The criteria B2B buyers use when making purchasing decisions is changing and companies that embrace these changes can add considerably more value to their brands.
Traditionally, B2B buyers have built business cases around the economic performance of the products and services under consideration. These business cases are usually heavily dependant on financial indicators like return on investment (ROI) and net present value (NPV). Whilst the financials are still critically important, there are now other key considerations B2B buyers are factoring into their decision making processes.
Expectations on businesses to operate as good corporate citizens are now common place. Stakeholders are demanding organisations make real contributions to economic prosperity, environmental quality and social well-being, now commonly referred to as the Triple Bottom Line, TBL or 3BL.
So, just how does 3BL change the way B2B buyers look at products and services?
Before an organisation buys your product or service, they’re now likely to consider the impact it has on society and the environment.
Social benefits are measured by how an organisation contributes to the community. For example, B2B buyers that choose to purchase Australian made products can claim a social benefit because they’re contributing to local employment. Same goes for organisations that donate to charities, promote work-life balance initiatives and so on.
The Environmental component of the Triple Bottom Line is measured by the size of the organisation’s footprint and what they’re doing to reduce it. Organisations buying products that harm the environment are likely to be perceived as contributing to the problem, rather than the solution.
So, when you’re promoting your organisation or the products and services you sell, be sure to highlight the Triple Bottom Line benefits. Whilst you may be selling the best functioning product or service at a reasonable price, tell your target audience what you’re doing to promote social and environmental wellbeing too. You may just increase your brand’s value in the process.