What are your core values?
Your core values are the fundamental beliefs upon which your behavior is based, your philosophy and your reason for being. Your values are inward focussed, they do not need to be published.
Why is defining your core values important?
Your core values are the guiding principles that your business uses to manage your internal culture as well as the relationship with customers, suppliers and partners. Ultimately, core values are critical if you want to create a long-lasting, successful and inspiring business for yourself, your key relationships and your customers. Although you don’t need to publish your values, they will emanate in what you do and how you do it.
Did you know that ‘71% of consumers prefer buying from companies aligned with their values.’ (Source: 5W Public Relations’ 2020 Consumer Culture Report.)
And 83% of Millennials stress the importance of value alignment. They exercise their conviction when choosing to purchase from a brand.
This research found that consumers as a whole are becoming more politically and socially conscious.
They buy products from businesses that adhere to their political and social beliefs.
So you can see with these statistics that for small businesses looking to attract new customers, retain existing customers and generally grow their business, how important brand values have become for the consumers of today.
Tips on identifying your core values:
- Trust your gut instinct – don’t overthink your selections
- Go with your first choice – don’t be tempted to double-back and re-analyse your selections
- Answer with your heart, not your head
- Ideally, anywhere between five and eight core values is what you are looking to identify.
Do you know what your core values are?
