The quote ‘Like attracts like’ holds truth, especially while acing the branding game. After all, with so many alternatives at our disposal, what influences our buying decisions, making the chosen brand deserving of our choices?
When one turns to Starbucks for a hot cup of coffee, they aren’t necessarily looking for coffee alone, but for a sense of welcoming and warmth. On choosing Lego blocks for kids, parents look to foster creativity and fun in their kids, with an emphasis on quality.
The point is, that brands demonstrate certain values in their offerings, and when these resonate with the audiences, is when a brand gets accepted and excels.
What are brand values and their benefits
Brand values are the ground beliefs that a company stands for. They are the ethics, standards and principles that pilot the way for a brand’s actions, showing why the brand exists in the first place, and what does the brand stand for, forming an essential part of the brand’s core identity.
The term is interchangeably used with ‘Guiding Principles’. While brand values stand for ‘what’ brands stand for, guiding principles show ‘how’ brands act to uphold these values.
So, why are brand values important and how do they benefit?
According to research, a major chunk of our consumer choices is made subconsciously. Brand values often hit the subconscious which influence our decision-making whether we pay attention or not.
As spoken about earlier, brand values provide the ‘how to’ for everyday actions of a company, influencing decision-making. When the audience identifies with a brand’s values, they connect with product subconsciously and immediately.
Similarly, as brand values exhibit an emotional touch, they help in attracting and retaining the right talent, with employees identifying these brand values to be in alignment with theirs.
Brand values help gain competitive advantage by allowing and guiding how a brand presents itself and also sets itself apart from its competitors.
Examples of famous brands and their brand values
1. American Express
The credit card company is an open book when it comes to brand values. Through all their years in business, AmEx has abided by every value it promises to deliver. They include- ‘We back our customers’, ‘We make it great’, ‘We do what’s right’, ‘We respect people’, ‘We embrace diversity’, ‘We stand for inclusion’, ‘We win as a team’ and ‘We support our communities’.
According to Nike, ‘if you have a body, you are an athlete’. And Nike’s Mission Statement goes like this ‘Bring inspiration and innovation to every athlete in the world’.
The driving force behind Nike’s mission are its values- ‘Do the right thing’, ‘Be on the offense always’, ‘Serve athletes’, ‘Create the future of sport’ and ‘Win as a team’.
The name Tata is synonymous with the term ‘Values’ in business. The five core values that drive the way the company does business are Integrity, Responsibility, Excellence, Pioneering and Unity.