The Value of Values: How purpose, not product, can be the element that sets your brand apart.

We make a variety of decisions every day. Things as small as what to eat for breakfast or as big as strategic decisions that impact your work all share something in common: the choices you make are impacted by your values. Whether you are consciously aware of your values or not, they inform the choices you make, the way you make those choices, and the experiences you have after the fact. Some of you may have gone through corporate coaching where you identify your personal values and work through how they influence your decision making process. We’ll discuss the importance of identifying your team’s value system and using that to enhance your company’s culture later.  Today, we’re looking at your company’s values and the importance of both knowing and sharing that core essence of your organization with your audience.

Your organization’s values are the code your organization lives by. Just like your personal values,  they are critical to your company as well as everyone around you. You can use them as guiding principles to inform your overall strategy, as well as a map to make your way through tough questions or changes. The clearer and more consistent your brand values are, the easier it will be to use them.  And the more heavily you rely on them to inform your actions, the clearer they will be to others. Which is important, because people who come into contact with your brand will use what they interpret as your brand values to determine how they feel about your company - both consciously and subconsciously. 

Think about why you like the people you like. Is it because they are attractive? Because they have something you want? Or is it because you have a lot in common? It’s possibly a combination of all three, though there is substantial research to support the idea that we like people who are similar to us.  The same can be said for consumers and brands. Consumers like interacting with brands they feel hold similar values to theirs. In fact, one study found that 63% of consumers prefer to purchase products and services from companies that stand for a purpose that reflects their own values and beliefs, and will avoid companies that don't.

You may be asking, but what about my superior product, or competitive pricing? Aren’t those the basis for my advantage in the market? This is a fair question, though as Simon Sinek famously said: “People don’t buy what you do, they buy why you do it.” Anyone can provide a high-quality product or service at a competitive price. There’s competition in every market for this reason. Even if you have a patented product completely unique to your industry, if people do not connect with you or trust you, they won’t go into business with you. Not to mention, your company’s values are central to the development of your organization - having a strong internal culture will attract the kinds of team members you want who will then help you grow. In many ways, it’s your brand’s values, your why, that set you apart.

If you’re unsure what your company’s brand values are, it’s not necessarily because you don’t have them. It’s because they haven’t been successfully mapped. There’s no such thing as a “blank slate” when it comes to values. However, by not defining them, you’ve left it open for anyone and everyone to come up with their own interpretation based on what they know (or think they know) about your company. Your organization may very well have a favorable reputation with customers and the general public but it is still important to complete brand mapping. Without the values to look towards, any new campaign or company decision could be incongruent with what people perceive to be true about you. At best this leaves your company looking disorganized and at worst, dishonest or even unethical. 

If you HAVE mapped your values, great! However, It’s not enough to have decided on your values and have them beautifully etched on a wall in the office. Everyone in your company from the cleaning team to the CEO should know those values, live them, and believe them to be true. Let’s imagine a large global company with a brand value of integrity. This brand value, among others, is published on their website and employees are asked to memorize it as part of their training. Now, let’s say there’s a news cycle focused on the importance of raising wages and this same company makes a public statement through their marketing and PR channels in support of this and improving the lives of workers. However, at the time of the statement, a huge percentage of hourly employees are paid unlivable salaries and receive no benefits. This disconnect immediately brings the aforementioned value of integrity into question. It seems like the company is attempting to create a positive public image without actually living the value they say they believe in. This disconnect is problematic, both internally and externally. However, if this company thought about the integrity of their messaging and corporate culture prior to developing a campaign, they may have made a public announcement highlighting a change in their wages or commitment to their workers’ benefits -- and followed through! Leading with your values and ensuring they inform every single thing you do creates happier teams, a clearer brand identity, and opportunities for growth. 

Strong, authentic brand values can help you stand out in the market but moreover they can make it easier to chart a path in an unpredictable and ever-changing world. Think about all the changes and challenges of the last few months. While companies with vague or unidentified brand values are left trying to find clarity in order to choose the position that is most closely aligned with their customers, those with strong brand values in place are free to move forward quickly and with purpose. They don’t need to investigate to figure out what their customers' priorities are because they already know them and their customers are drawn to them because their values are aligned.

Once you have your values identified and understood, you can use them as tools to inform everything from your Instagram grid to the non-profits you volunteer with to the strategic direction of your company. As opportunities arise, or you come to a crossroads, values are a way to remain true to your vision and inform what you do next. Whether you are a newer company or celebrating your 75th year, it’s never too late to put to paper the things that matter to you, your product, and your team. Are you ready to build stronger brands by more effectively communicating your values and embedding them in your corporate culture? We can help. Contact us and we’ll get started.