve the environment. These surveys suggest that there is a strong demand from consumers for businesses to take action on plastic pollution.
Social media engagement: Social media is a powerful tool for consumers to voice their concerns about environmental issues. A study by Sprout Social found that 72% of consumers are more likely to buy from a company that is transparent on social media, while a study by Edelman found that 64% of consumers are attracted to brands that take a stand on environmental issues. This indicates that companies that take action on plastic pollution can attract positive attention on social media and enhance their reputation.
Corporate social responsibility (CSR) reports: Many companies publish annual CSR reports to communicate their environmental and social performance to stakeholders. A study by Cone Communications found that 87% of consumers would purchase a product because a company advocated for an issue they cared about, while 76% would boycott a company if it supported an issue contrary to their beliefs. By including information about plastic reduction efforts in CSR reports, companies can demonstrate their commitment to sustainability and enhance their reputation.
Corporate partnerships: Companies that partner with environmental organizations to reduce plastic pollution can also benefit from enhanced reputation and brand image. For example, a study by the Harvard Business Review found that companies that partnered with environmental organizations experienced a 4% increase in brand equity and a 6% increase in stock price. This indicates that partnerships with environmental organizations can be a valuable strategy for companies to enhance their reputation and brand image.
There is significant data to suggest that companies that take action to reduce plastic pollution can benefit from enhanced reputation and brand image. By responding to consumer concerns, engaging on social media, publishing CSR reports, and forming partnerships with environmental organizations, companies can demonstrate their commitment to sustainability and attract positive attention from stakeholders.