The Boston Consulting Group has published a terrific report, “Capturing the Green Advantage for Consumer Companies,” that gives an insight into the challenges they face. Here's what BCG has to say:
Concerns about the sustainability of resources and the safety of what we put into and on our bodies have become a staple of the mainstream media. As a result, green – the global catch-all term for everything good for the environment – has become a significant factor in where consumers shop and what they buy. But will consumers continue to care about green issues now that the economy has taken a nosedive? That’s the question companies the world over are asking as they consider past investments in green strategies and plan for the years ahead. The answer, our research convinces us, is a resounding yes.
Tucked into the report you will find ten best practices for gaining a green advantage. Note that these are useful for any company, not just a consumer products company:
- Factor sustainability into strategy, future resources, and budgets
- Make the rules, don’t just follow them
- Make a clear business case for sustainability issues
- Go green across the full value chain
- Target early wins to build momentum, credibility, and motivation
- Embed green goals into incentives and reporting structures
- Make sure consumers understand why your green product is superior to all the others
- Get the pricing right
- Direct green efforts from the top and get buy-in from key stakeholders
- Be consistent in order to be credible
