A New Way to Market with Impact
A primary objective for most for-profit businesses is to produce a profit. The “bottom line” (revenue minus expenses) is the key measurement of success.
Some argue nothing else matters.
Yet, many businesses include a purpose that goes beyond just profit. Their purpose is reflected in the mission and vision statements. The reason such businesses exist is to add value to others, without causing harm.
This is when making an impact matters.
As a differentiating value, Impact means have an effect upon; a strong effect; or influencing strongly.
So what does it mean to market a business or brand with impact?
A new measurement of business success is called “People, Planet, Profit” – or Triple Bottom Line.
Making an Impact in People, Planet, and Profit
For businesses that embrace the Triple Bottom Line (TBL), there are three ways marketers can make an impact:
- Social impact (people). TBL marketers can promote business practices that benefit both their employees and the communities in which they operate. This is often highlighted by the various ways the business “gives back” – from volunteer time, to financial support for local charities, to providing education. They can also highlight the fact they neither exploit nor endanger any group, either locally or globally (e.g. use of child labor).
- Environmental impact (planet). TBL marketers can promote their sustainable environmental practices, and demonstrate how they are reducing their ecological footprint. They can also highlight the fact they do not produce harmful or destructive products (e.g. toxic chemicals).
- Economic impact (profit). TBL marketers can promote the economic value created by the business for the communities they serve and society at large. This goes beyond just the internal profit made by the company. It includes all of the benefits enjoyed by society because of the assets being deployed by the business (e.g. sharing the business property as a soccer field for the community).
Years ago marketers that operated by these principles and made a positive impact on society could simply claim to be “good corporate citizens.” Unfortunately, many businesses hid the dark truth or outright lied.
Now, marketers who truly want to make a positive impact have found new ways to differentiate themselves and provide a competitive advantage.
Introducing B Corps
While the Triple Bottom Line concept has been around for a number of years, a more recent advancement in the United States has been the formation of B Corporations. The “B” stands for “benefit.” The purpose of a B Corp is to create general public benefit, which is defined as “a material positive IMPACT on society and the environment.”
The non-profit behind this movement is called B- Lab. This group evaluates and certifies for-profit businesses with the B Corporation seal of approval.
In other words, for business leaders and marketers that want to make a social, environmental and economic impact, there is now a formal certification program. What a great way to show customers, employees, and other stakeholders that a business is serious about making a positive impact.
What businesses do you know of that are making a positive impact?
Today’s value was selected from the “Determination-Focus” category, based on the e-book Developing Your Differentiating Values.
