DEGROWTH AS THE NEW NORMAL: TIME FOR BUSINESS LEADERS TO TAKE BOLD DECISIONS
Imagine a world where businesses thrive by embracing degrowth and championing sustainable practices. I recently had the privilege of participating in a panel discussion during the XIX MBA Congress organized by the Krakow School of Business, where the concept of degrowth as the new normal was explored.
Understanding Degrowth
Degrowth represents a transformative approach that advocates for a just and equitable downsizing of production and consumption.
It urges us to shift from an unsustainable model of perpetual growth to a postgrowth society that values ecological balance and social well-being. As our world grapples with climate chaos and increasing inequalities, degrowth offers an alternative path towards a more sustainable and resilient future.
Inspiring Degrowth Strategies: Patagonia at the forefront
One compelling example of a brand that has successfully embraced degrowth as a business and marketing strategy is Patagonia. This global sport apparel and outdoor company has taken bold steps towards sustainability, and it has paid off. In fact, Patagonia was recently recognized as the most reputable brand in a survey conducted by Axios and Harris Poll. By promoting values such as reducing, repairing, reusing, recycling, and reimagining business practices, Patagonia has not only differentiated itself but has also gained a devoted customer base.
It’s important to mention, that Patagonia goes beyond conventional marketing strategies, prioritizing environmental consciousness and sustainability. The company actively strives to reduce plastic usage in its products, including PFC and Gore-Tex, by constantly innovating with sustainable and fair trade materials or implementing limited production lines. This commitment to ethical practices sets Patagonia apart in the market and serves as an inspiring example for other businesses looking to make a positive impact while reaching their target audience.
Ethical Responsibilities of Brand Leaders
However, Patagonia is not the only brand following the path of degrowth and sustainability. There are some Polish fashion brands that have embraced these principles, i.e. WoshWosh.
Despite this, the majority of marketers still prioritize creating customers’ desires and maximizing brand outreach, often monetizing customer data through personalization and multichannel marketing.
It begs the question: Can marketing messages be sustainable, and what is the ethical and social responsibility of advertising professionals?
As an advocate for sustainable marketing, I strongly believe that marketing messages must align with sustainability goals. The demand for environmentally responsible brands is growing, particularly among younger generations. Today’s conscious consumers expect brands to be accountable, transparent, and sustainable, rejecting greenwashing and even resorting to brand boycotts. Customers in Western Europe, are willing to pay more for sustainable brands and demand clear information about a company’s environmental practices, fair trade initiatives, and workplace conditions.
Furthermore, legislative bodies are stepping in to reinforce sustainability efforts. The EU’s Omnibus Directive is a prime example of this, as it strengthens consumer rights through enhanced enforcement measures and increased transparency requirements. While it places additional obligations on entrepreneurs, it also demonstrates a collective recognition of the need for more responsible business practices.
The Global Movement Towards Degrowth
The idea of degrowth is gaining popularity, but there is still a long way to go.
We must recognize that degrowth is not just a dream; it is an imperative.
The climate crisis, growing inequalities between regions, and a myriad of other challenges necessitate bold decisions from business owners, corporations, and governments alike.
The question we need to ask ourselves:
- What steps can your business take to incorporate degrowth principles and become more sustainable?
- How can marketing strategies be adapted to reflect this new normal?
I’ve started a conversation on LinkedIn on this topic. I would love to hear your thoughts and experiences
Postscriptum
If you want to deepen your knowledge and understanding of this subject, check the following materials which were recommended to me before the MBA Congress (thank you Aga Żur and Jarek Szurman:)
