Navigating Sustainability Through Strategic Marketing
Sustainability and marketing are intertwined as businesses increasingly emphasise environmentally conscious practices. In the context of developing buildings, marketing can play a pivotal role in promoting sustainable construction methods, energy-efficient technologies and eco-friendly materials.
Communicating these features effectively to potential buyers not only enhances the product's market appeal but also contributes to a broader environmental agenda, said industry voices of the marketing industry. They further added that the strategies can highlight energy-saving benefits, green certifications and the long-term cost efficiency of sustainable buildings, fostering a positive perception among consumers and encouraging the adoption of eco-conscious practices in the industry.
Sudeep Chawla, Vice President, Marketing, Pidilite says, “Sustainability is said to be standing on three pillars namely economic, social and environmental.” He further adds that India is a developing nation and we cannot afford to rebuild or repair the buildings after some small intervals of time. “Therefore we have to construct buildings rightly from the very start,” he points out. From a marketer's perspective, he said that they ensure that not so many mistakes are made in the economic and environmental sustainability part of development. “We support the mission of developing green buildings,” he emphasised.
Taking the discussion forward, Yatnesh Pandey, VP, Marketing, Greenply Industries said that they track consumer behaviour in the sustainability part of the industry. He said, “If we track the last 12 years, then sustainability was not a priority for choosing a product.” He further mentions that earlier if a company was choosing a path of sustainability then it was more of an ethical or moral side, which was not particularly mandatory as such, but now it is taken as a responsibility upon us. Now consumer also thinks that it is better for him or her if he or she chooses to consume a healthier and environmentally friendly product.
While nodding to the points that Pandey put forward, Chawla highlights the challenges that come in front of a marketer while implementing the sustainability aspect of a product. “Sometimes while attaining a certain level of sustainability, the product cost gets increased and the cost that the end consumer has to bear will be higher,” he expresses. A sum needs to be invested in the sustainability aspect while the development of the building is done, at first it might seem like an increase in the upfront cost but later it will reduce the expense that would have to be made for repair or redevelopment, he adds.
Agreeing with the insights of Chawla, Pandey says, “Brands are the reflection of consumer choices.” Chawla further adds that there are two types of challenges that marketers face namely internal challenge and external challenge. According to Pandey, the internal challenge is, “If you use sustainability as a core tenet, then you have to budget for a certain timeline and value proposition. If you are from innovation, then you have to make sure that you are doing certain tasks which keep filling the revenues for a certain period of time until the results of the sustainability aspect start appearing.”
In a panel discussion held at the 18th edition of the BW Marketing Whitebook Summit held on 8 December, the external challenge he cites, is to keep funding to fill the cost versus value gap. Pandey states that another internal challenge for the industry is to keep patience with sustainable innovations because they start delivering results after a certain period of time. According to Pandey the external challenge for the marketer is to bring awareness for sustainability.
In conclusion, the intersection of sustainability and marketing in the realm of building development underscores a shift towards environmentally conscious practices. The discussion highlights the evolving consumer mindset, where sustainability is now viewed as a responsibility. Challenges, such as increased upfront costs, are acknowledged, but the long-term benefits, both economically and environmentally, are emphasised in the discussion. Brands are seen as reflections of consumer choices and while internal challenges involve budgeting and patience, external challenges center on creating awareness for sustainability and fostering a collective commitment to a greener future.
