During the past year, news outlets have been littered (forgive the pun) with stories highlighting Fortune 1000 companies investing in new green initiatives. Throughout 2008, numerous surveys released by Harris Interactive, Intellitrends, Bentley, and Mintel indicate an increasing consumer awareness in going green. Similarly, a growing consumer segment now assesses a company’s environmental policies before making the decision to purchase a good or service. This trend has not gone unnoticed by professional marketers. “Grey” companies, those publicly displaying a cursory interest in environmental sustainability, are surely receiving briefs involving these surveys. In response, many are scrambling to repaint their products and corporate images to match the expectations of a Green business. World-renowned names including CitiBank, Bank of America, Wal-Mart, and Clorox each have allotted billions of dollars into various ecocentric technologies and strategies. Industry experts see this transition of capital funds not as a simple fad, rather, a long-term trend in the way business will be conducted beginning now and stretching far into the future.
Companies engaged in a restructuring of their sustainability policies are reaping the benefits by virtue of an increasing sales volume, a decreasing employee turnover rate, and, of course, diminishing energy costs.
So what exactly is a Grey business? In the past, the terminology “grey to green” referenced initiatives for river cleanup efforts stemming the negative effects of storm water runoff. As with many words and phrases over time, the modern meaning is shifting; it now relates best with environmental sustainability. In the growing “green” diction, a Grey company may either represent one which is not sustainably producing environmentally friendly products (and may be engaging in greenwashing), or simply a conventional business that has yet to adopt more sustainable operating practices. A continuously updated Green language dictionary may be found on this Community Portal.
Too often, media attention gravitates towards either large Grey companies announcing enormous green investments, or on new environmentally focused startups. Left out of the spotlight (and the green movement) are existing small and medium sized companies, representing 90% of the nation’s enterprises. Currently, most are simply weathering the economic slowdown, and few, if any, possess the assets to duplicate the initiatives of certain Fortune 1000 examples. However, if expert claims and public surveys are correct in predicting the continued growth of environmental sustainability from a growing trend to a human necessity, companies not adopting sustainable practices may suffer.
Fortunately, modifying a company’s environmental policies and practices does not necessarily require any large investments. Likewise, once a company has adopted a series of guidelines, their marketing efforts can be modified accordingly to take advantage of these changes. Businesses seeking advice and assistance may smooth the process by taking advantage of packaged programs including the Approved Green Business offered by GreenProfit Solutions, Inc. According to Keith Winn, COO/VP Marketing, small and medium size companies in nearly any industry can simply and affordably move from Grey to Green by utilizing their affordable stepwise program. Included within an Approved Green Business Program is assistance for marketing services as well as green benefits for employees, customers, and members, if applicable, to best promote and educate on a variety of green concepts.
With both national and international attention now firmly set on efforts to mitigate and reduce climate change, increase sustainability in all regions, and create energy independence, going from Grey to Green is a strategy every business should consider.
Photo credit: motoed on Flickr
Joseph Winn is the President/CEO of GreenProfit Solutions, Inc. which assists businesses in becoming environmentally responsible. You may view their website at www.greenprofitsolutions.com or e-mail Joseph at jwinn@greenprofitsolutions.com .