New Report Shows Demonstrating ‘Family Values’ Gives Firms Competitive Edge
26th March 2015
"Family Business Branding", a major new report by the IFB Research Foundation, shows how family firms can benefit from promoting their family-ownerships to customers and employees.
Last year IFB's own research proved what many family firms have long thought to be true - that the public intrinsically trust family firms more than other businesses. Family values help build customer trust and employee loyalty, and while the authenticity and heritage behind family brands can give them a reputational advantage.
This last report, 'Family Business Branding' takes that research a step further, and looks at how families can harness this competitive advantage, and gives some real life examples of how some of the UK's most well known brands promote the familiness to build their business.
Four Key Lessons
Branding the family business is....
Popular - Majority of family firms survived promoted their familiness
Beneficial - Research shows family branding can benefit consumer trust, company image and corporate reputation
Not for everyone - Some markets don't respond as well to the family brand, whilst some families want to be more private
Different for every business - Some businesses might focus on heritage, others values or innovation, or use a mixture of messages.
The report includes a number of case studies with established family businesses including Warburtons, Johnstons of Elgin, Berry Brothers & Rudd, Wates Group and Clarks.
Commenting on the launch of the event Mark Hastings, IFB Director General said: 'This underlines the extraordinary appeal and value of the term 'family' within the UK economy and business world. At so many levels it resonates with consumers and the public in a positive way, from aspects such as integrity and reliability to brand assurance and confidence.
'As we move into the 21st century, what is clear is that many of the values traditionally associated with the family are as relevant as they have ever been, and a powerful force for the good when it comes to branding and marketing, not only to one's domestic markets, but to the world.'
You can find the full report here.