Teams and companies that thrive usually have a disproportionate share of talent. Brands that grow tend to attract a disproportionate share of brand loyalists. What attracts talent to companies and what makes people loyal to brands? Could it be the same nine factors?
Acquisition: Three factors that get people to join companies or make the initial purchase.
- Money: Talent makes decisions to join a company in part because of financial factors. A brand that allows someone to save or make money is one to gain trial. Incentives matter to get people on board.
- Fame: One joins a company that is well known or a company that will allow one to become famous or be recognized for their work. Brands that have good stories, provenance and history or are known to treat customers like royalty are more likely to attract trial.
- Power: Individuals join companies that give them autonomy or power and people are loyal to brands that enable and empower them.
Retention: Three factors that ensure continued access to talent and brand love.
- Purpose: Talent cares about the purpose of the company and people ask about the purpose companies serve beyond making a profit.
- Values: Over time employees stay with companies whose values they find resonate with theirs and consumers stay with brands whose values they resonate with and who show that they are valued.
- Connections: If someone feels connected to their manager, their clients, and their colleagues they are more likely to persevere through the ups and downs of a career. Similarly, an emotional connection to a Brand ensures a greater loyalty.
Passion: Three factors that get individuals to feel passionate about their place of work and brands.
- Freedom: Companies that recognize that they work for talent rather than talent works for them and approach talent as something they access versus ownensure that people have the flexibility and freedom to be who they are. Brands that are highly accessible and adaptable (ability to purchase and return across channels and adapt to the needs of customers ensuring freedom in how they are used and paid for) garner long term loyalty.
- Identity: A career is part of a person’s identity as are the brands with greatest loyalty. Understanding the identity of a person also allows for customization of how they are served, treated, and grown. It is important to know that while a company and a brand are part of the identity and story of a person, they are just a part. Companies that understand that they need to fit in the story of the lives of their talent and customers rather than the talent and customers fit in the story of the company or brand are ones that thrive.