The online marketplace is vast and competitive, no matter what your business is, who your customers are or which industry you operate in.
Standing out among the competition can feel daunting, especially when 79% of online shoppers head straight to Amazon or Google as soon as they decide they want to make a purchase. However, one key differentiator for businesses is their brand values, providing a USP when competing on price or product quality isn’t always possible.
Leading customer insight and review platform Feefo have conducted a new consumer insights survey, which sought to better understand how consumers think and behave across the purchase journey. Surveying 2,000 UK adults on their shopping habits, among its findings it highlighted that 55% of consumers are influenced by businesses’ brand values when deciding whether to buy from them.
Brand values are the set of beliefs that your brand or company stand for. This can include things like your environmental impact or geopolitical issues, or can be specific to your actions as a brand, such as leading with integrity and respect.
The goal of your brand values is to not only guide the future direction of your business – based on your values and core beliefs – but to also attract like-minded customers to your business. For example, if you sell all-natural, vegan breakfast bars, veganism should be at the core of your company culture and brand values and therefore well-reflected in your product and its description.
Commenting on the findings, Feefo’s Head of Digital Richard Tank says, ‘While Google’s online monopoly on the web has long been documented, it’s clear that Amazon is now just as prominent as the search engine, even though it’s technically an online retailer. It’s important to recognise that while consumers may start their search on these websites, they often end up buying from somewhere else.’
It is clear from Tank’s comments and the results of the survey that online businesses of all sizes should be using their brand values to full effect. They are, after all, something completely unique and special to every individual business.
A clearly communicated set of brand values can help companies to differentiate themselves and stand out even in over-crowded marketplaces such as Amazon. By shouting about what they believe in as a business, and attracting like-minded customers (and potential business partnerships) along the way, businesses should link their values into a strong brand purpose, mission and vision to maximise their impact and establish even stronger connections with consumers.
Can you afford to miss out on up to 55% of potential sales, due to a lack of clear brand values? Start building and communicating your values today, to drive traffic, sales and build long-lasting customer relationships.