In such a reality, brand value plays a key role in achieving success in the marketplace. A brand is not just a logo or a company name, but also a complex set of values and associations that relate to a company in the mind of consumers.
Brand value is a somewhat abstract concept
Value, in this case, reflects the overall level of trust and loyalty that customers place in a company. How they perceive a brand has a huge impact on their choice of products or services. A strong brand is able to attract new consumers, retain existing ones and increase the profitability of the business.
Let’s use some examples to better understand the essence of value
Apple, reliability innovation and design
There is no denying that these are fundamental values for this technology giant. They are what attract and retain customers who identify with its unique style and commitment to modernity. Apple’s founders built the brand over many years, and the values that define it have enabled the brand to create not just products, but entire ecosystems that have changed the way we operate today.
Patagonia and the accompanying care for the environment
A trendsetting brand in sustainable fashion and environmental care. From the very beginning, the brand set itself the goal of producing functional clothing, made of the highest quality materials, but above all harmless to the planet. Environmental and social values are the cornerstone of the brand’s philosophy, thus attracting a whole host of customers. Patagonia, as one of the few clothing brands until recently, has become an important link in the fight to protect the environment.
The iconic Coca-Cola, which for decades has shaped its identity around the values of togetherness, joy and moments spent with loved ones, should not be left out of this list. The brand does not just sell a beverage; we also get the emotion and experience of moments among friends as part of the package. The advertising campaigns, and the strong social commitment that accompanies them, make it possible to build a lasting bond with consumers who identify with this vision.
Innovation goes hand in hand with Tesla
Tesla is an example of a brand that builds on the values of innovation, mobility and even the fight against climate change. The brand believes that the future of transport should be based on renewable energy, so as to reduce greenhouse gas emissions and the negative impact on the environment. Tesla therefore strives to continuously improve its products through the implementation of new technologies, energy efficiency or the development of advanced vehicle management systems.
Dove against self-acceptance
Dove, the cosmetics brand, has been promoting values to help with self-acceptance for a long time. Their numerous advertising campaigns and products are geared towards building a positive body image, which is portrayed in many, different examples. Loyal customers seem to appreciate the brand’s commitment to social causes, praising not only its products but, above all, its overall image.
Warby Parker, on the other hand, places a huge emphasis on social responsibility; for every product purchased, the company donates a pair of glasses to those in need. Airbnb is based on sharing and discovering new places, Ben & Jerry’s, like the aforementioned Patagonia, fights to protect the environment. One could go on and on…
Values form the brand’s identity, helping to build long-term relationships based on trust and authenticity. Customers want to identify with its mission and beliefs. Today’s conscious consumer increasingly values ethics and commitment to a brand’s values.
This is a really important issue, and when creating your own brand, it is definitely not worth underestimating.