Why Is Brand Value So Important? Learn How to Measure and Examples of Its Application

Nowadays, many products and brands are competing to get consumers' attention. To be able to win the hearts of consumers, there must be a brand value that makes the product considered worthy of buying and using.

If you look at the various big brands on the market, they don't just sell their products. However, they shape the product image according to the target market and current trends.

The values ​​they have built are embedded in the market and the minds of their buyers. That way, they only maximize their marketing strategies to ensure the brand remains relevant.

However, how do you shape and increase brand value so that it is better known to consumers? This time, we will discuss how in depth, including case examples.

What is Brand Value?

Brand value is a fundamental value and principle that will influence a company in making decisions, including in making products and its promotional efforts.

The Branding Journal associates brand value with the image and "packaging" that the brand tries to display to potential buyers or loyal consumers.

Examples of these values ​​are:

• Protecting nature
• Diversity
• Localization
• Transparency
• Inclusivity

These values ​​are then poured into product, marketing, and sales strategies. So it is not surprising that brand value is closely related to the relationship between brands and products with their consumers. This is because every consumer has interests and goals when using a brand's products.

Many consumers do not only look at the function and benefits of the product, but also the mission and principles of a brand. For example, in Indonesia itself, more and more brands are claiming local and halal values. These two brand values ​​ultimately make consumers make purchases.

Benefits of Brand Value

Some of the benefits of having and implementing a brand value are:

• Helping businesses build a loyal consumer group.
• Helps ensure sales increase.
• Can be a business's "main weapon" to attract the attention of potential consumers.
• Helps consumers make decisions to buy your products.
• Becoming a brand identity and a way for businesses to run their marketing strategies.
• Not only consumers, brand value also helps businesses find workers with the same values.
• Becoming a role model in the process of making final decisions.
• Establishing standards in business and employees.

How to Measure Brand Value

The success of a brand must be seen from various aspects, one of which is brand value. When the brand value is high, of course the business can be said to have achieved or is on the way to success.

To measure brand value, there are several approaches that are commonly used:

Corporate image

This approach measures and assesses how brands interact with consumers, the impact of interactions on consumer psychology (buying or not), and whether brand values ​​are reflected or conveyed in their strategies.

Corporate values

This approach requires company data, such as revenue figures, production figures, expenses, and profits. This data is used to make estimates or predictions of future brand revenue and profits. The goal is to ensure how brand value can remain relevant and needed by consumers.

Consumer perception

Finally, you can use a survey method to find out consumer perceptions and opinions about your products and brands. Do they feel that your brand values ​​are appropriate? Are brand values ​​reflected in the products you sell?

How to Increase Brand Value

According to Qualtrics, here are four ways to increase your brand value:

Prepare a marketing and advertising plan

Marketing efforts help increase brand awareness and consumer understanding of brand values. This helps brands convince consumers to become loyal buyers.

Brand value is also a major topic in content marketing strategy. With the aim of conveying messages and values ​​held by the brand to consumers.

Use ambassador and sponsor strategies

Of course, to choose a brand ambassador, the brand must ensure that the person has the same values ​​as the brand. That way, the brand value can be conveyed properly.

The main goal is of course to increase awareness of the values ​​of your product. In addition, you can also improve the brand image if the brand ambassador also has a positive image.

Prioritize consumer experience

With the best consumer experience and service, you can increase brand value in the market. Because, even though the quality of your product is so high, if the consumer service is bad, the brand value and image will still not be good.

Consumers are also believed to be willing to spend more money when they get a good experience and service when buying your product.

Conduct competitor analysis

Use this analysis to find values ​​that they do not yet have and are sought after by their consumers. You can do this analysis with data or directly target consumers who have not used your product. Get to know your competitor's consumer profile before conducting a survey to be more specific and targeted.

Brand Value Examples

Nike

Nike's brand values ​​are inspiring, innovative, worn by athletes all over the world, authentic, unique, and relevant. They show these values ​​through various campaigns related to shoe materials and choosing their brand ambassadors.

Nike also does not limit itself to one type of sport, they target all sports and ensure their shoes have many uses. They also use different values ​​for each of their marketing channels. The goal is to attract different consumer groups from each platform.

Lego

Lego's brand values ​​are fun, creativity, imagination, learning, caring, and quality. These values ​​are directly related to the concept of playing, both for children and adults. These values ​​are also important elements in the company and each of their stores.

You must have visited a Lego store and found a special area to play Lego for free. This is a form of their brand value and ensures consumers are interested in making a purchase.

That is a complete explanation of brand values ​​that you must understand. To build this one thing, you need a clear plan and goal.

Also make sure the brand value is in accordance with your target consumers. These values ​​must also be upheld and implemented in every product strategy.

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