Company values: an indispensable compass in turbulent and less turbulent times

What is the mission, what is the vision, and what are your company values? It is a recurring question at every intake interview, every prospecting meeting, or at the start of a new project. The answer?

...one moment, I'll just look it up in our presentation...
...oops, we haven't thought about that in ages...
 … silence…

Sound familiar? Nevertheless, I am convinced that every company should have its own values, know them by heart, and effectively live by them. How else do you expect customers to identify with and feel connected to your identity? Because I notice that there is still a lot of confusion about what exactly company values are, and why you should even concern yourself with them, I decided to write an article about it.

What's in a name: company values explained in plain language.

Corporate values, brand promises, love brands, core values, customer promises… the jargon is flying at you from all sides. But what exactly does it all mean, and how do you apply it in your own business? Welcome to the Corporate Values ABC!

What are company values?

Corporate values, core values, or core values all mean the same thing (in a business context). Explained in very simple terms: corporate values form the identity of your company. They provide an answer to questions such as:

• What do we stand for?
• What do we believe in?
• Who do we want to be as a company?

Your values also serve as a kind of ethical and moral compass for everything you undertake. For instance, I regularly read “we are (extremely) customer centric” listed as a value. This means that those companies take the customer as the central starting point in everything they do, decide, develop, etc. Whether that is actually the case is fodder for another article.

What is a brand promise?

A brand promise is what you, as a company, promise to do to the outside world. One of the most well-known examples in the Benelux is that of Coolblue: 'everything for a smile'. Simple, actionable, and clear to everyone. You can find tips for drafting your own brand promise in the article on Customer Experience terminology, among other places.

What is a love brand?

A love brand is a brand that evokes a positive feeling or emotion in people. With love brands, as a customer, you are so enthusiastic about the product or service that you share content about it without prompting and with pleasure. They are inspiring brands that people truly love. Well-known examples include Apple and Disney.

Corporate values: a necessary good or perhaps a bit overrated?

Good news! You more than likely already have company values.

After all, a company is run by people, and we humans all have values that we consider important. For one person, that is respect; for another, it is decisiveness; and for yet another, it is, for example, ecology. The key, therefore, is to choose from all those personal values those you want to project as a company and to articulate them crystal clear. However, before I share some practical tips on how to get started with this, I would like to explain exactly what the benefits of clear core values are.

The benefits of clear corporate values.

There are numerous reasons to establish clear core values, but to keep it relatively simple in this article, I have broken down the key benefits below by stakeholder.

Clear values lead to better customer loyalty.

People like doing business with people. A cliché by now, but not without reason. As a company, too, you have an identity complete with the values and norms you stand for. By sharing these clearly and transparently with the world, customers/prospects can sufficiently sense whether they fit your identity, and on the one hand, you will attract more customers who align with your company values. Precisely because they intrinsically share the same values, you can be sure that you will gain more loyal customers who will happily share their experiences with you. On the other hand, customers who hold a completely different set of values are less likely to do business with you. That might not seem interesting in the short term, but it is. After all, in the long run, you will notice that these are precisely the relationships where things consistently go wrong or are difficult, and that you will never fully understand each other. A lot of wasted energy for nothing, then.

Clear company values contribute to satisfied and more engaged employees.

Ideally, your core values are so inspiring that your employees jump out of bed every morning with pleasure and enthusiasm to contribute to the greater good together with all of you. Various studies have already shown that companies with a clear 'why' and well-developed core values can count on engaged and loyal employees. Apart from that, it has long been self-evident that we are all looking for meaning. So ensure that your employees and teams understand why they do their work and how they contribute to a better world, future, etc. That might sound fluffy, but it has an enormous impact on people's motivation.

Clear company values make (difficult) decisions much easier.

I have written about this before: good core values act as a compass in turbulent times or otherwise. Precisely because your values are very clear, you can quickly evaluate every decision you make. Does it not align with your company's identity? Then you essentially already know which choice to make. Especially in times of crisis, you realize that we all need a compass we can rely on.

Help! How do I set up my company values?

Quite simple, actually. Try to figure out what you and your employees stand for together. What is truly, truly, truly important to you?

A golden tip: don't do this alone! Talk to employees and perhaps even other stakeholders to find out. Next, you can conduct a core values exercise. For example, you could have everyone on your team list 3 values that reflect your company to them. If you find that difficult, you can also start with a list of core values.

Afterwards, you gather all the information and weigh one value against another. Is customer focus more important than ecology, for example, and so on, until you are left with only a few (core) values. Rocket science? Absolutely not, although a helping and moderating hand during these kinds of exercises can certainly be a useful factor.

Help 2.0! How do I ensure my company values are effectively lived out?

Hooray! You have established some important values that you can and want to stand behind. But what now? How do you ensure that your entire team not only knows those values, but also understands them and, above all, effectively embodies them?

There is a wide range of tools, workshops, and all sorts of other resources available for this, for which Customerry supports you with great enthusiasm. To get you started on your own, I am sharing my absolute must-dos below, regardless of any specific tool or approach:

Lead by example!

Business leaders: an absolute role model awaits you in this process. Your employees will understand and adopt values much faster if you lead by example time and again. Ecology as a value? Then don't drink water from plastic bottles yourself. Putting the customer first? Then ensure that you effectively start from the customer's perspective with every decision.

Make it tangible!

Unfortunately, hanging your company values on a poster in your company kitchen is not enough. To ensure values are truly internalized, you will need to effectively put them into practice. Think: workshops, games, challenges, and so much more. How exactly? That depends, among other things, on your current culture and company size.

Repeat, repeat, and oh yes, repeat!

Values, and especially new values, won't automatically resonate with everyone immediately. That's why it's best to ensure sufficient repetition throughout your entire company. This can range from repeating your values during every meeting to playful posters tailored to each department. Make it fun, make it stick, make it real, and you will notice that you achieve much more impact in a short time.

Core values: 2 inspiring examples.

Many companies already have well-defined values today, but as far as I am concerned, the prime example is and remains Zappos. You can find their values in detail on their website, but be sure to also read the book “The Power of WOW,” in which they let employees speak from practical experience about how they actually apply those values.

Are you thinking, that’s only for big multinationals? Not at all! May I introduce you to SELF? Self is a Belgian skincare company with a clear mission *and* clear company values. You’ll find these, by the way, on an original card in every package—talk about repetition! Want to know more about SELF and founding lady Isabelle Ulenaers? Then be sure to check out the Customerry YouTube channel.

Finally: The Customerry company values.

I personally found establishing core values for my own business quite a challenging exercise. Especially limiting those values, since you can't consider everything equally important. You can find what I ultimately came up with below:

No-nonsense - Plain language – Discretion - Fun!