Core values are a staple in businesses, but not all translate these into the customer cycle. Some brands simply use these as a starting point for their visions without converting the values into business competencies.
Businesses are likely to have similar core values that represent their brand. The only difference is how they translate these corporate values to suit the needs of their customers.
What is the Role of Corporate Values in the Customer Cycle?
Most businesses do not understand the power of their corporate values over customers. In a study by Harvard Business Review, customers are more likely to engage with a business that shares the same values as theirs. This, in turn, breeds brand loyalty.
The secret is not in the statement of values per se, but embodying these shared values and giving customers what they want. It’s as simple as saying, “We believe in business growth, but we believe in what matters to you as a consumer, as well.”
Assimilating Your Business’ Corporate Values
Your business identity can be defined by your people and your customers. You don’t just relate your values to your employees; you transform these values and let them manifest into meaningful customer service. There’s a big difference when a business truly embodies its corporate standards—it brings about a better and more consistent service experience.
To assimilate your corporate values, you must:
- Define your brand – What do you stand for? Your own people and customers should feel that they are part of your brand’s promise to make a strong connection with your business. Define the important values from the get-go, and everything should fall into place.
- Look at your customer segments – What is the main commercial intent of your customers? Identifying buying behaviors based on market segments offers you a view of the experience customers would expect from your business.
- Determine the connection between your values and customers – Your core values serve as your compass. These help you decide the right course of action to take when dealing with customers. These help you establish the benchmark for consistent decision-making.
Make Your Corporate Values Stand Out
Your core values are not just taglines or a one-time event that you can use to marketing initiatives. You have to make them stand out and show their relevance so you can communicate them effectively to customers.
Get started with the following pointers:
1. Don’t just use big words
“Communicate”, “Empower”, “Promise”, and similar power words may be attractive to customers, but they are often hollow with meaning – especially if the business fails to exemplify these words. You need to project these values with good imagery to create a strong appeal. The more effective the image, the more likely customers will remember your corporate values.
2. Focus on the engagement
This is where most businesses fall short. Mapping the engagement brings about brand development, which touches the values of the business. Always think about the customer engagement in detail – from the virtual customer journey to the actual interaction.
3. Integrate your values into everything
Your corporate values will only be effective if they revolve around a strong culture. If everyone in your business is on the same page when it comes to your core values, these values will naturally weave themselves into the customer experience.
4. Execute and adjust
Values don’t always resonate well with customers for the first time. This is why you need to measure the effect of every value to the customer experience. This makes it easier to re-evaluate your corporate values and make the necessary adjustments to favor your customers.
Your corporate values provide you the chance to carve a unique position in your industry. While evidence of success is still necessary to show your authenticity in the business, your values give you the strong foundation for building customer trust.