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Are Values a passing marketing fad or the key to your firm's success?
(Over the previous 12 years, brands with a high sense of purpose have seen their brand valuation rise 175%.,
Compare this to an 86% median growth rate for brands with a low sense of purpose and a 70% growth rate for brands without purpose, according to Kantar Consulting's Purpose 2020 report.)
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There's no single answer to that. Sure, some firms don't put much effort in and grab whatever they feel sounds impressive.
Others see it as a marketing exercise. So inevitably the results are insincere.
But sadly I know a lot of forms who have taken the exercise seriously and dedicated substantial time and resources.
Often all the firm's employees have been involved. Or maybe working groups set up to build a shortlist of Values for discussion.
The problem is Values have been looked at in isolation and not by the firm's leaders. The result often looks like the example below.
'Who doesn't know of a company that has spent countless hours in emotional debate, only to come up with values, that despite the good intentions that went into them, sound as if they were plucked from an all-purpose list of virtues, including integrity, quality, excellence, service and respect.'
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