New businesses are on the rise. In recent studies, 83% of millennials and 51% of Gen Zers said they wanted to buy from brands that align with their values. So if you’re starting a new company in 2022, start by mapping out your brand values to help you find and connect with the right partners, employees and customers. Here are a number of tips to keep in mind.
What Is Brand Value?
Brand value is the cash value of your brand, if you were to sell it.
If your company were to be merged or be bought out by another business, and they wanted to utilise your name, logo and brand identity in order to sell products and services, your brand value would be the amount which they would pay you for that right. This is what is known as market-based brand value.
Another way of thinking of brand value is in terms of replacement cost (cost-based brand value). In that sense, brand value is the amount which you would need to spend to design, execute, promote as well as amplify a completely new brand to the same level as your old one. That figure may include the cost of hiring a design agency, the time as well as the effort spent on marketing and social media strategy, the cost of advertising, PR outreach and sponsorship, and so on.
Get To The Heart Of Your Brand
Brand values are a number of guiding principles which shape every aspect of your business. They’re placed at the very core of your brand and are there to dictate your brand message, identity and personality. They affect the choices you make and the actions you take and are the main reason customers will connect with you over the competition. Investing in your brand is crucial if you want your business to be unique in a crowded market place.
Authentic Branding Wins Customers
One of the most common mistakes which companies make when they are defining their core values is attempting to be too idealistic. Consumers will look straight through brand values that are too whitewashed as well as perfect.
Ultimately, you want core brand values which reflect the reality of what your business is and assists customers to feel like they are able to connect with you. Rather than safe, “pretty” values, think about the raw feelings and struggles which connect your brand to the world.
Often it is better to begin with a negative experience. Through thinking of how your company worked through a difficult time, you could find the significant brand value which is hidden in that experience.
Think about what made you feel angry, uncomfortable, or disappointed in your company. After this, think about the opposite feeling. If a project wasn’t completed on time, perhaps the opposite situation is readiness, so things don’t tumble through the cracks.
If your employee had a bad encounter with a customer, perhaps putting the customer first no matter what is a value worth integrating into your business. A strong brand may be the difference between an abandoned cart, and a conversion.
Would you like to discover more about brand values? If you do then you need to study our Brand Management Course. Follow this link to find out more.
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