What is Brand Equity?
A study from Carbon Trust, a UK-based consultancy that helps businesses to reduce their carbon emissions, shows that social and environmental concerns can result in changes in consumer behavior. Among several factors that provoke this shift are “issues of immediate personal impact” and “realistic available choices.”
To specifics for Nigeria:
For Quick Service Restaurants: Research alternatives to your plastic, Styrofoam packs as well as the nylon bags for ‘take away’. A QSR newly opened in my vicinity, they insisted I bring back my plastic container if I didn’t want to buy a new one, when I asked for a foil pack (which I thought was environmentally better and cheaper).
Taking it further, they need to take a stand and explain to customers why it would benefit the environment.
- Empowering and incentivizing local recycling companies to seek out and dispose discarded materials.Check out Recyclepoints.com and Wecyclers.com
- Start thinking about Refill stations- Phillipines Franchise model: useful for most liquid household products where the consumer brings his container back and gets a refill ( a win-win on both sides) cost of plastic packaging is eliminated and product is cheaper!!! This is more advisable for non food products except one is prepared to win any local regulatory war.
Retailers also can slowly start to move their customers away from using polyethylene shopping bags to reusable jute or fibre material shopping bags
Brands can kickstart the process by doing the following:
- Conduct surveys to find out what can motivate their consumers to dispose empty packs at designated branded collection bin-points (promotions or outright cash incentive). They can then implement, sustain and amplify such ideas with improvement over time.The environment is not a three-month cause,it is for a lifetime– ours and future generations. It,just like the brand will outlive the brand managers who come and go.
- Devote resources to this cause and make sure their consumers know and appreciate this.
- To find out more on research and strategy contact www.markmonitorconsulting.com.
In the current economic dispensation,any brand that can encourage sustainable disposal of its packaging is sure to earn the consumers affection as increasingly brand environmental impact has a negative perception.
Brand Equity will definitely grow from this environmental thoughtfulness and such activity can even be carried out alongside the numerous music, movie and beauty show sponsorships which brands favor (another area brand owners can research into for the long-term health of their brands!)
- Brand Equity and Corporate Responsibility (McElhaney-2008)
- A review of brand valuation methods(Ashkan Pakseresht ,2010).