A brand value is a desirable principle or quality that embodies a brand. For business owners, identifying their brands’ values can help to streamline decision-making and provide direction in everything that they do. From marketing campaigns to HR, and everything in between, branding experts agree that identifying your company’s brand values will help to make starting and managing a business easier. Consider the below benefits when deciding whether or not to invest the time in pinpointing your brand’s values.
Brand Values Encourage the Creation of New Products and Services
A solid understanding of brand values keeps your company consistently creating new products and services, thereby increasing your perceived value and core revenue. Consider Apple: Their values (Accessibility, Education, Environment, Inclusion and Diversity, Privacy, and Supplier Responsibility) are so important to them that they are displayed in the footer of their website, with each value having its own page dedicated to helping stakeholders fully understand them. These six values not only encompass Apple, but they incite the creation of new products. Your products and services should stem from, and be an embodiment of, your brand values while also encouraging the creation of new and better offerings.
Brand Values Guide Employee Actions and Attract Top Talent
When you identify your brand values and make them explicitly clear, it helps to guide your employees towards desired attitudes and behaviors, both on an everyday basis as well as during difficult times. Identifying brand values also helps to attract the right kind of people to your company in the first place! Zappos does an incredible job of explaining each of their core values, how employees should exemplify those values, and how those values enhance the customer experience. For example, “Create Fun and A Little Weirdness” not only expressly identifies the type of employee the company is looking for, but also how they should approach different interactions and responsibilities.
Brand Values Increase Brand Loyalty
Rather than simply chasing after customer loyalty (where price is still a primary factor), companies that focus on attaining brand loyalty are dedicated to attracting consumers who align with their core values. Having a brand’s values clearly stated and showcased in everything that the brand does helps them to connect with customers and build a steadfast following. Think Facebook, whose values are Be Bold, Focus on Impact, Move Fast, Be Open, and Build Social Value. These values can be seen in a number of different ways throughout the site and its features. For example, their new “Live Video” feature perfectly embodies their desire to move fast by allowing users to engage with followers through chat and video in real time. Compared with Twitter who only has a mission statement to guide them, Facebook’s values have helped to spur the creation of new technologies and features that allow them to consistently gain new users and increase retention.
Identifying your brand values can enhance your business in a number of ways by increasing sales, grabbing the attention of ideal employees, and helping to better your products and services. Brand values essentially improve the way in which you do business, and identifying those brand values can even incite an entire rebranding that can bring in even more customers and new energy into your business! To discuss how to identify your brand values or rebranding your company, call Green Group Studio at 561-594-7336 to speak with one of our branding experts today!