Brand Values Definition
Brand Values refers to that “extra” which makes a brand special on the consumers’ minds and motivates them to become loyal. It is about giving a meaning to the brand, something special that makes a company differentiate itself from its competitors from the customer’s point of view.
Brand values defines everything that surrounds the company: from its design, its purpose, its customer service, its products and services, its promotions and communication styles, its culture, etc.
In order to create brand values, it is important to make the brand memorable through a variety of actions. For example, the creation of a positive experience of the product will make consumers feel confident about the brand. These customers may become loyal clients in the future and might be willing to pay more for the firm’s products and services.
The effect of a positive brand value could be the increase of the firm’s profits. Another possible benefits of having a brand value could be the product expansion and diversification, as a good reputation of a brand could take its clients to buy these new product lines.
Development of a Brand Value
In order to create a positive brand value, it is important to analyse the target market as well as the company’s actual positioning.
An enterprise should always be aware of the customers’ needs and wants in order to satisfy them. Thus, keeping a good relationship with the actual and potential clients is important as to understand these needs and wants and to show that the company cares about the customers. For instance, emails and social media accounts such as Twitter and Facebook could be an easy way to connect with a firm’s clients.
Another action could be to develop brand values by comparing a firm with its competitors in order to create a Competitive Advantage. For instance, by serving a better customer service, by developing better products, etc.
Going the extra mile could also be a manner of differing from the competitors. For instance, Corporate Social Responsibility (CSR) actions could develop an image of a committed brand.
It could also be that a firm may ask which values come to the consumers’ minds when they think about the enterprise. Knowing how the company is being perceived could help the firm to reinforce these values or change them by sending the proper communication through a variety of communication strategies.
However, company’s should bear in mind that it is important to keep a consistency between all the actions and planning of the firm with its values. If an enterprise fails to keep this consistency, customers might get confused about what the company’s values represents and the firm may be rejected and get a negative Word of Mouth.
In conclusion, the development of brand values will increase the chances of obtaining higher profits, getting loyal customers and differentiate a company from its competitors.
Which other actions can you implement to develop brand values? Please leave your comments below.
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