Brand values have shown to be a significant differentiator for businesses of all sizes and in various sectors. They establish a culture that can compel potential partners and clients to work with you. According to studies, more than 50% of executives concur that corporate culture can affect an organization in all aspects. This includes profitability, productivity, creativity, and firm value. Even so, if we’re being completely honest, creating brand values and a stellar corporate culture may not be a priority for startups. This does not negate the significance of developing your brand values early on. We have made the effort to set out four reasons why you ought to take them seriously.
Gives a clear direction for the organisation
Having a set of well-defined company values provides clear decision-making guidance for employees during difficult times. It’s a much-needed constant in a volatile environment of rapid technological, environmental, and societal changes. Your employees are more likely to make the right decisions when the company’s values are clear. They are more likely to achieve the goals of the company if they understand the company’s mission and values. Brand values help companies to set the tone for the kind of a workplace they provide. This enables an organisation to maintain its performance even when conditions, personnel, and leadership change.
Assist with relevant talent acquisition
Employees are more likely to thrive in an environment that aligns with their values. Individual tend to be more comfortable in new roles if the company values match their own. Whether you run a startup or an established company, knowing how to assess potential team members on their moral standards and goals is critical. As value-based recruitment becomes more popular, employees strive to integrate their values into the company culture in order to become more engaged and productive in their jobs.
Defined brand personality
Clear brand values help create the desired human qualities for your company which will appeal to the emotions of your target market. Similar to how personality influences how you choose your friends, it also influences how you select the products you enjoy. It is therefore necessary to define your brand’s personality in a way that makes an immediate impression that lasts. To achieve this, you may need to understand the psychology behind brand personalities.
Promotes customer loyalty through relatability
What’s a business without customers right? To achieve customer loyalty, companies ought to offer their customers something they can relate to beyond beautiful logos amazing websites. This has proven to be essential in a world where people are continuously exploring for interactions with their favourite brands. Your brand’s external elements, such as your tone or your trademark, can aid in building affinities and recognition among your customers. It is however your brand values that drive genuine engagement and create stronger links with your target market. A 2022 study discovered that consumers valued trust and brand reputation as much as price when making decisions about what to buy.
The bottom line is that your core values influence every aspect of your business. This is to say from products developed to your sales and marketing strategies and the customer service provided by your employees. Your startup’s founding values will complement your overarching goal, serve to define the corporate culture, and show how your business operates. A head-start on the road to success will result from making sure that your values coincide with those of your target market. For the past two weeks, at Eight2Five Innovation Hub we have been teaching a series of Branding 101 lessons with The Created creative. Join us next week on September 28 for the next session if you’re interested in creating a relatable brand.
Register today: https://airtable.com/shrDPyAhQwq9TmKCa