Create broader ESG strategies for scalability and to cater to stakeholders

New Ideas in MarketingEssential news for marketers, summarised by YouGov
January 11, 2022, 2:36 AM GMT+0

The established Sustainability Accounting Standards Boards (SABS) method can help brands measure environmental, social, and corporate governance (ESG) efforts.

Businesses need to integrate ESG into their Financial Services leaders' strategy, as ESG becomes paramount and investments in the initiatives increase. Address varied thought processes on ESG among stakeholders, to develop ESG plans. Use a "materiality" assessment to identify, prioritise, and address issues that are most pressing to the business and the various stakeholders involved.

This allows companies to combine several concerns that require comparable governance structures while filtering out non-essential issues, with a broader focus on climate change. However, brands should avoid a limited focus on ESG goals because many initial ideas and experiments may fail, making scaling and measuring returns difficult, as well as isolating stakeholders with diverse ESG priorities.

Companies can help stakeholders understand the firm's position on ESG concerns and be held accountable for the initiatives by attributing business results to sustainability efforts. However, with sustainability increasing revenue for only 4% of executives, as per Gartner, brands must be focused on the long-term benefits of ESG for their consumers, employees, and stakeholders.

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