Across every industry, environmental, social and governance (ESG) initiatives are now a top priority for business leaders. Why? Brands with sustainability built into their core grow faster and perform better financially. Not only do these value-driven and socially responsible businesses keep shareholders and customers on side, but they’re guided by a clear purpose which helps to attract and retain the best employees.
Yet, right now, the food industry lags behind others when it comes to ESG credentials. Only one food company made it into the top 100 of a recent Wall Street Journal survey that scored on ESG metrics.1 There’s a huge opportunity for all players in the industry to incorporate ESG principles into their business and start tackling the big environmental and social issues the world faces today.
Prof. is here to help you get started and go further with your sustainability initiatives. We’ll show you how to build an ESG framework relevant to your business – one that creates value for customers, communities and shareholders, and enables you to reap a range of benefits, including customer loyalty, sales growth, operational efficiencies and a culture of innovation. Ready to get started?
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Its about understanding the customer expectations for that brand and delivering a clear agenda under the topic of sustainability, it could be reduced food waste, more energy efficiency, ethically sourced ingredients, reduced or recycled packaging. Todays consumers have a growing expectation on the difference brands can make to the wellness of global issues.
Start the journey, any saving is good such as energy or food waste, but ultimately its about creating a baseline where are we today across the areas that matter, committing to a reduction then measuring and reporting. Its important to be transparent
Public commitments, NGOs report, annual shareholder reports, www site claims or independent accreditations/product labeling.
To deliver change and better more environmentally focused than the competition- social impact, ethical labour, recycling, ethical sourced ingredients, higher welfare or energy conscious as examples.
To meet todays consumer demand, but also because the FMCG industry is such a large part of the global economy it can make a difference towards achieving Government set environmental targets.
Really hard as there are multiple claims and the sector currently lacks regulation so validation of claims can be difficult some leaders in the area include McDonalds, Whole Foods, Tesco but there is still a lot to do. Not really one food brand that is taking the lead at the moment in this market as everyone is starting the journey.
A focus and commitment on reducing its impact on the environment, supported with regular reporting and underpinned by effective actions.
A focus and commitment to the environment within the operating culture rather than a bolt on consideration outside the core activities.
Its the customers expectation and growing in importance.
Brands using it as an opportunity to communicate their efforts and performance to customers searching sustainable brands and stories. Its an opportunity to connect with new customers as they switch to more sustainable brands and essential to retain current customers.
By communicating the efforts and commitments retaining and building customer trust that ultimately contributes to additional sales. Its critical to take the customers on the journey to maintain brand trust.