It shouldn’t be a surprise to anyone to find out that nearly every industry is facing an oversaturation of content and competition. Everyone’s piece of the market is getting divided up more and more, and it can get frustrating as a business owner to see your slice of the pie shrinking at the end of the day. It can also be overwhelming to try and cut through all of the noise that is presented to you to know what will and won’t be effective.
Fortunately, there is something that you can still do that will allow you to grow your business, gain “loyal supporters,” and it can even help attract and retain top talent to your company.
Establish and communicate clear company values.
A business’s values are the guiding principles that define a company’s culture, behavior, and decision-making. They are the foundation of how a company interacts with its employees, customers, and stakeholders. By defending and communicating strong company values, businesses can set themselves apart from their competitors and build a loyal customer base.
Don’t believe me? Let’s do a case study on a brand that has, in recent years, stopped pitching itself as a retail company and started communicating who they are and who the customers that buy from them are. Nike.
There are fewer more competitive spaces than retail, yet Nike has maintained its dominant market share not just by releasing high-quality products but by communicating about Nike. You won’t find any marketing material (commercials, social media posts, emails) that highlight the product featured. Instead, Nike tells a story about who they are and who their customers are. Both the brand and their consumer base are summed up into one word: Greatness. Their namesake literally comes from the Greek Goddess of victory, and when they spend the money to tell the world who they are, they use that platform to talk about Greatness and every aspect of it. As a consumer who is now in the market for a new pair of shoes, watching that commercial, you cannot help but be inspired and gravitate to their product even though you have no idea what type of material is used or what color options they have or any of the other menial product details because they have sold you on their company values, which they hope align with your values.
Consumers today are more socially conscious and want to support companies that resonate with who they are and what they believe in. By communicating strong values, businesses can build trust with their customers and establish long-term relationships that go beyond just the products or services they offer.
Not only does it aid in market share, but it also can attract and retain employees who share those beliefs. Employees (similar to the customers) want to work for companies that align with their values as well. When these resonate with employees, it creates a sense of purpose and pride in their work, which can lead to higher job satisfaction and productivity.
I encourage everyone reading this to go to your company website and see if your company’s values and mission statement are on there. It is one thing to recognize them internally and quite another thing to promote them externally to your customers. If you are reading this and are realizing that your company doesn’t have any values or mission statements established, then I challenge you to create them and share those with your staff, your customers, and anyone else who knows who you are!
At Braintrust, we specialize in growth by helping companies or individuals learn to communicate clearly and intentionally. We’d love to hear from you, so feel free to visit our contact page or reach out to firstname.lastname@example.org to connect today!