Business Culture – Why Core Values Matter
2017-10-02 | by Smollan
Brand ethics in the retail space
October 2017 – When it comes to brands, consumers want to know what a brand stands for, as ultimately, brands are extensions of the lives we lead. Think of those brands you purchase over and over. Often, the reason we stay loyal to brands (even subconsciously) is because of their set of core values.
The average consumers of today are savvy shoppers who know what they want. If a brand stands for quality, a consumer feels they should expect nothing less. If a brands message, values, intention or engagement is not what is expected, consumers are happy to move on to the next best thing.
This is largely related to the fact that consumers these days are having difficulty trusting a brand’s intentions. With all brands, consumers expect a level of emotional commitment, honesty and transparency. With these pillars of trust in place, shoppers are more likely to support and continue to buy these brands.
It is imperative that more brands focus on how to better interact with consumers, now so, more than ever before. If a brand focuses too much on trying to sell consumers their products rather than finding ways to creatively engage with them and solve a need, their brand will be short-lived.
Brands must have a purpose and produce goods that improve the lives of consumers, enhancing their quality of life. Brands need to build stronger relationships with consumers and maintain those relationships, so that over time, a meaningful connection is created and maintained.
When you successfully create a connection with your consumers, many of them may stay loyal for life, but achieving that connection is no easy task.
The companies that succeed are ones that stay true to their core values over the years and create a company image that shoppers are proud to associate with.
The truth of the matter is that people don’t buy what you do, they buy why you do it. Core values are very important in determining how people view what you bring to the marketplace.
We are guided by a distinct set of values that help to differentiate us in the retail space. They shape our company and form a critical part of our organisational DNA, directing our company and enabling us to be unified in our purpose of delivering growth.
What are your company’s core values? Are there any inspiring examples of other company’s core values you want to share? Let us know your thoughts!