Here’s a quick question: what does your company stand for?
If you’re anything like most small business owners, you didn’t see that question coming. Not only that, but you probably also don’t have an answer. After all, you’re in business to make a profit, right?
Well, that’s true, but it’s important that your small business also stands for something. Company core values can make a big difference in the performance of your business. And these values shouldn’t just be on paper. Everyone in the organization should know, embrace, and practice them.
Continue reading to learn about the importance of instilling core values across your organization.
Creates a Company Identity in the Marketplace
In the modern marketplace, only companies with a clear identity have a good chance of standing out from the competition.
There are a number of factors that come together to help form a unique identity for your brand, and one of those is your company’s core values. If you think about some of your favorite brands, you’ll certainly realize that they stand out because of more than just the products they offer.
For example, think about Nike.
The company’s shoes and apparel come to mind first. But it’s also impossible not to think of the company’s dedication to helping athletes, and pretty much everyone else, do what they love without fear. Their “just do it” campaign no doubt ushers consumers into one of the company’s core values.
As a business owner, your company’s core values will help shape its identity. If you’re big on environmental conservation and your company has sustainable practices, your consumers will think of the planet every time they interact with your brand.
In one survey, 62 percent of customers said they consider a company’s ethical values and authenticity before making a purchase.
If your company stands for something that resonates with your target market, you’ll be in a better position to attract customers easily. If your target audience is highly environmentally conscious, for instance, they’ll be more likely to buy from you if one of your company’s core values is environmental conservation.
And like Nike’s campaign, you can also let your customers know about your core values through strategic brand messaging.
Attract the Best Talent
If you thought it’s just customers who care about your company’s core values, you couldn’t be more wrong. Turns out your current and prospective employees care about your organization’s core values as well.
Don’t buy that?
A 2019 survey established that a whopping 77 percent of professionals consider a company’s mission and workplace culture before applying for a job.
Your company’s mission spells out your core values. It’s these values that define your workplace culture.
If your company doesn’t have any recognizable values, it’s clear you’re missing out on the best talent. Even your current employers can jump ship when they realize that your company doesn’t stand for anything.
Company Core Values Will Drive You to Success
As a small business owner, it’s understandable that your primary goal is to turn a profit. However, consumer behavior is changing. The modern consumer cares more about company core values than your product. So do your employees.
You now know how instilling company values can boost your business.
Keep reading our blog for more branding tips and insights.