7 reasons your company needs explicit core values
Why values are an integral part of your company image and reputation
The UK has a staggering diversity of businesses, all striving for success in different areas with different methods and for different reasons. To understand the driving force behind each of these businesses is to understand the people that run them, their beliefs and principles.
When we speak to a CEO, MD or business owner, we quickly find the great meaning and conviction that drives them to succeed and the core philosophy behind the company they represent. Few things can shape a business like shared ambition, values and a common goal, but all too often these can get lost in the anarchy of work.
UK manufacturing is currently scrambling to make up for lost time. The pandemic is having an impact, but the industry is innovating its way out of trouble, adapting and overcoming. Perhaps now, more than ever, businesses and their employees need an explicit understanding of what they are and why they do it.
This is where company values come in. Not only do they help inform the culture within your business, but they also help customers and suppliers better understand your principles and ambitions. It sounds interesting, doesn’t it? Let’s explore the benefits in more detail.
1. Helps your audience understand what your company stands for
If you have strong values and you are proud of what your business does and how it behaves, then wouldn’t you want to shout about it? Your values can play a significant role in differentiating your business from its competitors.
2. Attract customers with similar values
People largely make buying decisions based on emotion, including business-to-business purchasing decisions. It is natural for people, whether consumers or procurement managers, to align themselves with brands that stand for something they support. A company with strong values is seen to have a backbone of principles that inform each of its decisions. They are seen to have integrity. When you are deciding between two otherwise identical products, you will purchase the item that better aligns with who you are.
3. Attract suppliers with similar values
You probably want to work with suppliers who appreciate the same business ideals and practices as you. This is already something that manufacturing supply chains are paying a lot more attention to. Whether it is corporate greed putting profits before people or irresponsible waste damaging the environment, your suppliers can impact the reputation of your organisation too.
4. Help your employees to make better decisions.
Company values have a direct impact on employees. They immediately have a feel for the morality within the business, freely voicing concerns when things arise that conflict with these values. Forward-thinking companies are often ones that empower their staff, entrusting them to make decisions with a core understanding of what is important to the business.
5. Improve employee motivation and engagement
If you treat employees with integrity, trust, respect, honesty and fairness, they will reflect this back to their employer and value their responsibilities. In turn, this will translate across to their interactions with customers and suppliers. This can not only improve their productivity and overall contribution, but it also makes each employee a valuable ambassador for the brand.
6. Attract and retain top talent
There is a reason why certain companies attract higher calibre staff and retain them, and it’s not all down to money. Consider the industries where salaries are relatively low, such as wildlife conservation, charities, non-profits and social enterprises and think about what motivates people in this sector. People want to work for these companies because of the values and the meaningful work they do.
Likewise, consider how companies operate in a crisis. You will quickly see those without a strong set of guiding principles disappear by the wayside or churn through redundancies and resignations. Explicit values hold you accountable and, assuming you abide by them, maintain your reputation and attractiveness as an employer.
7. Make your marketing communications more compelling
Perhaps the most direct and straightforward application of values is in communication. Having clearly defined core values allows you to create key messages and marketing campaigns that truly reflect what your business is and why you do it. In turn, this shows your customers, suppliers, employees and the industry what is important to the company.
So, defining your values sounds like a worthwhile exercise, but where do you start? It can seem like a simple task until you sit down to try and do it! Fortunately, there is a programme that has been developed specifically for manufacturers who are looking to overhaul the way they market themselves.
Marketing for Manufacturers is a nine-week course designed for manufacturing businesses to upskill their staff and develop practical marketing solutions. Defining your company’s values and understanding their relevance to your marketing strategy is a core part of the course’s Module 4.
The programme is run and supported by experts with a track record of helping manufacturing companies to increase their market share and establish themselves as ‘thought leaders’ in competitive sectors. It explores many other areas of marketing, specifically tying each aspect back to manufacturing. With nine distinct modules, downloadable resources and strategic webinars, it is packed with useful and informative lessons.
Marketing for Manufacturers will not only show you how to define your values, but it will also help you to understand your business better than ever before.
If you would like to register for the course or learn more about what is involved, visit: wyldeconnections.co.uk/mfm-programme. Alternatively, feel free to get in touch on 01926 754061.
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