Veronica was a stay-at-home mom with an
online business as a virtual assistant. She loved that she got to be
there for her children, but she was struggling to grow her client
list and earn a bigger income.
A mentor advised Veronica to sit down
and define her brand’s core values. While she thought the exercise
was silly, Veronica listened to her mentor and did it. Not long after
that, her business began to grow rapidly—she had more than enough
clients and was earning twice what she had been.
When she asked her mentor about it, the
older woman explained, “When you realize your values, you
understand what sets your brand apart. It’s easier to market once
you know what makes your business unique.”
Defining your brand’s core values
might seem like a pointless assignment best left for corporate
businesses that prefer to use the latest buzzwords and jargon, but
understanding your core values has so many wonderful benefits for
entrepreneurs…
Use Core Values to Choose the Right Projects
Your core values can be the cornerstone
upon which you make vital business decisions like which projects to
take on and which ones to pass up. For example, you know one of your
core values is integrity. You have the option to partner with another
entrepreneur on a joint venture. This entrepreneur is well-known for
hugely successful launches…but they also have a tendency to release
shoddy products and duck customer support issues.
Knowing that your core value is
“integrity” can help you see the opportunity in a different
light. It might mean that you can refuse to work with the other
entrepreneur or that you put safeguards in place to guarantee the
final product is high-quality and customer support issues are
resolved in a timely manner.
Simplify Decisions by Knowing Your Core Values
An excellent quote for entrepreneurs to
keep in mind when choosing core values is this one: “When
everything is a priority, nothing is a priority.” The idea behind
the quote is that not everything can be of equal importance. If it
is, making decisions quickly becomes difficult and frustrating.
But when you have core values to guide
you, decisions are easier. That’s because you’ve clearly defined
what matters most and you can focus exclusively on that. For example,
if the major value behind your brand is “personal growth through
learning” then it makes sense that you’ll need to leave space for
you and members of your team to experiment, try new things, and even
fail occasionally.
Let Your Principles Inspire Your Team
Just as core values can help you see
who a clear fit for your business is, they can also be incredibly
powerful at inspiring your team. That’s because your crew isn’t
just looking for another paycheck—they want to work on projects
that excite them with brands that are an amazing fit for their
skills.
When Sarah, a body positive influencer
and blogger, is asked to partner with beauty brands, she first seeks
to understand their core values. One company defined their core value
as being “non-judgmental and inclusive of all body types”.
The word non-judgmental
resonated in Sarah’s heart. She found it so inspiring she opted to
work with that brand over several others, despite the fact they could
offer her less compensation for her work.
Attract Your Ideal Clients with Your Core Values
As you get clear on what values your
brand stands for, it also becomes easier to attract your ideal
client. That’s because you’ll naturally begin to showcase
testimonials, content, and case studies that appeal to your target
market.
That’s what happened to Diana, who is
an online fashion consultant. Once she defined her values as
“confident and creative self-expression”, she updated her website
and marketing materials to reflect this. Within just a few months,
she was attracting the type of clients she’d always longed to
serve.
Build An Energized Team by Focusing on Your Principles
It’s not just ideal clients that are
attracted to you once your principles are clear. You’ll also find
it easier to form a team that works well for your brand. For example,
if you know your most important value is “taking action” then
you’ll empower your team to make decisions on the go and encourage
them to boldly innovate.
As a result of knowing this core value,
you’ll begin to evaluate potential team members through this lens.
Even if you’re just looking for a virtual assistant to work
part-time for your business for a few hours, understanding your core
values can simplify your search and make it easy for you to determine
if you’ve found the right person for the job.
Encourage Customer Loyalty with Your Values
Some entrepreneurs believe you must
choose between making a buck and making a difference in the world.
But there are hundreds of businesses proving that’s not true every
single day.
One of these brands is TOMS. The
popular shoe company has a “one-for-one” policy. For every pair
of shoes purchased, the brand gives a pair to someone in an
impoverished country that would not be able to afford the shoes
otherwise.
By doing this, the business doesn’t
have to make a choice between turning a profit and giving back. The
most exciting part of this is that customers are not only supportive
of this business model—they’re loyal to the brand as a result.
Core Values Unite Your Team
In an ideal world, every person working
on or in your business would get along perfectly. They’d always see
eye-to-eye and know exactly which steps to take to keep things
flowing harmoniously.
Unfortunately, that’s rarely the case
with team members. There will be disagreements and controversy at
times. The best way to deal with this conflict is for team members to
focus on what they do agree on, namely your core values.
For example, your core value might be
“creating outstanding customer experiences”. Now your team
members might define that “outstanding customer experience”
differently but if they both agree that it’s the essential
ingredient to doing business then they can come to a place of mutual
respect.
Your Principles Make Your Business Stand Out
Sometimes, it can be difficult to
decide on your core values. It might be tempting to look around at
what other entrepreneurs are using and borrow from their ideas. But
the problem with this approach is that then your business becomes
lost in the crowd.
Smart entrepreneurs understand that
their core values help them stand out in a crowded marketplace. What
makes your business different is exactly what’s going to call to
your ideal customer and inspire them to choose your brand over your
competitor’s brand.
Understand that Core Values Can Change
As your brand grows and evolves, you
may find that the core values that fit it perfectly three, five, or
ten years ago are no longer relevant. Don’t try to hold onto these
outdated values that aren’t serving you, your business, your team,
or your customers.
Instead, be willing to step back and
look at what you really want to stand for. You may find that your
most important value now is creativity and innovation. Or you might
discover that your most important value is transparency and
communication.
Remember that there are no right or
wrong core values. It’s just about expressing who your brand is and
sharing that with your customers, your team, and ultimately, the
world!
0 Comments