Brand Value is a positive change accepted by your Customers (read more). Values accepted by Customers are the most important business assets because without them, businesses do not exist. Most businesses do not have any information on their Brand Values and Brands.
We suggest that your New Year business resolution is to write down your Brand Values.
Example of Brand Values
Brand: BMW i3
Customer: BMW i3 driver
– Value 1: Social responsibility (soft value)
– Value 2: Communicates technology and social progressiveness (soft)
– Value 3: Communicates social position (soft, consistent)
– Value 4: Unique visual design (soft, unique)
– Value 5: 300 km range (hard value)
Customer: BMW investor
– Value 1: Return on investment (hard)
– Value 2: Ability to compete in future automotive market (soft, consistent)
– Value 3: Consistency in brand strategy and innovation (soft, consistent)
Customer: BMW employee
– Value 1: Work on projects that positively change the society (soft, consistent)
To understand above values you can compare then to two competitors:
– VW e-Golf which differs from BMW as it is not trying to be obvious;
– Tesla Model 3 which is positioned as more technologically innovative with the autopilot hardware.
Write down your Brand Values
Step 1) Make a list of customer types.
This list might include:
– Consumers, end-users, B2B clients;
– Press and media;
– Sponsored parties;
– Investors and owners;
– Government organizations.
Step 2) Choose three types which are most important for your business.
Step 3) For each of these groups write at least one value your business is offering them.
Values can be:
– Price (low price is a value, high price is a reflect of another value);
– Design and emotional values, which allow them to achieve a personal goal;
– Engineering and technology values, which solve a technical problem;
– Geographical availability;
– Speed of experience.
Step 4) Highlight values which are:
– Unique – offered only by your brand;
– Consistent – which can and should not change over time, and are essential element of your brand;
– Soft – satisfy emotional and personal needs;
– Hard – solve technical problems or provide objectively measurable benefits.
How will this make your 2017 better?own?
Once you write the values down, have your team confirm them. If everybody agrees then start using this document as a common view of your brand. This should improve vision, focus, and teamwork.