What is your company’s brand? That may sound like a strange question and the answer could range from thinking about your logo or colour scheme, or the values you frame and put on the wall in your reception area. But that is not what your brand is.
Let me ask you another question: what do customers and employees think when your company’s name is mentioned? Do they think you are a great bunch of people who go the extra mile to deliver on your promises, or do they think you’re a bunch of incompetents who always deliver late and below standard? Do employees think their company is money driven and couldn’t care about people?
What do these people feel when your company is mentioned or when they see your logo? Do they have positive feelings about the company and certain employees they deal with, or do they cringe and hope not to have to deal with you again?
The answers to those questions is your brand. It’s the ability to articulate and deliver on the promise your company makes to the market. It is the integrated result of the values the company leaders hold and the values they inculcate into their employees through their actions. It’s the quality and usefulness of your products or services, and how you deal with customers. And it’s how you promote and operate the company. All these things are your brand.
While the company’s executives are key to developing the brand and all it stands for, the brand promise is the who, what, where, when and how of all you do; the sum of all the company’s interactions with the market and internally with each other. Gartner indicates that companies that prioritise the customer experience generate 60% higher profits than their competitors.
Who you are and what you stand for is critical to companies in today’s market where trust is a rare commodity (86% of US and European customers says their trust in corporations has declined over the last five years).
Your promise to the market and your ability to fulfil it again and again engenders that trust, which puts you at the top of the pile when it comes to competition.
When it comes to your product or service, are you the first name that comes to mind because you are a trusted partner? Do your employees deliver on time and to or above the standard expected as far as is possible? Do your employees represent the company in a natural, proactive manner because they are invested in the company and its culture? Or do they do the minimum to get by and collect their pay at the end of the month?
There’s much talk about company culture in the media, but most of these articles miss the most important aspects of culture, buy-in and commitment. When your employees value the culture they are part of, when they feel they belong and are valued, it shows in their commitment to the company, each other and to their customers. Did you know that between 60% and 75% of customers will do business with a company again if it deals with a customer service issue fairly, even if the result is not in their favour?
In fact, young people today are likely to join or stay with a company, even if the pay is less, if they feel they belong and are part of the team.
Customers are the same. While everyone wants to pay the least possible for a product or service, your brand and the associated value (and positive feelings) customers associate with you means you don’t have to cut margins to the bone to get the job. Customers will pay a bit more (within reason) to ensure they get the full package – product, service, support etc.
So your brand, its value and standing in the minds of people includes the marketing and brand building you do, but the promise you make (sometimes unknowingly) to each customer and each employee is what is critical to success. That promise is made up of the products and services you have on offer, if you are meeting the real needs of the customer. It depends on your culture and how valued and appreciated your employees feel, which extends to how they value and treat your customers. And finally, all that impacts customer service, how you react when there is a problem and what you do to keep your promise and develop and maintain their trust in good times and bad.