Values-based consumers and employees are a dominant force in today’s market. They know their values and make purchase decisions based on them: 64% of consumers choose, switch, avoid, or boycott a brand based on its stance on a social issue. And consumers expect CEOs to personally take a stand; neutral doesn’t cut it anymore. In the current chaotic business climate, consumer vigilance — particularly around how a company treats its employees and customers — is at its peak.
For companies that execute a clear values strategy, the data points to better business performance. Thirty-seven percent of companies that state and reinforce their values report double-digit year-on-year revenue growth, compared with 32% of all companies. But current attempts to leverage values are littered with missteps. Algorithms, brain science, and new design techniques offer companies more power to manipulate customers and come with sometimes unanticipated risks. And consumers see right through marketing campaigns that tout bandwagon values or offer disingenuous apologies after bad brand behavior. They don’t trust every company to act as a values-driven hero.
Companies need a more methodical approach for defining and expressing values. Specifically, marketing and customer experience (CX) pros — with their close proximity to the customer — must lead their organization on hot-button values topics, showcase what is ethical and profitable, and build these positions into their companies’ operating models. We can help.
Learn more at the CX North America virtual event on June 16–18, where we’ll provide the building blocks you need to create a systematic approach to values. I hope you’ll join us.