Align Company Values with Consumer Expectations for Higher Growth and Happy Customers who Tell Their Friends About You
Todd Masters, MBA
Helping Small Business Owners DOMINATE their local markets by optimizing their Time, Team, Money & Strategy so they can work ON their business, not IN their business.
Company values are incredibly important to employees and customers and can ultimately have a huge impact on how successful your business is.
Establish your values early on, taking your target markets into account. You won't achieve your business goals without the support of your customers, so it's best to align your values with theirs. This will build stronger relationships with your audience, which will help you attract new customers and retain old ones.
In this guide, we'll discuss the importance of company values and how to align them with consumer expectations.
Understanding Consumer Values
Depending on your industry, you may have many competitors. Each company will be trying to get ahead, and your company will be able to grow faster if you can understand what your audience values and meet their expectations.
Some common examples of what consumers value include:
Focusing on all of these can help but determining what's most important will give you an edge. For example, if you have a relatively young audience, there's a good chance they'll value a brand that works to be sustainable and socially conscious.
Communicating aligned values is also crucial. If your business follows sustainable practices, you can mention it in marketing content to make people aware. This lets your audience know that your business shares their values.
Value Alignment Strategies
The first thing you need to do is get to know your target customers. The better you understand them, the easier it will be for you to align your values with theirs. Researching demographics, psychographics, and purchasing habits will give you deeper insights into your customers' values.
You should always try to find new ways to meet and exceed customer expectations. Customer feedback can help here, so you can use things like surveys and social media to communicate with your audience and learn what they want. You should also pay attention to industry trends, competitor actions, and technological advancements to ensure you can keep up.
Once you've established your values, be certain your employees understand them and set clear standards. Precise guidelines will help your employees deliver high-quality service that aligns with these values.
You should work to develop a customer-centric culture, as this will help you understand and respond to customer expectations. You'll then be able to deliver relevant, timely solutions that align with their values.
Analyze and evaluate your competitors regularly to see what they're doing well and what's not working. This can help you identify areas for improvement within your own organization, making it easier to stay ahead of the competition.
Communicating Aligned Values
If you know your audience, you'll have an idea of the best ways to communicate with them. For a younger audience, social media may be the best approach. Knowing what channels will work best will help you prioritize your resources appropriately.
Provide any important information where you can. On product pages, for instance, you should provide as much detail as possible to ensure customers have a clear understanding of what items are and what they do.
Provide quality support so your customers can contact your business with any questions or queries they might have. This will not only help clear up misunderstandings but also allow you to rectify any issues, leading to better customer satisfaction.
However, if you communicate your values with customers, transparency is ideal. Openly share information about business practices, product features, and pricing. Consumers will trust a company more when they're more informed, and there will be fewer misunderstandings or dissatisfaction.
Case Studies
While many companies try to meet customer expectations, some are better at it than others. Let's take a look at some of the most successful.
Starbucks. In today's world, consumers value efficiency. When people are pressed for time, the last thing they want to do is wait around. Starbucks has a loyalty program that offers customers discounts and in-store pickup.
Customers can use the Starbucks app to create custom orders and choose pickup times. This allows them to skip the line and grab their order as soon as they arrive at the store.
Zappos. Zappos is a clothing company, but it is publicly identified as a service company that happens to sell clothes. This approach is taken in every aspect of their business, striving to deliver the best customer service possible. They provide 24/7 customer support, simple refunds, free shipping, and a 365-day item-return window.
They even encourage their reps to get to know customers and build personal connections. This level of service makes them stand out in one of the world's most competitive industries.
Amazon. Personalization has helped Amazon become one of the most successful businesses ever. They provide personalized recommendations based on customers' behaviors and purchase histories, making things much more convenient. Effective use of data can help drive sales significantly.
Evaluating Impact
As mentioned above, customer feedback can give you insights into customer expectations. You can also use it to get feedback on the impact of value alignment. This can show you what's working and what isn't so you can make further improvements.
Customer retention metrics are also useful. You can see how many customers stick with your brand after their first purchase, indicating how happy people are with your brand. Monitoring metrics over time will show you how are shifting in business and help you keep things on track.
You can use customer behavior analytics tools like Google Analytics or Hotjar to measure metrics such as engagement, advocacy, and traffic. This will let you see how brand changes impact things so you can stay in line with your goals.
Align Values for Business Success
Understanding and aligning values with your customers can greatly impact your business. This ongoing process will help you achieve your business goals in the long term.
When your vision, mission, values, strategies, and goals are well integrated and articulated so that your employees understand them, your business will begin to self-manage at the lowest level to move closer to achieving your vision.
Sound interesting? Want to explore further? Have any questions? Get in touch and let's set up a time to talk. Todd Masters 6788221691 Email Me [email protected]