Let’s think logically – is it physically possible to have a triple bottom line? Surely it’s just one bottom line with two lines above it? We’re going to leave that one to the physics geniuses, but in the marketing world it represents sustainable, societal and ethical marketing orientations. It consists of focusing on equity, the economy and the environment.
So how is it used in businesses?
We think Ben & Jerrys’ Ice Cream is a great example, their mission statement being “to make the best possible ice cream in the nicest possible way”. They also have three individual missions relating to the economy, the product and society. However, understandably not all of our businesses are as giant and delicious as Ben & Jerry’s so how can you apply the triple bottom line to your business?
Here are 6 ways that we think would show that your business has a strong Triple Bottom Line:
1. Invest in digital marketing, therefore saving paper usage and costs of printing.
2. Give back to your local community, this could increase your customer base through word of mouth promotion and having a positive image.
3. Reduce the amount of packaging you use and you’ll help the environment and save costs.
4. Use locally sourced ingredients, thereby reducing your carbon footprint due to delivery distances whilst also supporting the local community.
5. Use recyclable packaging.
6. Save money by reducing energy use.
Make sure you check your Triple Bottom Line and shout about it. Let your customers know that you have a Triple Bottom Line and see the benefits on the all-important Single Bottom Line!
Source: Inspired by Marketing Degree lecture at University of Northampton.