Brand value, a fundamental element for entrepreneurs
Updated on 05/08/2020
In today’s world everything is moving extremely fast. And it seems that our lives will keep changing due to the current pandemic situation. We are in a moment of over information in which we receive thousands of daily stimuli. In these times, it may seem difficult as a company to capture the attention of the public. And that is why the brand value has become so relevant.
“The brand value is the interest acquired of a product by the fact of belonging to a specific brand”
The brand value is the interest acquired of a product by the fact of belonging to a specific brand. This value can be positive, when you have an effective advertising history that has managed to meet and even exceed customer expectations. But it can also be negative, which is usually the result of bad brand management. Faced with the bombardment of daily stimuli to which we are subjected, people connect with those brands that give them meaning with which to feel identified.
The public does not choose one brand or another because it is better, since in some cases it is not even so. The difference between them lies directly in the irrational part of our brain. Brand values are transcendental and timeless. It would only make sense to modify them in the face of important transformations within the company. In short, it means returning to the origin, to the essence of business relationships: Trusting who you are going to conduct a business with, whether it is a simple transaction as a major deal.
This change in public behavior at the time of consumption is due to a change in mentality. Today’s society not only wants a product from X company, it wants that this company fulfil certain commitments. The value for money is no longer the only thing that is sought when buying. Each person establishes these commitments and changes depending on the type of audience. To be really effective, they must take shape through the positioning, culture and behaviours derived from all this. This will be the best way to attract and retain talent, as well as to retain and attract new customers.
“80% of consumers look for brands with values beyond quality or price”
These hypotheses are confirmed with the study carried out in 2019 which reveals that 80% of consumers look for brands with values beyond quality or price. This study is the second edition of ‘Brands with values: The power of the consumer‘ prepared by Nielsen for the agency specialized in branding 21 grams.
This change in the mentality of the public is a great opportunity for entrepreneurs, as it offers the possibility to enter certain markets that years ago were unthinkable. For an entrepreneur, overcoming and breaking down the barrier of “indifference” is key in the growth of his project and, therefore, in this uncertain environment the value of the brand, the project, and the management that the founders do. As of the same, it will be crucial to survive and stand out in the ocean of entrepreneurship.
“The value of the brand, the project, and the management made by the founders of it, will be crucial to survive and stand out in the ocean of entrepreneurship”
In order to develop a positive brand value, the message we transmit must be taken into account. The clearer it is, the better. This is a more complicated task with large companies, but it is easier to deliver this message if it comes from new and excited projects. A clear message tone confirms your credibility and emotionally connects your potential customers with your product and / or service. This is reflected in an increase in customer motivation for the purchase and subsequent loyalty.
Brand value is one of the most valuable assets that an entrepreneur can have in digital media. Creating it, developing it and associating it with important values for our company will make a difference with our competitors. It is very important to know and understand that every time a CEO, entrepreneur or founder with a strong personal brand speaks, what he is really communicating is his own business.
A good way to create brand value for someone who is undertaking is to use their own story: Nothing empathizes more with him / the potential client than a true story. Although it is not advisable to abuse this practice unless you also want to increase the personal brand of the entrepreneur.
As the CRECWorker Josep Darnés also told in his article “Branded content: More than only content”, the value of a brand if it is worked and exploited in a correct way can be very beneficial and even lucrative for an entrepreneur.