“Marketing is about values. It’s a complicated and noisy world, and we’re not going to get a chance to get people to remember much about us. No company is. So we have to be really clear about what we want them to know about us.”
– Steve Jobs
In this quote, Steve Jobs is trying to convey that for any brand to be successful, it is very important to define the brand values. People often get confused between Brand Value and the Brand Values. While Brand Value is the monetary worth of a brand, Brand Values are the moral principles a brand follows. These moral principles support the Brand Promise and are expressed through the Brand Identity.
Determining Brand Values
Brand values are the foundation of any business. They give your brand a purpose and a direction to be followed. Without Brand Values, your brand is like any other business operating with only one goal - to maximize profits. Brand Values are reflected in your employees and in your work culture. Unlike Vision or Mission, they are not mere statements hanging down the walls of your offices. They are a defined set of standards which represent your brand’s DNA and communicated through actions & employee behaviour. An authoritative brand looks and speaks differently compared to a fun brand. Just like the verbal tone and visual style of IBM is different from that of Disney’s. It is important to clearly determine who you brand is speaking to. And what values do they represent as a group. Customers flock to the brand that reflect their values.
How do you define your Brand Values?
Well firstly, you don’t define the Brand Values, you identify them. They are already part of your company. Brand Values are identified through branding exercises where you and the key employees of your organization take part and help in identifying the Values of your brand. Brand Values are expressed visually and verbally across touch points that customers can identify with. Identifying your brand values and expressing them clearly greatly enhances the ROI on your marketing spends, ultimately making your business more profitable.
Article contributed by Mansi Panchamia, Marketing Team, Yellow Fishes