Brand value is what allows companies to sell the same products for more. What parameters affect it and how to form it in the Internet space.
Let's start with a short story. There are two famous cosmetic companies Estée Lauder and Rimmel. They share the production lines of Chinese manufacturer, Cosmetics Suzhou Co. Ltd. And they use almost the same ingredients to make their products. Only a tube of Estée Lauder mascara costs $28, and Rimmel costs $7. Brand value allows Estee Lauder to sell its products for 4 times more.
Kevin Keller, a professor at Dartmund University, defines brand value as a process in which consumers ask themselves a series of questions about brand association.
These four questions Dr. Keller put at the heart of his brand model. Visually, it forms a pyramid, in which each next level shows the transformation of brand perception. At the basic level, the company wins the attention of customers, and at higher levels (where the brand name works for its capital), it cares about their satisfaction and feedback.
What criteria influence brand value?
The uniqueness of the brand is provided by two components of corporate identity and atmosphere. The logo and corporate identity are the visual component of the brand, which gives rise to associations in the user's head.
Image and atmosphere is a consistent rationale for the role that a particular brand plays in the lives of its consumers. It is created by values, traditions, legends, moods. For example, Volvo cars are associated with safety, Toyota with reliability, Mercedes with high income, and Tesla with innovative thinking. Automotive brands carry out this line in all communication channels. See how this manifests itself, for example, when selecting images for the design of the Instagram feed.
Your customers need to see you in the digital and real world in the same way. Otherwise, they will end up with two different brands in their heads that have their own customer base and their own marketing.
Integrity affects consumer confidence. Here you can read a longread on this topic. A holistic brand is not only about design. Putting the same logo everywhere, customizing branded fonts, and incorporating visual elements is just part of the job. In the digital world, users are overwhelmed with visual information. They are looking for meaning. Understanding trends and implementing them in all types of communications is the key to the success of modern brands in the digital environment. Modern companies solve this problem by creating useful and creative content in social networks and blogs.
Whether it's a second spent looking at a billboard featuring a brand's logo, color, or fonts, or a 30-minute call to customer support, customer interaction affects perception in equal measure. If one of the channels sags, then the whole picture will be spoiled.
You just have to be wanted. Like for example, users want a new iPhone. Apple makes a high markup on its products that other manufacturers cannot afford. The secret to promoting Apple products, which is on the list of the most expensive brands in the world, is that it shapes the lifestyle (a certain way of life) that users aspire to. Apple sells a picture, an ideal image of the consumer. The company's products make it possible to be different from others, which has always been incorporated into the company's slogan "Think Different".
To perfectly hit your audience, you need to spend time researching your ideal customers using surveys. Modern companies use the Customer Development and Jobs To Be Done methodologies to conduct research. They allow you to understand pain points, interests, personal and professional goals, as well as fears and habits that repel you from using products. They convert it into creative messages, visual communications.
Word of mouth
People believe opinions on the Internet. In the world of marketing, this behavior is called sheep mentality, or "sheep mentality." A direct consequence of sheepish behavior is the rise/fall in company value when satisfied/dissatisfied customers talk about their experience with the company.
Social proof marketing is all kinds of referral programs that companies come up with in order to increase the number of mentions of themselves. They involve both ordinary users who build word of mouth among their relatives and neighbors, and opinion leaders: bloggers, influencers working for a wider audience.
The potential of social networks in the formation of "word of mouth" is limitless. For example, on Instagram, users upload more than 1088 photos per second, 9574 posts are sent to Twitter, and 90737 videos are uploaded to YouTube.
Let's start with a short story. There are two famous cosmetic companies Estée Lauder and Rimmel. They share the production lines of Chinese manufacturer, Cosmetics Suzhou Co. Ltd. And they use almost the same ingredients to make their products. Only a tube of Estée Lauder mascara costs $28, and Rimmel costs $7. Brand value allows Estee Lauder to sell its products for 4 times more.
Kevin Keller, a professor at Dartmund University, defines brand value as a process in which consumers ask themselves a series of questions about brand association.
- Who am I?
- What am I?
- What about me?
- What about me and you?
These four questions Dr. Keller put at the heart of his brand model. Visually, it forms a pyramid, in which each next level shows the transformation of brand perception. At the basic level, the company wins the attention of customers, and at higher levels (where the brand name works for its capital), it cares about their satisfaction and feedback.
What criteria influence brand value?
- Uniqueness
The uniqueness of the brand is provided by two components of corporate identity and atmosphere. The logo and corporate identity are the visual component of the brand, which gives rise to associations in the user's head.
Image and atmosphere is a consistent rationale for the role that a particular brand plays in the lives of its consumers. It is created by values, traditions, legends, moods. For example, Volvo cars are associated with safety, Toyota with reliability, Mercedes with high income, and Tesla with innovative thinking. Automotive brands carry out this line in all communication channels. See how this manifests itself, for example, when selecting images for the design of the Instagram feed.
- Consistency
Your customers need to see you in the digital and real world in the same way. Otherwise, they will end up with two different brands in their heads that have their own customer base and their own marketing.
Integrity affects consumer confidence. Here you can read a longread on this topic. A holistic brand is not only about design. Putting the same logo everywhere, customizing branded fonts, and incorporating visual elements is just part of the job. In the digital world, users are overwhelmed with visual information. They are looking for meaning. Understanding trends and implementing them in all types of communications is the key to the success of modern brands in the digital environment. Modern companies solve this problem by creating useful and creative content in social networks and blogs.
Whether it's a second spent looking at a billboard featuring a brand's logo, color, or fonts, or a 30-minute call to customer support, customer interaction affects perception in equal measure. If one of the channels sags, then the whole picture will be spoiled.
- Desire
You just have to be wanted. Like for example, users want a new iPhone. Apple makes a high markup on its products that other manufacturers cannot afford. The secret to promoting Apple products, which is on the list of the most expensive brands in the world, is that it shapes the lifestyle (a certain way of life) that users aspire to. Apple sells a picture, an ideal image of the consumer. The company's products make it possible to be different from others, which has always been incorporated into the company's slogan "Think Different".
To perfectly hit your audience, you need to spend time researching your ideal customers using surveys. Modern companies use the Customer Development and Jobs To Be Done methodologies to conduct research. They allow you to understand pain points, interests, personal and professional goals, as well as fears and habits that repel you from using products. They convert it into creative messages, visual communications.
Word of mouth
People believe opinions on the Internet. In the world of marketing, this behavior is called sheep mentality, or "sheep mentality." A direct consequence of sheepish behavior is the rise/fall in company value when satisfied/dissatisfied customers talk about their experience with the company.
Social proof marketing is all kinds of referral programs that companies come up with in order to increase the number of mentions of themselves. They involve both ordinary users who build word of mouth among their relatives and neighbors, and opinion leaders: bloggers, influencers working for a wider audience.
The potential of social networks in the formation of "word of mouth" is limitless. For example, on Instagram, users upload more than 1088 photos per second, 9574 posts are sent to Twitter, and 90737 videos are uploaded to YouTube.