Why It’s Good for Business When Customers Share Your Values
In competitive markets, shared values positively influence customer choice and increase loyalty.
Values matter. Too often, however, they are relegated to the realm of fables instead of finance.
Take honesty, for example. We tell our children the story of the boy who cried wolf to teach them that when someone is dishonest, others are less likely to believe them the next time. But if we look just a tiny bit below the surface, the financial cost of the boy’s dishonesty immediately comes into focus: It results in the loss of his family’s entire flock of sheep.
If we calculated the loss caused by the boy crying wolf, we undoubtedly would find that it dramatically ...
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