In an environment where trust in business is too often lacking, family firms have the opportunity to stand out and above the rest. Why? Because they tend to work to a set of values that resonate with people; values that often result in them being committed to meeting or even exceeding customers’ needs. If you’re thinking about using your family business credentials in your brand and team ethos, here are the main benefits of doing so.
People trust family businesses
A report, commissioned by the Institute for Family Business (IFB) Research Foundation, found that a considerable majority of the general public hold family businesses in high regard in terms of perceptions around their trustworthiness.
In fact, survey respondents said that they think family businesses are more:
Family businesses appeal to every age
Studies have shown that a company which promotes itself as a family business is more likely to attract clients across all age ranges. It makes sense when you think about it as a family business has professionals across different generations which clients can choose from.
Family businesses are more approachable
The marketing of a family business is very informal and friendly. Often, you’ll see a friendly attitude put out over social media and the website copy will be talking to clients as if they are already part of the family.
What this does is that it makes the business approachable. It makes clients feel safe and secure and they are more likely to reach out and confide in you. This is a major contributor for why family-owned businesses seem more stable, more customer-friendly, more approachable and more trustworthy.
Employees are happier and more productive
Bringing your family business into your team ethos has a massive positive impact on your employees as well as your clients. For example, research has shown that using the family’s last name in the company brand not only has a positive impact on sales but also on company performance too.
In general, the family aspect gives most people positive associations. The environment tends to be more ‘caring’ which ensures all team members are comfortable with each other. A family atmosphere also promotes honesty which helps the team to grow and not keep problems bottled up. Creating this common sense of belonging to the family unites employees and managers across business areas, and it shows in the performance of the company as a whole.
Will you use your family credentials in your branding and team ethos?
Hopefully, this article has helped to highlight the value of promoting your family business both internally and externally. Not only does it ground your brand in the public mind in a very positive way, but it also ensures that your team are happier and more productive in their roles too.