Brand values are key in telling your businesses story and creating an emotional connection with customers. But, how much of an impact do brand values have when looked at from the wider consumer journey?
Feefo’s recent report investigated just this and produced some insightful findings for businesses, which we explore below.
Why establishing brand values is the route to success
First and foremost, let’s take a look at why establishing brand values is key for success. We carry our values with us every day and hold them close to our heart. If these same values are threatened, we will usually steer away from a situation — or in this case, a company.
The study carried out by Feefo reveals that 57% of people believe a company should be socially and environmentally responsible. Even more importantly, almost three-quarters (74%) of consumers will always consider a brand’s values before purchasing.
And that’s not the end of it, there are many other factors that people take into account when shopping. Just over a third (34%) of people cited brands being ‘passionate’ about the products or services they sell as important, while 1 in 3 claimed both sustainability ethics and transparency were deciding factors.
Feefo’s Marketing Director, Keith Povey, says: “It’s been an incredibly volatile 12 months for businesses, which has seen a seismic shift in consumer behaviour, some aspects of which will have a long-lasting effect on how buyers think, act and spend. That said, our research shows that for those businesses that are agile and realign their marketing strategies, there are many opportunities to improve brand awareness, perception and loyalty. Those that respond and act with the medium to long term in mind will see greater returns over the next few years than those that see this period as nothing more than a dip, due to external circumstances.”
Such findings reveal the importance of ensuring that your brand values align with those of you customers. That being the case, what tips can be taken away from these finding to help businesses establish brand values that will drive success?
Differentiating your business brand from others
New brands emerge every day and some of them espouse really strong values. From consciously choosing sustainable manufacturing methods to donating proceeds to charities, there are many examples of how brands differentiate themselves through common and shared values.
Findings from the Feefo report also concluded that ‘if disappointed by a company’s words or actions on a social or political issue, almost three-quarters (74%) of consumers say they would be less likely to purchase from them.’
So, how can you ensure that you are differentiating from competitors and keeping your consumers happy at the same time?
It doesn’t take much to establish strong values to keep consumers purchasing from you. Think about the reason you’ve established your business — what difference you are looking to make in the world — and communicate that. Build your branding around these values and help others to identify with your brand through outlets such as social media. The important things is to be honest with your consumers and try to communicate in a real ‘human’ way. Do this and customers will remain dedicated to your vision…and your products.
Povey continues: “The report clearly highlights the need, and opportunity, for brands to invest more in defining who they are, what they believe in and how they operate. Effectively communicating this demonstrates how, by giving business to the brand, the customers will be supporting a transparent, trustworthy and socially responsible business. In other words, it is imperative to invest in creating a brand with a purpose.”