Since it was established in 1970, the BCFA has observed the impact of multiple brand tactics on its members’ value – both that perceived by the public and stakeholders, and that evidenced financially through sales and profit. In the second of a series of articles exploring brand building, Colin Watson examines the impact of clear and consistent brand beliefs on a company’s value …
Our last article explored how a clearly-defined identity is integral to company success and, as the skeleton of a brand, underpins and influences all future decisions. Here we will look at how, steered by their personality, companies have taken this one step further and structured their personality into clearly-defined beliefs and values.
As well as examining the differences between brand personality and beliefs, we’ll explore how a sustained commitment to defined values is essential for success, and look at the importance of communicating ideals both internally to staff and stakeholders and externally to customers and clients. Finally, we will examine what the success borne out of strong and sustained brand values looks like.
Concrete commitments
On the face of it, a brand’s personality and beliefs can appear to be very similar, and naturally there are some undeniable resemblances. Like its personality, a brand’s beliefs should focus less on the products and services it provides, and more on its ‘soul’. It should inspire and aspire to more than the financial, and will ultimately yield much more than this, stirring an emotional connection and the trust, rapport and loyalty akin to that felt when one finds a kindred spirit.
There are, however, some key differences between the two which makes having both beliefs and personality essential for success. The main distinction is the form each takes. Beliefs are more concrete and typically take the structure of a set of words or phrases which define the company’s values and mission – distilled down from the fluid and transient actions which make up a personality.
Clearly defining values and motivation in this way serves an important purpose, promoting, encouraging and enabling consistency across all elements of the company, and we have found this to be integral to brand success.
Values and mission statement
Reflecting the way brand beliefs must be strongly defined to ensure success, the form they typically take is equally as structured. Most commonly, these are laid out as a set of values and a mission statement.
Communicating these commitments
Once identified, company values and beliefs must be successfully communicated for success. Although it is of course essential for values to be conveyed to customers, this will only be possible once they are fully embraced by those within the company. For customers to believe in the beliefs, the beliefs must truly be within and part of the brand.
Communicating values within a company ensures every employee’s energies and efforts are focused in the same direction, ensuring total brand cohesion and consistency. When defined and written down, all members of the company, at any level and in any department, can also refer to them at any time.
It is by no means only new staff who may need to refer to these values – even founders of companies and those who initially identified the beliefs should re-examine and refresh their ideals.
“For customers to believe in the beliefs, the beliefs must truly be within and part of the brand”
Google articulates well both how company beliefs act as an anchor for all brand decisions, and the importance of revisiting these. Fittingly titled What We Believe, the introduction to the company’s values explains how “from time to time we revisit this list to see if it still holds true”.
It is also of course essential to communicate brand beliefs to customers, but this will be much easier once they have been embodied internally. The ways these can be conveyed are boundless and developing daily, and the marketing mix of the 21st century is almost indistinguishable from that which marketeer Neil Borden defined in 1953.
What is clear, however, is the importance of consistency across all channels.
Consistent brand values for sustained success
A sustained commitment to brand beliefs is essential for success and value, and this can reveal itself in many ways. On an unseen level, defined values promote brand direction.
Another intangible benefit is the emotional connection it instils in customers. In today’s increasingly crowded marketplace, this can not only incite solitary sales, but also inspire brand loyalty.
Other benefits for business are perhaps more easily measurable. One way success for Cartier, one of the world’s oldest jewellery design companies, has been evidenced is its expansion into other markets. Its commitment to staying at the forefront of contemporary design has seen it expand since 1847 from Paris to India, London and New York. Similarly, Brooks Brothers, widely considered the world’s oldest fashion brand, has 210 stores in the US and 70 in other countries.
Success can also make itself visible on the balance sheet. What has become clear is that for success, well-defined brand beliefs must combine with consistency and commitment.
Identifying and adapting brand beliefs – a few tips
When considering company values, note down personal beliefs as well – a company is built from people, and is no greater than the sum of its parts. And, as well as examining what the company stands for now when defining values and drafting a mission statement, also look to the future – both should be aspirational as well as descriptive.
Values should also include an emotional element. Studies have shown that an emotional experience aids memory retention, and emotional values can have a similarly beneficial effect on customer loyalty and trust. Don’t limit input to company founders and board members – employees at all levels of the business can be asked to contribute.
Although values must be consistent for success, they may need to be updated or tweaked over time due to internal or external developments. This by no means diminishes the values’ and brand’s credibility – change is unavoidable, and adapting is one of the hallmarks of a successful company. For example, Samsung updated its Vision statement for 2020 to ‘Inspire the World, Create the Future’, in order to promote new value for its core networks and leverage its key strengths.
Colin Watson is an industry consultant, and former MD of the British Contract Furnishing Association (BCFA), which boasts over 250 members including manufacturers, suppliers and designers. The next article, looking at brand physique, will be posted next week.
