In this article, we will delve into what brand values are, how to establish them, and the benefits of running a values-driven company, with examples of companies that lead with both head and heart.
What are Brand Values?
Brand values are the core principles that guide how a company operates, including the sourcing of its products, how it communicates with customers, and how it treats employees. Brand values precisely define how the company operates, fulfills its mission statement, and makes a profit.
We have established five brand values over the past years. They are specific enough that we can draw upon them in our daily business activities, as well as when making decisions for our company.
Brand values are the steadfast principles that the company will adhere to as it evolves, even in the face of alternative ways to earn more profits or attract more customers. “We have established five brand values over the past years. They are specific enough that we can draw upon them in our daily business activities, as well as when making decisions for our company,” Eckert says. Simply put, brand values express how the company presents itself to the world, even when no one is watching.
Case Study: Bobby Barley
When Bobby Barley was founded in 2012, sustainability was on Kendall and Justin Barber’s mind from the outset. They scoured hundreds of factories in Mexico to find a production partner that aligned with their values. In the end, they found one.
The socially and environmentally conscious Canadian fashion company – which produces leather shoes, bags, accessories, and home products – partnered with a factory in León, Mexico. Bobby Barley paid the artisans significantly more than the local wage. The company also offered scholarships to the children and grandchildren of its team members in Mexico. This was the beginning of a long-term partnership that embodies how Bobby Barley conducts business.
Whenever we make decisions, we always consider the most sustainable way to achieve them. If there are steps we can take to make it better for the planet or better for people, we choose that path. It’s a factor we think about continuously.
Benefits of Running a Values-Driven Company
Operating a company with strong brand values can be a powerful differentiator in the market for businesses looking to build long-term relationships with customers. For example, 77% of consumers are concerned about the environmental impact of the products they purchase.
But it’s not just customers who care about brand values – employees do too. Studies show that companies with better environmental and social responsibility standards often achieve higher productivity and have lower employee turnover rates. Brand values can be a magnet attracting both loyal customers and team members aligned with the mission.
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Attracting New Customers
Customers are increasingly looking for products that align with their values – whether they are shopping for shoes or cleaning products. Research has shown a 71% increase in online searches for “sustainable goods” globally since 2016. Consumers are willing to spend time searching for companies that keep sustainability in mind. “By analyzing our visitor sources, we are listed in many Canadian directories for sustainable accessories,” Eckert says. “There are many blogs that compile sustainable companies, and I find our company mentioned in those blogs often,” she adds.
By defining and sharing your company’s brand values, you can be on the radar of consumers who care about social and environmental responsibility and are seeking out the best companies.
Building
Brand Loyalty and Affiliation
When products are just a click away on Google or Instagram, it’s challenging for companies to retain long-term customers. However, brand values can help businesses build a brand – turning one-time purchases into years, or even decades, of loyalty to the company.
According to the 2022 Future of Commerce report – a study conducted by Forrester on behalf of Shopify – 53% of companies are making sustainability improvement one of their top priorities for 2022, and 39% are working on improving manufacturing efficiency.
On the consumer side, customers are increasingly concerned about the companies they support with their money. While words like “sustainability” have become buzzword marketing, many consumers are not satisfied with greenwashing. Instead, they are conducting research to find out whether a company’s claims are genuine or just advertising. Buyers are more environmentally and ethically conscious than ever, preferring to purchase from companies that align with their personal values.
How to Discover Your Brand Values
Choosing brand values that guide your business is more than just copying and pasting other companies’ promises from their website or a quick Google search for “common brand values.” Developing your own brand values should be unique to your individual company, what you want to achieve, and how to achieve it.
While strong, intentional brand values may attract conscious consumers, brand values must stem from what is realistic and achievable for your individual company. “We are currently assessing the complete carbon footprint of our business activities. Make sure you are executing the activities you say you are and that you can use these facts to support that,” says Eckert. Bobby Barley only works with factories that meet its standards for ethical production.
There may be a gap between where you want your company to be in terms of brand values and where it currently stands. You might highlight how your company complies with brand values today while sharing your intentions for how your business practices will evolve in the future. Assess what matters to you.
Brand values often stem from the values of the individuals running the company. How the company operates – its operational methods, how it manufactures its products, and its employment practices – can embody what matters to the company’s leaders. To assess what’s important to you as a business owner, consider these questions:
- What impact do I want to make in the world?
- What bothers me about how other companies operate?
- Who are the individuals and companies that inspire me?
- How can I use my company as a means for change?
- What values do I want to inspire in others?
- What changes am I willing and able to make?
These questions can be a starting point for discovering the brand values that guide your company – whether you are starting your business or rethinking years of work. There’s no wrong time to evaluate what matters to you and how your company can embody those values too.
Addressing Pain Points in Your Company
No matter how hard you try, your company won’t be perfect. But brand values can help hold you accountable and assist you in striving for better business practices, including examining factory conditions and ensuring safe and ethical work for outsourced labor.
Over 25% say one of their biggest supply chain concerns is ensuring that manufacturing partners employ ethical and fair labor practices. Additionally, over 33% say they intend to take a more comprehensive approach to sustainability in the coming year, including moving away from partners that do not meet their sustainability standards. Companies are monitoring the future of the planet and planning their operations to uphold long-term sustainability rather than short-term profits.
Excellence
About Competition
Having strong brand values can distinguish your company from the competition. Instead of racing to the bottom, where companies compete on price, businesses can compete on brand values instead.
According to the Future of Commerce report, last year, 44% of customers chose to purchase from brands that clearly commit to sustainability, while 41% chose to buy from brands that have a clear commitment to social issues. Brand values such as sustainability and social awareness can set you apart from companies in the same category and attract more customers.
How to Define Your Brand Values
Establishing the brand values for your company is one thing, and implementing them and working with them in mind is something entirely different. According to the Future of Commerce report, 41% of brands plan to be more transparent about their vision, goals, and progress in social impact. But how do you move from planning to execution?
Go beyond drafting your brand values in a Google document by embedding them in your business – keeping them in mind internally, communicating them to customers, and even formalizing them through certifications. Embed them in your business.
Your brand values should aim to touch every part of your business. If one of your brand values is sustainability, leverage sustainable practices in how you run your business – from the type of materials you use for products to your company’s customer return policy. The Bobby Barley team believes in long-term relationships with factories to promote their triple bottom line of people, planet, and profit.
Here are some ways to incorporate brand values into your day-to-day:
- Company operations. In addition to customer-facing aspects of the company, consider how brand values manifest in your company’s daily operations – from the companies you partner with for shipping supplies to employee benefits such as volunteer days.
- Customer policies. Extend your brand values to how your company interacts with customers. For example, do you have a post-sale policy that includes repair processes to reduce waste?
- Employee evaluations. Evaluate, recognize, and promote your team members based on how they embody and encourage the implementation of brand values within the company.
Assess various aspects of your business – supply chain, hiring practices, and customer care – to ensure your brand values are consistent throughout your company.
Keep It Present Within the Company
When it comes to clarifying what is important, there is nothing like repetition. Keep your brand values top-of-mind through design, by highlighting them in physical and digital spaces. Here are some places to keep brand values present:
- Presence in the workplace. If you have a central headquarters where employees work, consider displaying brand values at the entrance or in the meeting room.
- Welcoming new employees. Explain brand values to new employees when they join the company.
- Company documents. Create a document or file that contains your brand values that all members of your company can access.
- Digital signage. If you use a team communication app like Slack, pin the brand values in one of the most used channels.
- Opening meetings. During important meetings, such as quarterly team meetings, start by discussing brand values to guide your meetings.
Reminding the team of the brand values and giving them a physical presence will help keep them at the forefront of your business.
Communicate It to Customers
To attract potential buyers and build long-term relationships with customers, communicate your brand values across marketing touchpoints. Bobby Barley’s commitment to brand values such as sustainability is clear whether you are on their website or browsing their Instagram account.
As for the rest…
Here are some places where you can directly communicate with customers about your brand values:
- Your website. Use your digital store to tell your company story, including using the “About Us” page to communicate your brand values and why they matter to you and your company.
- Packaging. Promote the brand through your packaging, using symbols and text that describe what matters to your company at a glance.
- Marketing. Continuously remind your audience of your brand values, through mentions on social media and email marketing.
Conscious consumers inspired by brand values will feel more inclined to choose your company to meet their needs.
Make It Official
While your company can do good in the world informally, consider making it official by obtaining a certification such as becoming a B Corporation. B Corporations, certified by B Lab, are companies that meet high standards of social and environmental performance, transparency, and accountability.
Bobbi Barley is a certified B Corporation and considers “purpose, people, and profits” when making decisions. “Every few years, we need to reapply fully to make sure we’re still living up to that,” Eckert says. “So this is a way to check yourself and ensure you’re living those values accurately.”
Aside from B Corporation certification, there are some other certifications and pledges that can help companies live according to their values:
- Fair Trade International
- 1% for the Planet
- USDA Organic Certification
Pursuing certification and maintaining your status can hold your company accountable internally and externally in making environmentally and socially responsible business choices as you grow.
Brand Values Are the Future of Business
It has never been easier to start a company. But this means there’s a healthy dose of competition in the market, making it hard for businesses to stand out from the crowd and find lifelong customers. Brand values are a differentiating factor for companies that can help attract new customers, build a strong team aligned with your values, and foster long-term relationships with customers.
Establishing brand values and living them through your business can lead to improved business outcomes and create positive change in the world.
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