Most leaders tend to focus on the internal benefits of culture — the ability to retain talent and improve performance. But the external benefits, like attracting the right talent and customers, are super important for staying ahead of your competition.
Culture is a powerful differentiator
A recent study, Beyond the Brand: Why Business Decision Makers Buy into Strong Cultures, found that a majority of executives want to do business with companies that live by their values. They rely on intangible differentiators (such as culture or reputation) more than quantifiable differentiators as a way of judging potential business partners.
The same attributes are equally likely to make a company desirable to work for as to work with. So here’s what researchers suggest to create a successful culture.