It’s no secret that company culture can have a significant positive impact on your company. It has the power to give you an edge over competitors in brand recognition, customer loyalty, and employee engagement.
But what about in pure ‘dollars and sense’ terms? How does company culture impact your revenue?
Benefits of Strong Company Culture
Company culture can help to attract top talent. Talented employees are essential for any business looking to grow and scale. They can help you achieve your goals and reach new heights. But top talent is hard to find and even harder to keep.
Strong company culture can be the key differentiator that helps you attract and retain talented employees. They will want to be a part of something that is exciting, meaningful, and has a clear purpose. When employees feel valued and engaged, they are more likely to stay with your company and contribute to its success.
Company culture can also help you attract new customers. People want to do business with companies that they feel align with their own values and beliefs. They also want to work with organizations that have a positive reputation. Strong company culture will give your business a competitive advantage in the marketplace.
A commitment to building a positive culture is effectively an investment in the long-term future of the business. A better culture helps build a stronger brand and greater customer loyalty.
That loyalty becomes embedded so that customers become repeat long-term customers who become advocates for your business. Increased customer loyalty results in more sales while customers recommending your business to others will in the long term deliver more customers who are going to be exposed to the same great culture that you’ve been working so hard to build.
A company culture that engenders employee engagement is likely to have better productivity, fewer staff turnover problems, and higher morale.
All of these factors can lead to increased company revenue over the long term which is why it makes sense for many business owners to invest in their company cultures with a view to generating significant increases in future revenue.
Positive Culture is a Brand Positive
From a sales point of view, perception can be just about everything. Once your brand is tarnished, it takes a lot of time, effort and money to restore it. There are numerous examples of a company’s image being trashed inevitably by poor cultural practices.
On the other hand, when customers perceive that a business has a good culture – they want to do business with the people that represent that brand.
A good culture builds a positive brand image and that positive image can be used as a marketing advantage.
In fact, company culture can be one of the most distinguishing factors between two otherwise similar products or services.
Employees as Brand Ambassadors
Your company’s employees are also a powerful marketing tool for promoting your brand. Happy, satisfied employees who feel like they are a part of something special (i.e., your company culture) and are proud to represent your company will go above and beyond to promote it.
They will talk positively about their work experiences with friends, family, and social media followers which can result in increased company revenue as people become more interested in what you do.
Building a positive culture is crucial to the long-term success of your business. If you are looking for ways to improve or enhance your organisation’s culture, get in touch with ChandlerWoods today and discover how we can help.