Business school develops ‘LIFE’ marketing strategy to tap sustainability trend
Thai entrepreneurs can use the “LIFE” strategy to tap growing demand for sustainable goods and services, according to one of Thailand’s top business schools.
Mahidol University's College of Management (CMMU) offered the strategy in its report titled "What If Marketing", published on Friday.
The report surveyed 1,130 consumers aged between 18 and 77 and found three factors were driving the trend for sustainability:
– Demand for healthy food: Consumers are turning to healthy food for long-term benefits and to protect themselves from disease.
– Concerns of mental health: Consumers are seeking more balance in their lives to handle stress.
– Concern for the environment: Some 69.9% of respondents said they were aware of environmental issues, 62.6% said they wanted to tackle environmental issues in the long term, and 61.2% said they wanted to improve their quality of life.
Report author Chankan Benjaporn offered the LIFE marketing strategy for businesses that want to harness the sustainability trend. She described the strategy thus:
– Less is more: Reducing unnecessary material or processes to enable consumers to have good health and preserve the environment
– Image: Showing brands are paying attention to consumers' health and environment to gain their trust.
– Fear: Creating awareness of environmental damage if consumers do not change behaviour.
– Experience: Enabling consumers to experience a change after using products or services related to sustainability.
Singh Intrachooto, chief adviser of Magnolia Quality Development Corp's Research & Innovation for Sustainability Centre, confirmed that sustainability can boost business growth.
He gave the example of US brand Patagonia, whose sales rose 100% after it launched the "Don’t buy this jacket" marketing campaign to encourage people to consider environmental effects of consumerism and purchase only what they need.
Swedish multinational clothing company H&M launched products made of organic cotton, recycled polyester, and Piñatex in 2012, he added. H&M aims to use 100% sustainable materials in its production by 2030.
Piñatex is a leather alternative made from pineapple leaves that boosts farmers’ income, he said.
Also, Japanese clothing manufacturer and retailer Uniqlo is adopting sustainability practices by recycling unused clothes in its production process. Uniqlo aims to achieve net-zero carbon emissions by 2050, he added.
