Building brands with EPDs
Environmental Product Declarations (EPDs) have become increasingly popular in recent years as a tool for evaluating the environmental impact of products. Not only do they provide valuable information about a product’s environmental performance, but they can also enhance brand reputation and drive sales. In this blog post, we will explore the ways in which EPDs can benefit companies by improving their brand reputation and driving sales.
Demonstrating Environmental Responsibility
One of the key benefits of EPDs is that they demonstrate a company’s commitment to environmental responsibility. By undergoing a Life Cycle Assessment (LCA) and developing an EPD, a company is showing that it takes its environmental impact seriously and is willing to invest time and resources into assessing and improving its products. This can be particularly important for companies operating in industries where environmental impact is a major concern, such as the building and construction industry or the food and beverage industry.
Meeting Customer Demand
Consumers are becoming increasingly environmentally conscious and are actively seeking out products that have a lower environmental impact. By providing EPDs, companies can meet this demand and differentiate themselves from their competitors. In fact, a study by the European Commission found that companies that provide environmental information on their products are more likely to be preferred by consumers than those that do not.
Increasing Sales
EPDs can also help to increase sales by providing customers with information to make informed purchasing decisions. A study by the European Commission found that customers are willing to pay a premium for products that have a lower environmental impact. Environmental information on products can increase sales by up to 20%. By providing EPDs for their products, companies can tap into this demand and drive sales.
Another recent study by the AIA in 2020, found that 97% of millennial architects want to specify more sustainability options. EPDs provide a pathway for manufacturers to increase sales as surveys continue to show a growing demand.
Enhancing Brand Reputation
Finally, EPDs enhance a company’s brand reputation by demonstrating its commitment to environmental responsibility and transparency. This can be particularly important for companies operating in industries where environmental impact is a major concern. It can help to differentiate them from competitors and build trust with customers. In fact, a study by the Harvard Business Review found that companies that prioritize sustainability and transparency tend to have better financial performance than those that do not.
Conclusion
In conclusion, Building brands with EPDs can be a powerful tool for enhancing brand reputation and driving sales. By demonstrating environmental responsibility, meeting customer demand, increasing sales, and enhancing brand reputation, EPDs can provide significant benefits for companies looking to improve their environmental performance and differentiate themselves from competitors.