11 minute read
Focus Article- Eileen Monesson
United Values: Building a Stronger Brand and Unwavering Stakeholder Loyalty
Strong brands aren't built overnight but crafted through consistent, exceptional performance.
The genuine connection between the firm's team and mission sets a brand apart.When employees deeply resonate with the firm’s values and purpose, their enthusiasm and dedication drive superior client service and sustained growth.This powerful synergy between employee commitment and brand identity forms the cornerstone of lasting success, transforming the firm's brand and propelling it to new heights.
Most people associate a company's brand with its public identity—logos, colors, fonts, packaging and other visual elements. However, a brand encompasses much more than its physical characteristics.The American Marketing Association defines a brand as a name, term, design, symbol, or any other feature distinguishing one seller’s goods or services from those of other sellers.The true strength of a brand lies in its ability to build loyalty and trust through its organizational aspects, such as strategies, culture, and values.This deeper connection leads to enduring brand loyalty, making the organizational brand a key driver of the company's success.
When a firm’s organizational brand is focused on its values and purpose, it gives it a distinct identity.This brand shapes client perceptions based on their experiences and interactions with the firm. Every employee can influence these perceptions, from the receptionist to the managing partner. An organizational brand helps people quickly recognize and connect with the firm, providing clear reasons to choose it over competitors by defining what it stands for.The goal is to attract and retain loyal clients, employees, and other stakeholders by consistently delivering on the brand's promises.
According to Luis Gallardo, founder and CEO of theWorld Happiness Foundation and former global marketing and brand leader for Deloitte,“Everyone in the business, at every level, needs to understand the company's vision, values, and mission.”In his book Brands &Rousers, Gallardo underscores the importance of building a brand around why the firm exists.“Without knowing the purpose, business plans and actions will likely miss the mark,”said Gallardo. “Decide what your firm stands for – then set all other business activities through this lens. By doing so, everything will be correctly focused and aligned to deliver real value and growth and to build a strong, resilient, and successful firm.”
Ranked by Accounting Today as one of the fastest-growing firms in the United States, Withum, Smith + Brown (24 offices, 245 partners, 2,500 employees) understands the importance of building a brand based on its purpose. Rhonda Maraziti, Withum’s CMO, attributes its success to an unwavering commitment to the firm’s values.“Our brand reflects our people and culture, embodying a client-focused, people-first business model emphasizing world-class service, innovative solutions, and industry expertise.”
Value Creation
Value creation starts with understanding an organization's purpose.“Our firm was founded on the values we uphold today—our commitment to people, clients, and the community,”said Maraziti.
Value comes in two forms: financial and perceived. Financial value is the monetary worth captured in financial statements. Perceived value is the intangible benefit from a customer's willingness to pay and employee satisfaction. Perceived value is influenced by personal perception and interpretation.Though it is harder to measure, its impact on financial value profoundly drives a company’s success.
Gallardo outlines several simple behaviors that create value. These include connecting vision, strategy, and business processes with what is needed to succeed by establishing mechanisms to ensure everyone works toward the same goal. He emphasizes positioning the company to handle various possible futures and then focusing on what is needed when a specific future arrives.
Aligning initiatives with company objectives is necessary to encourage desired actions and effectively guide others. Gallardo highlights the importance of building stakeholder connections and leveraging value drivers to present a credible company vision.
Brand Building Techniques
While building a values-based brand makes sense, many firms lose sight of their core purpose and stray off track. Egos, silos, greed and other factors often interfere with staying on brand. When this happens, the firm risks operating under principles that contradict its original mission, diminishing the brand's value.
In Brands & Rousers, Gallardo introduces six techniques (six Rs) for successfully building a firm and brand:
Reason is the soul of the firm and why it exists. When stakeholders embrace the firm's purpose, engagement increases, supporting the firm's goals and objectives.
Revenue and other key performance indicators (KPIs) highlight a brand’s strength and pinpoint opportunities for growth and improvement.
Rousers are pivotal in inspiring, motivating, and encouraging employees to commit to the company’s mission and values, ensuring everyone’s efforts are aligned.
Reputation management ensures a positive brand image, which attracts and retains clients and employees, enhances trust, mitigates risks, and fosters loyalty and growth.
Relationships with stakeholders build trust, encourage collaboration, and ensure alignment with the brand’s values, driving loyalty and sustained growth.
Resilience enables a firm to stay relevant, embrace change, and respond to evolving client demands.
By consistently applying these techniques, a firm can remain true to its core values, enhance its brand's strength, and achieve long-term success in a competitive market. “Leadership ensures everyone feels included and appreciated at Withum,”said Maraziti. “Mentors, coaches, and buddies help people understand the firm’s principles and why it is important to live by them. We do our best to maintain a no-jerk policy, promoting respectful and kind behavior. Those who fail to uphold these standards are encouraged to participate in training or, if necessary, leave the firm. Bullying is not tolerated at Withum.”
Importance of On-Brand Behaviors
In Achieve Brand Integrity, author Gregg Lederman outlines several "truths" for building a brand-based organizational culture. Truth #6: Behaviors and Experiences Make the Invisible Visible is particularly relevant for accountants to differentiate their firm.
Lederman advises firms to start by clearly defining the values and principles that guide their business. This involves deciding which beliefs, behaviors, and experiences will bring the firm's brand strategy to life and identifying those that should be eliminated. Behaviors that leave a negative impression on clients, such as not returning phone calls or missing important deadlines, should be discontinued.
Vague concepts like “exceptional service” or “responsive team” must be precisely defined. How employees interpret and deliver these concepts can vary greatly. For instance, one employee might believe responsive service means getting back to a client within a week, while another might aim for less than an hour. Marketers should collaborate with firm leadership to specify the actions that constitute “exceptional service ”or a “responsive team.” When aligned with the firm's values, these defined behaviors or “experiences” will solidify the firm's brand.
Top regional firm Adams Brown (11 offices, 18 principals, 350 employees) has grown significantly since rebranding in 2020. Marketing and Growth Manager Korby Boswell attributes some of its growth to the firm’s new focus, which is stated in its tagline: above + beyond®. “Our tagline summarizes our guiding principles – doing more than is expected, simplifying the complex, and providing top-notch service is how we help our people and clients grow. As a result, the firm grows too,” said Boswell.
Building Engagement
Conduct comprehensive training sessions to educate employees on the firm’s values and how to incorporate them into their daily responsibilities.
These sessions should be highly interactive, featuring real-life scenarios and role-playing exercises to enhance practical understanding and engagement. Additionally, regularly solicit employee feedback and actively involve them in developing and refining strategies to ensure they feel valued and invested in the firm’s success. This inclusive approach promotes a strong sense of ownership and alignment with the company’s values, ultimately bringing the firm’s brand to life.
Moreover, implementing robust recognition and reward programs is essential for reinforcing desired behaviors. Programs can range from “living the brand” awards to more immediate recognitions like employee of the month accolades, spot bonuses, and public acknowledgments during meetings.
“Withum reinforces our brand and culture through daily positive interactions within the office, in addition to our engaging culture videos and our Strength Awards. These awards, named after our founding partners and other leaders, celebrate exceptional achievements and client service. Team members are held accountable for upholding our brand through evaluations and various performance metrics,” said Maraziti.
An effective internal communication strategy reinforces the organization's commitment to its core values. This approach ensures employees internalize and consistently deliver on the firm's brand promises. Regular communication through newsletters, intranet updates, and firm-wide meetings will keep employees informed and aligned with the firm's vision. “We make sure everyone knows the firm’s values and expectations through weekly firm communications, case studies, and our Beyond Program,” said Boswell. “This client opportunity planning program is designed to strengthen relationships and identify areas in which we can add value to our clients and their businesses.”
To enhance engagement further, establish multiple channels for employee feedback and suggestions, such as anonymous surveys, suggestion boxes, and regular check-ins. These mechanisms create a sense of ownership and involvement, ensuring employees feel valued and integral to the firm's success.
Regular team-building activities are essential for strengthening interpersonal relationships and fostering a cohesive community. These activities, from off-site retreats to in-office challenges and social events, help build a united and committed workforce.
Stakeholder Benefits
When employees feel valued and supported, job satisfaction increases, leading to higher engagement and lower turnover rates. Sharing the firm’s purpose, values, and mission with employees builds trust, allegiance, and enthusiasm. Focusing on happiness and well-being reduces stress and burnout, promoting better mental health and greater productivity. This positive work environment benefits employees and enhances client loyalty, as happy, satisfied and engaged employees are more likely to provide exceptional service, creating solid and lasting client relationships.
Cultivating an employee-centric culture driving client-centric service creates a positive work environment and directly impacts the firm's bottom line. Higher employee engagement and productivity contribute significantly to financial success.
“At Withum, we recruit individuals we believe will thrive in our client-centric, passionate, family-spirited, and inclusive culture. We encourage our team members to envision growth and embrace an entrepreneurial mindset, empowering each person to be entrepreneurial and encouraging our sector leaders to be the CEO of their own practice,” explained Maraziti.
Gain Buy-in
To gain buy-in from leadership, partners and employees, present compelling data and case studies from firms that have successfully implemented similar strategies. Highlight increased profits, higher billings, improved client satisfaction, enhanced employee engagement and reduced turnover to make a strong case. Provide a detailed analysis of the expected return on investment to show how happier employees lead to satisfied clients and improved profits. Engage firm leaders early and offer training sessions on the importance of culture, emphasizing their role in modeling desired behaviors and securing support for these initiatives.
“We adjusted our leadership development program to focus more on our values and guiding principles rather than numbered steps,” said Boswell. “Now called LEAD instead of LEAD 1,2,3, participants learn about effective leadership skills while incorporating our firm’s purpose and values every step of the way. We recognize that for this type of change to work, it has to start at the top and be included at all levels.”
An organizational brand committee with representatives from various departments and clients can ensure diverse perspectives are considered when developing and implementing cultural initiatives. “We started our rebranding process by asking our clients and employees what is most important to them in focus groups and surveys,” said Boswell. “Two themes kept coming up – doing more than what is expected (above + beyond) and truly partnering in our client’s success (strategic allies). From there, we updated our brand identity to reflect the values important to our stakeholders. We also updated programs to support initiatives, such as our defined culture statement Adams Brown O.N.E. – own it, nurture relationships, and exceed expectations.”
Communicate the benefits of the proposed strategies to all employees, highlighting the positive impact on their work, happiness, and well-being. Provide regular updates on the progress and successes of the initiatives to maintain momentum and engagement and celebrate small wins to keep morale high.
“We have several interactive tools for employees to share examples of above + beyond® in action. We also involve everyone in spreading branded messages through numerous channels, including social media, where we focus on our people to inspire followers, showcase our culture, and recruit new teammates,” said Boswell.
Identify and empower employee ambassadors to lead brand-building initiatives, encourage participation, and demonstrate how to “live the brand.” As role models, they will help spread the message and gain support across the firm.
“Our 'people first' culture is not just a buzzword but a reflection of our shared values and beliefs,” said Maraziti. “Our smiling, happy team members go the extra mile because it matters to them and is part of who we are. This consistent culture, known as the Withum Way, ensures that our rapidly growing team across the country experiences the same supportive environment no matter where they are located.”
An organizational brand deeply rooted in the firm’s values and purpose, supported by a positive culture, becomes a powerful draw for top talent and builds a strong reputation that attracts clients. Happy employees naturally go above and beyond for clients, enhancing satisfaction and loyalty while reducing turnover and saving on marketing, recruitment, and training costs. This interconnectedness between employee well-being, client loyalty, and firm growth underscores the critical importance of cultivating a strong organizational brand. Ultimately, nurturing a values-based culture of happiness and belonging is essential for achieving sustained success and growth.
Eileen Monesson, CPC, MBA, PRCounts. Contact Eileen at emonesson@prcounts.com.
