TO STAND OUT OR NOT STAND OUT? The Million Dollar Question!

What can really make your brand stand out from the crowd consistently?—is it the “hard stuff” (your products and services, price points, advertising and promotional campaigns) or perhaps the “soft-stuff” (your values, company culture, customer relationship practices, etc.)?  Remember the one major auto manufacturer that came out with an “employee discount” promotion for the entire world.  Well, within a few weeks or less just about every other competitor duplicated and promoted the same campaign. That was easy to copy and no longer made the originating auto-manufacturer of that oh so clever promotion stand out from the crowd. Not to mention, it probably didn’t help their balance sheet either!

 

So, maybe the answer to the million dollar question is the soft-stuff: your values, your distinct personality and culture as a brand and how you show up; who you hire, how you hire and how your employees behave, treat your customers and treat one another; your internal processes and the strategies you employ—all the internal stuff that drives the engine of your business! Some people say the soft stuff is too touchy, feely and can’t differentiate a business. That’s hog-wash!

 

Let’s just focus on values for a moment. Many brands tout company values and guiding principles. Some are great at walking their talk; others are just mediocre at best in practicing their values. In a study conducted by Booz Allen Hamilton and the Aspen Institue of corporations in 30 countires and five regions, it was reported  that top performing companies consciously connect values and operations. They found something interesting: how a how a brand delivers on its values influences two strategic business areas of relationships and reputation. Furthermore, companies that reported superior financial results emphasized their values. They were also more successful in linking values to the way they run their companies. A significantly greater number reported that their management practices were effective in fostering values that influence the cultures they created and how they delivered on their brands, customer relationships, business growth and financial performance.

Hmm? Maybe it’s time to stand out from the crowd by working on the soft stuff!