A Guest Post by Jendi Coursey, CEO, Jendi Coursey Communications
When I can muster the discipline to get up early and exercise, I love listening to my favorite podcasts while I work out, one of which is the daily current-affairs show from Economist Radio called The Intelligence.
Lead With Your Values
If you listen to podcasts, you know they generally include few short sponsorship ads during the course of the broadcast; The Intelligence is no exception. As I tune in to the podcast and take those first steps on my treadmill, I’m usually greeted by the voice of someone offering services from a financial institution like Capital One, Bank of America, or Bank of the West. All of them offer services that could be of use to listeners like me, but if I were looking for a new bank, I know exactly which one I would choose: the one that leads with its values.
Bank of the West has an ad stating that what they don’t finance is as important as what they do. They posit that banks can be a force for good in the world, that they can use deposits not only to finance home loans, car loans, and local business loans, but that they can also influence large-scale projects, which begs the question: which projects do you want your money to support?
Customers Are Choosing Values
More and more, savvy marketers understand that consumers are choosing products and services that meet more than a functional need. Consumers are choosing companies whose values align with theirs. So, if you’re responsible for your organization’s messaging, you may want to ask yourself: what is your company willing to stand up for? What beliefs are you willing to shout from the rooftops for the whole world to hear? Who wouldn’t you accept a check from?
Your Values Affect Your Bottom Line
If you do not know the answers to these questions, your customers probably don’t either—and that could be costing you money. A 2020 report by 5W Public Relations indicated that millennials, the generation born between 1981 to 1996, is the largest proportion of the workforce in the U.S. and will soon overtake Baby Boomers to become the largest living population of adults. Consequently, their purchase habits are shaping how business is done. 5W data indicate that 83 percent of millennials say it is important for the companies they buy from to align with their beliefs and values.
In its 2018 report, another communications firm, Edelman, stated that nearly two-thirds (64 percent) of consumers around the world will buy or boycott a brand solely because of its position on a social or political issue, and that number is trending upward.
Making Your Values Plan
If you haven’t already, it is time to take a hard look at your mission, vision, and values. Do they include a bunch of meaningless platitudes or can they be used as a guide for how each and every organizational decision is made? It is better to go narrow and deep than to have dozens of values that no one can remember. If you’re interested in a book to guide you through the process of establishing or updating these foundational pillars, consider Patrick Lencioni’s The Advantage.
If you’d like help digging into this work, reach out to Jendi via her website above or on LinkedIn.