“A brand is the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another.
If the consumer (whether it’s a business, a buyer, a voter or a donor) doesn’t pay a premium, make a selection or spread the word, then no brand value exists for that consumer.A brand’s value is merely the sum total of how much extra people will pay, or how often they choose, the expectations, memories, stories and relationships of one brand over the alternatives.”
– Seth Godin. https://seths.blog/2009/12/define-brand/
In today’s competitive marketplace, building a strong and recognizable brand is more important than ever. Consumers are not merely interested in products or services; they seek authentic and meaningful connections with the brands they choose to support. This is where brand values come into play. Brand values are the intangible yet powerful elements that shape a brand’s identity, influence consumer perception, and differentiate it from the competition.
What Are Brand Values?
Brand values are the fundamental beliefs and principles that drive a company’s behavior and decision-making processes. They reflect the brand’s purpose, mission, and vision, and serve as a moral compass for all aspects of the business. Brand values encompass a wide range of attributes, including integrity, innovation, sustainability, social responsibility, customer-centricity, and more. They are the soul of a brand, guiding its actions, messaging, and interactions with consumers.
The Importance of Brand Values:
- Differentiation: In a crowded marketplace, brand values help set a company apart from its competitors. They create a unique identity and position the brand as a distinct choice in the minds of consumers.
- Consumer Connection: Brands that align with the values of their target audience can establish a deeper emotional connection. When consumers resonate with a brand’s values, they are more likely to engage, trust, and remain loyal to that brand.
- Trust and Credibility: Brand values provide a framework for consistent and ethical behavior. When a brand consistently upholds its values, it builds trust and credibility among consumers, fostering long-term relationships.
- Employee Alignment: Brand values are not limited to external perception; they also play a vital role in internal culture. Clear values help attract and retain employees who align with the brand’s mission, contributing to a cohesive and motivated workforce.
Determining Your Brand Values:
- Define Your Purpose: Start by understanding the core purpose of your brand. Why does your business exist beyond making a profit? Identify the underlying motivations and the impact you aspire to create.
- Identify Core Beliefs: Determine the core principles and beliefs that drive your brand. Consider your target audience, industry landscape, and the unique value you offer.
- Conduct Market Research: Understand your target audience’s values and preferences. Identify their pain points, aspirations, and the values they resonate with. This research will help align your brand values with the expectations of your audience.
- Align with Stakeholders: Engage with your team, stakeholders, and customers to gather insights and perspectives. Collaboration and input from various perspectives will ensure a well-rounded set of brand values.
- Refine and Prioritize: Consolidate the insights gathered and refine your brand values. Prioritize the values that truly define your brand and resonate strongly with your target audience.
Examples of Brand Values in Top Industries:
Technology Industry:
- Apple: Innovation, Simplicity, Design Excellence
- Google: Accessibility, Innovation, Openness
- Microsoft: Empowerment, Collaboration, Accessibility
Fashion Industry:
- Nike: Empowerment, Performance, Innovation
- Chanel: Timeless Elegance, Luxury, Craftsmanship
- Patagonia: Sustainability, Environmental Responsibility, Quality
Tourism Industry:
Airbnb: Belonging, Inclusion, Community
Marriott: Exceptional Service, Quality, Hospitality
TripAdvisor: Trust, Transparency, User-generated Content
Brand values are the compass that guides successful brands on their journey to connect with consumers, differentiate themselves in the market, and build lasting relationships. They define the essence of a brand, influencing every aspect of its operations, communications, and customer experiences. By establishing and upholding strong brand values, businesses can cultivate trust, loyalty, and emotional connections with their target audience.
Determining brand values requires introspection, market research, and stakeholder collaboration. It involves understanding the purpose and beliefs that underpin the brand, aligning with the values of the target audience, and refining a set of values that authentically represent the brand’s identity.
The examples of top brands in the technology, fashion, and tourism industries demonstrate how brand values are manifested in different sectors. Apple’s focus on innovation and design excellence has positioned it as a leader in the technology industry, while Nike’s commitment to empowerment and performance resonates with athletes and fitness enthusiasts worldwide. Airbnb’s values of belonging and community foster a sense of inclusivity and connection among travelers.
As you embark on the journey of defining your brand values, remember that they are not mere words on paper but guiding principles that should permeate every aspect of your business. By living your brand values and consistently delivering on them, you can create a powerful brand identity, cultivate customer loyalty, and differentiate yourself in a competitive marketplace.
So, take the time to uncover the essence of your brand, identify the values that align with your target audience, and embrace them as the foundation of your business. By doing so, you can harness the power of brand values to leave a lasting impact on your customers and establish your brand as a trusted, respected, and cherished entity in your industry.
Remember the words of Steve Forbes, “Your brand is the single most important investment you can make in your business.” So, invest wisely in your brand values, and watch as they become the driving force behind your success.
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References:
- Forbes. “Your Brand Is the Single Most Important Investment You Can Make in Your Business.” Retrieved from: https://www.forbes.com/sites/steveforbes/2012/08/14/your-brand-is-the-single-most-important-investment-you-can-make-in-your-business/?sh=3b0f98667b38
- Goodreads. Branding Quotes. Retrieved from: https://www.goodreads.com/quotes/tag/branding
- Sachs, Jonah. “Winning the Story Wars: Why Those Who Tell (and Live) the Best Stories Will Rule the Future.” Harvard Business Review Press, 2012.
- Bezos, Jeff. Interview with Charlie Rose. Retrieved from: https://www.youtube.com/watch?v=Vfo5le26IhY
- Elvis Presley Quotes. Retrieved from: https://www.brainyquote.com/authors/elvis-presley-quotes
- Jantsch, John. “Duct Tape Marketing: The World’s Most Practical Small Business Marketing Guide.” Thomas Nelson, 2011.
- Hegarty, John. “Hegarty on Advertising: Turning Intelligence into Magic.” Thames & Hudson, 2011.
- Solis, Brian. “What’s the Future of Business?: Changing the Way Businesses Create Experiences.” Wiley, 2013.
- Neumeier, Marty. “The Brand Gap: How to Bridge the Distance Between Business Strategy and Design.” New Riders, 2005.
- Godin, Seth. “All Marketers Are Liars: The Power of Telling Authentic Stories in a Low-Trust World.” Portfolio, 2005.
- Rowden, Ian. “Brand Champions: How Superheroes Bring Brands to Life.” Kogan Page, 2017.
