Finding your brand's values is a challenging task. But with that said, it may be essential to your brand's success and should unquestionably be given priority.
Too frequently, businesses downgrade, overlook, or outright disregard brand values. If implemented correctly, your brand values help you increase credibility and confidence in your company, foster enduring relationships with your clients, and ultimately lead to better success.
There are many factors to consider when defining your distinctive brand values, but you must first know what they are and why they are significant.
Why are brand values important?
Your brand values should be the cornerstone of your business, above and beyond the goods and services you offer. The main goal of developing a brand is to convey to all stakeholders your company's core values and identity. A powerful brand attracts customers' attention in the marketplace but also aids in boosting your visibility and sales.
By identifying your brand's essential principles, you not only give your company a distinctive brand identity that sets it apart from rivals. You enhance your brand storytelling by allowing your marketing team, salespeople, and outside suppliers to adhere to a specific storyline.
Know what matters the most to your business.
Identify what is most important to your brand and how you want your customers to view it. Knowing your company's values and fundamental principles will help you hire the right employees, draw in your target clients, and stand out from the competition.
For instance, if your company wants to represent quality, consider characteristics like precision, care for the little things, reliability, excellence, and knowledge.
Find your Brand Values
We've discussed the significance of brand values and your need to establish your own. However, you can't just choose and run with a few words. You need to evaluate your existing circumstances, whether you are a start-up just starting or an established company hoping to expand. The steps to discovering your brand values are listed below.
1. Brainstorm
Write out the five values each team member believes best represent your brand. Ask a question with a wide range of answers, such as, "What do you appreciate most about the brand?" What do you believe the firm to be about? Doing this will give you an internal viewpoint on the brand from many angles.
2. Consider the drawbacks
Don't only consider the wonderful things that your company has to offer. Consider the terrible situations you wish you could have avoided. Perhaps improving your customer service procedures in the future will help your company. Knowing your weaknesses is a virtue; including them in your brand values can only strengthen your reputation.
3. Analyze your favorite brands
Make use of your own life experiences. Consider moments when you interacted with a brand, whether a pleasant or negative encounter. How did that change your opinion of that brand? Use this information to determine how you can provide the same or better experience, or if a bad experience occurred, how you can prevent that.
Usually, it is simpler to recognize what you don't want than what you do. To identify what you genuinely value and care about, construct a list or a map of everything you don't want to be linked with. From there, you might be able to discern a pattern.
4. Customers' and Competitor's Feedback
When developing brand values, you must also consider factors external to your organization. You must conduct a thorough external analysis of your customer's demands and needs and a competitive analysis.
Conduct market research to determine what your audience lacks and what is important to them. It is much easier to satisfy a market demand than to convince your audience to share your perspective on a concept or value. Examine a market gap to determine if your values cover that gap; if not, you may need to reconsider to differentiate yourself from the competition.
5. You can’t be everything to everyone
Find the item or things that are most important to you, then incorporate them into your company's DNA.
It is typical to desire to attract everyone in every manner imaginable. Unfortunately, this can result in diffused values and positions, rendering you irrelevant to everyone. Choose your path and adhere to the essential ideals closest to your heart. You cannot satisfy everyone's needs.
6. Stay true to your values
Once you have determined your brand's principles, you must ensure that you will adhere to them forever (or at least for a very long time). This may be the most important consideration when determining your brand's values. You must be able to adhere to them. Otherwise, you risk being accused of not practicing what you preach.
Your brand's values should serve as the north star of your company's road map, directing you through all aspects of your business. Whether it's how you communicate, how you do business, or when essential business decisions must be made, stay true to your values.
Genuine, transparent, and organically interwoven brand values are key. They should lead your behaviors, decision-making, marketing, customer service, and audience connection. When you and your brand connect with your fundamental beliefs, you'll attract others with similar principles, leading to a more engaged tribe, better clients, and more success. Your company's basic principles form its culture and help you build strong ties with your audience.