Brand values are an essential part of your business. You need customers who want to buy from you because they believe in your brand. To do that, you need strong core values that are well communicated to your employees, partners, and customers. Here is what you need to know about establishing strong brand values.
What is a brand value?
According to Philip Kotler, brand value is directly related to the perception and mindset of prospects and customers. It reflects the direct and indirect brand experience of what they have seen, heard, learned, thought and felt over time.
A brand is a lot more than the products or services you sell. Your brand is what you stand for. While your logo, products, website, and even your digital marketing campaigns may change over the years, one thing must always remain the same: your brand values.
Why is brand value important?
Brand values are basically what define your brand’s personality. How does your brand treat people? How does it make people feel? What promises does your brand make?
But why is it so important to have brand values? Here are three reasons:
1. Brand values give you an edge over big companies
Often times, small businesses feel they can’t compete with large companies (especially when it comes to pricing), but they can offer a better customer experience by lining up their brand values with the values of their customers. A customer won’t mind paying a bit more if they feel better about purchasing from a small business.
2. Brand values help distinguish your brand from your competition
There may be several companies, large and small, that offer the same product or service that you offer, but can they all make the same promises? Your brand’s values will help you stand out from the crowd and help you attract similar-minded clientele who appreciate your values.
3. Helps you drive your small business with passion
The most successful small businesses are propelled by business owners who are truly passionate about what they do. And in order to be truly passionate, you as a business owner must believe in your brand’s values on a very primal level. Your brand’s values are inevitably going to be an extension of your own personal values, and you should never want to compromise on either!
How to define your brand value?
Without a brand value, you can’t hope to differentiate your company from your competitors, and as we all know, it’s the memorable brands that win the most customers. Core brand values, along with your fine-tuned brand communication strategy, helps shape the culture and community of your brand, ensuring that you connect with your customers in a meaningful way.
Though your ideals will differ according to the goals, hopes, and expectations of your company, any brand values definition should be:
- Memorable: Brand values don’t mean much if they’re not constantly represented by the things you do and say. Your customers and employees need to be able to remember your beliefs if you want them to have an impact.
- Unique: This is something that should go without saying, but your brand values definition should be a unique reflection of your culture and identity. You can’t simply copy and paste something that works for another business. Look at strong companies for inspiration, but make sure your core ideals represent your company DNA.
- Actionable: Your brand value proposition is something that needs to guide how your business works. When defining what matters to your company, choose actionable language. Tell your customers that you work to do the right thing, and describe how you do that.
- Meaningful: If you want your core brand values to resonate with your customers, they need to include things you’re willing to fight for. Your core values should have an accurate meaning that your customer can understand easily.
- Clear and defined: Make it clear what principles you followed and how would you defined it when asked by your audience. When choosing the principles on which to build your brand, make sure that the things you stand for are easy to understand.
- Timeless: While companies and customers can change with time – your brand values should remain consistent and strong. The only reason you should change your values is if you’re seeing some serious backlash from your existing code of ethics.
When you identify and claim your core brand values, you separate yourself from the crowd and begin to create a community that your followers can join to feel a sense of power and belonging. In other words, you get more than just a customer base, you get a “tribe”, people who believe in you not just for what you sell, but for what you do as a company.
I am looking forward to writing a book on “Know Your Brand Value”. In this book I will focus on how to build a Personal Brand as well as Business Brand. It will be one of the best guides to individuals and businesses.