Benefits of Incorporating Brand Values in Business Strategy
approx 9 minute read
Our previous brand values blog showed us how to integrate your values into your business strategy. This month, we’ll take a look at how brand values can benefit your business. These benefits include everything from strengthening your marketing and sales activities. To improving your customer loyalty and retention. And looking after your employees. So let’s jump right into it.
The benefit of this is that you get an idea of what you want your business to stand for. This will help you to effectively target the right customers and the right staff. And to undergo the right marketing and sales strategies. Without brand values to guide these activities, you will spend a lot of time targeting the wrong customers, hiring the wrong people and marketing in the wrong place.
Brand values will benefit your marketing activities:
Branding and marketing activities are how you speak to your customers without directly talking to them. The powerful and influential effect that these can have on your target audience are of paramount importance to the success of your business. Incorporate brand values within your branding and marketing communications to strengthen your message and fortify your relationships with your audience.
Brand values strengthen your business through value based marketing;
Marketers often rely on the information that they know about their audience to engage them. Through this knowledge, businesses create reliable and loyal customers who advocate for their brand. Utilising this tactic and relying on your brand values can strengthen your marketing practices.
Take advantage of values-based marketing. This occurs when a brand connects with an audience based on the fact that they have shared values, i.e. Sustainability, Efficiency, Integrity. It is an attentive strategy that is charged by authenticity and transparency. The aim of values-based marketing is to resonate with its ideal customer through closely held social, ethical and consumer-based issues.
This will work in your brand’s favour because, if you deliver upon your key values, the likelihood that your audience will engage and advocate for your brand increases tenfold. This is vital for referral and word of mouth marketing. A value-based strategy can help you to resonate with your target audience and ensure that they remain engaged and loyal down the line.
What not to do – Don’t annoy your customers!
The market is becoming increasingly saturated with businesses that you are in competition with. Consumers can sniff out the false claims and empty promises from a mile away. If your brand values are orientated around customer service and satisfaction, make sure you live up to those values. If you don’t, you can seriously damage your brand’s reputation, leaving your customers dissatisfied and uninterested in engaging with you and recommending to other likely consumers.
Brand values will help you identify and align with your target audience:
Brand values are highly relevant and essential to marketing. Marketing is all about influencing and driving behaviours. Without values, how can you sway your customers behaviours if you have not defined your own? Values encourage you to use your time and resources effectively so you can market to the right people in the right way. Without brand values, businesses often spend a lot of time and money on marketing activities, yet they do not always see the return on their investment. This is because they are marketing to the wrong people in the wrong spaces.
Take advantage of your brand values and determine who your customers are, where they are and the best ways to reach them. Your brand values will help to magnetise your brand towards your target audience, as your brand will resonate with these individuals. Get your marketing team to outline a successful marketing strategy based on these values and leverage them in order to target the correct audience. If you live and breathe your brand values you can create a successful marketing campaign which will help you to monetise these relationships.
Knowing who your customers are is half the battle. Knowing this will help you to structure your marketing activities accordingly, ensuring that you are not wasting valuable resources on ineffective marketing practices. If your audience is technically savvy and between the ages of 21 and 35, it wouldn’t be as beneficial to focus your marketing in the local newspaper. Brand values will also help you to understand what your customers look for when they interact with a brand. Take advantage of this and alter your marketing activities to engage with them.
If one of your brand values is “appreciation,” show your customers that you are grateful for their business and offer them a discount for their birthday or even just put a chocolate in with their delivery. Memorable tactics like this will leave a positive and lasting impression on your customer which can significantly benefit your business.
Brand values affect employee motivation and engagement;
Just like customers tend to purchase from businesses that they feel positively about, employees are the exact same in terms of who they want to work for. Your brand values show your employees what your business stands for. This is beneficial as they are more likely to make informed decisions based on these values. In turn this helps the business to achieve its goals and vision. According to the Association of Talent Development 94% of employees are 2-4 times more likely to work harder for an organisation if they love their workplace. In conjunction to this, brand values help to provide moral direction and guide employees during difficult situations. These beliefs create a strong company culture which influences your employees to work to the best of their ability.
Brand values also improves your employee communication;
Increase the number of customers entering your sales funnel.
Use your company values to get customers into your sales funnel. Market upon them. Your core values allow you the opportunity to target customers and market directly to them. The benefit of integrating core values into your sales activities is that you can leverage these values in order to attract customers into your sales funnel. If you offer next day delivery, this unique selling point will lure customers who appreciate efficiency and quick turnaround to your business.
Your core values have invaluable value. They can help to keep your staff motivated and engaged. The benefit of this is that it can assist in raising productivity and performance levels. When your employees respect and align with your core values they often obtain a greater understanding of their job role. This often drives productivity levels and ensures that your employees strive to achieve your business goals. This can significantly benefit your sales as your employees are motivated to actively seek out potential sales and entice customers into your sales funnel.
Your values are much more than just some words that you associate with your business. There are so many underlying benefits that you may not necessarily be aware of when you chose them. Allow them to improve your business strategies and how you operate. The rewards can only strengthen your business. If you are in need of aligning your brand values with your branding and marketing activities, get in touch with your local Nettl Studio and let us help you to get the most out of your brand values.