Building a long-lasting brand necessitates more than just selling a great product or service. Businesses must develop meaningful relationships with those they serve to have long-term success. Brand values are critical in forging the deeper connections that turn one-time customers into lifelong brand advocates. A brand's values are at the heart of who the company is, what they care about most, and how they operate. Identifying these core values and communicating them to your audience is critical. Still, many businesses don't take the time to define and document these values—or they don't go deep enough when developing their company brand values.
Let's take a closer look at what successful brand values are, why they're essential, and how you can build your own. We'll also provide you with a few examples of core values from well-known brands to inspire you to dig deep and discover those unique to your company.
What is a Brand Value?
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Brand values are the beliefs that guide your business. They are essential to your branding and help guide every aspect of your business, from the stories you tell through your messaging to the critical decisions you make about your company's future. Finally, successful brand values shape a company's culture and customer and fan community. These core values should be meaningful in a way that both customers and employees can relate to. Because these values help businesses stand out from the crowd, they should be a distinct, memorable reflection of the company's core values. Above all, successful brand values are genuine and unmistakable. Values that genuinely reflect the way a brand thinks and operates are chosen by successful brands. Being clear about values and how they are applied throughout the business helps customers and team members understand how a brand lives its values.
When developing your own brand values, consider that these values are not about your product or service. If you make a valuable physical product, it's easy to say that "quality" is a core value. However, simply creating the best taco in Texas or the best CRM on the market will not result in customer loyalty.
The Importance of Brand Values
Now that we know what core brand values are and how important they are in connecting with customers on a deeper level, let's look at the importance of brand values to brands in greater depth.
∙ Bring in New Customers
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Consumers prefer to buy from companies that share their values, according to 77% of them. Furthermore, core values serve as the marketing narrative that propels your brand's storytelling, and studies show that content delivered as stories is 22x more memorable than pure facts. In other words, failing to define and express your personality and values means passing up a new business and losing money.
∙ Enhance Brand Experiences
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According to the marketing rule of seven, the average consumer has seven interactions with your brand before making a purchase. Having clearly defined core values allows you to stick to a central message, resulting in consistency across touchpoints. Companies with well-defined, consistent branding have a 91 percent higher year-over-year increase in customer retention than those with inconsistent branding.
∙ Increase Brand Loyalty
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Customer loyalty is critical to long-term business success. Loyal customers are 50% more likely to try new products and spend 31% more on your business than new customers. In an era when consumer trust is at an all-time low, clearly defining core brand values assists you in maintaining brand authenticity, which breeds customer retention and increases lifetime value.
∙ Keeping Top Talent
Employees, like customers, want companies to have core values. Several studies have found that working for a company that shares its values significantly impacts employee engagement and retention. Building a brand with strong standards and beliefs motivates teams to collaborate to grow a company they are proud of and passionate about.
∙ Increase Operational Efficiency
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Defining your core brand values creates a brand strategy blueprint that enables leaders and employees to make more informed decisions. Adhering to that guide to brand values can help to align an entire team and accelerate product launches and campaigns. When viewed through a brand's core values, even tricky decisions become easier and more apparent.
∙ Create a Competitive Advantage
In today's fast-changing business environment, the ability to make quick decisions is a competitive advantage. Furthermore, communicating your values through marketing allows you to present your brand to the world in a way that resonates and forms strong bonds with your customer base. When customers feel connected to a brand, they increase their spending by 57% and choose it over a competitor by 76%.
Brand Values Examples
Let's look at a few industry leaders who are doing an excellent job of living out their brand principles and guidelines to help cement the concept of successful brand values in your mind. Pay close attention to the various types of brand values and consider which ones you would like to see your company adopt. Take note of how each brand's mission statement relates to its values:
1. The American Express
Image is taken from American Express
American Express is an excellent example of a company that proudly displays its values. The credit card company stays true to its brand mission of "providing the world's best customer experience every day" by consistently delivering exemplary customer service on all fronts. Its brand values are as follows: - We stand by our customers - We make it great - We do the right thing - We respect people - We embrace diversity - We advocate for inclusion - We win as a team - We give back to our communities
2. Adidas
Image is taken from Adidas
Adidas' mission statement reflects its commitment to being the best it can be as a company that makes products to help athletes perform better. "We are committed to continuously strengthening our brands and products in order to improve our competitive position," it says. Its core values are as follows: - Excellence - Dedication - Integrity - Diversity
3. Starbucks
Image is taken from Starbucks
Starbucks makes a great cup of coffee, but its success is due to its culture. "To inspire and nurture the human spirit - one person, one cup, and one neighborhood at a time," Starbucks' mission statement read.
The brand values are as follows: - Creating a culture of warmth and belonging, where everyone is welcome - Delivering our very best in everything we do, holding ourselves accountable for results - Acting with courage, challenging the status quo, and discovering new ways to grow our company and each other - Being present, connecting with transparency, dignity, and respect
4. Ben and Jerry's
Image is taken from Ben & Jerry
Ben & Jerry's, the well-known Vermont-based ice cream company that provides more than just delectable treats. The company believes that ice cream has the power to change the world. According to the company's mission statement, "using our business to make the world a better place gives our work meaning." Its core values are as follows: - Human rights and dignity - Economic and social justice - Conservation, restoration, and regeneration of the environment
5. Patagonia
Image is taken from Patagonia
Patagonia is another company well-known for its strong mission statement: "We're in business to save our home planet." To make a difference, the company employs its resources, including its investments, voice, and imagination. Its core values are as follows: - Create the best product possible - Do not cause unnecessary harm - Use business to protect the environment - Do not be bound by convention
6. IKEA
Image is taken from Ikea
IKEA is a brand that has built a community of loyal customers by living its corporate values. Furthermore, you don't have to guess those values because IKEA clearly states them on their website, dedicating an entire page to IKEA culture and values. Togetherness; caring for people and the environment; cost-consciousness; simplicity; renewal and improvement; different with meaning; giving and taking responsibility; and leading by example are the eight key values of IKEA. These values are visible not only in how the company operates but also in the products themselves. IKEA is popular among customers because of its distinctive design, low prices, and ease of use.
Presenting Strikingly
One of the best website builders for developing a strong brand image is Strikingly. You can design a website with distinct features that stand out. Furthermore, you can have a website like that without having extensive website development knowledge. Strikingly makes it easy to create your ideal website. Simply select a template from Strikingly's library of ready-to-use templates. In addition, you can find websites created by other Strikingly users. This will be useful when brainstorming ideas for your website.
Conclusion
Your brand value proposition is an opportunity to connect with your customers on a more personal level. It goes beyond logos and product packaging and begins to respond to how your customers think and feel. After all, it is up to businesses to align with their customers, not the other way around. When you identify and assert your core brand values, you stand out from the crowd and begin to build a community in which your followers can feel a sense of power and belonging.
Brand values are critical for understanding how people perceive your company and the products or services. A strong brand value proposition can act as a filter through which you run your business, dictating everything you do – from the social media updates you share to how you shape your organizational structure.
