Brand values

What are brand values?
Why do brands need values?
Types of brand values
Strategies for creating brand values
How to define brand values

What are brand values?

Brand values are the key ideas and principles that guide a company in its operations, production process, and interactions with customers. For example, VTB Bank emphasizes teamwork, proactivity, and accountability for results. These values are not just words; they form the foundation on which the company's work is built, allowing it to continuously develop and improve the quality of service for its customers.

Differences between values, mission, and vision

Many confuse concepts such as values, principles, mission, and vision of a brand. It is important to understand that these are different categories:

Mission: The global purpose of the company, answering the question of why the brand exists and what benefit it brings to society.
Vision: The main business goals for the future, showing how the brand sees itself in 5 or 10 years. While the mission remains constant, the vision may change over time.
Principles: A set of rules that the brand follows in its activities, more specific than the mission and vision.

Why do brands need values?

Values serve as a beacon for brand development, allowing the formation of an image, gathering a team, creating corporate culture, and establishing communication with customers. Having clearly articulated values allows:

To differentiate from competitors: Unique values set the brand apart from other companies in the industry and give it individuality.
To attract the target audience: Alignment of values with customer views fosters loyalty and increases the likelihood of repeat purchases.
To shape corporate style: Values are taken into account when developing symbolism, slogans, and designs, which helps create a positive image.
To build a team: Employees who share the company's values work more effectively and comfortably, contributing to the formation of a like-minded team.

Types of brand values

Brand values can be classified into several categories:

Functional: The main advantages of products and services, such as quality and reliability.
Emotional: Reflect feelings and emotions of customers from interacting with the brand.
Life-changing values: Personal and professional development, innovation, and healthy lifestyles.
Social: Ideas related to the brand's social stance, such as environmental protection.
Corporate: Ideas that define work processes and employee behavior, such as teamwork and customer orientation.

Strategies for creating brand values

Formulating values requires a clear definition of the target audience's needs. Companies use various strategies for this:

Practical benefit: Demonstrating the real benefits of a product or service.
Method of direct experience: Focusing on the emotions that the customer experiences when using the product.
Social leadership: A call to action promoting healthy lifestyles or gender equality.
Fulfilling desires: Conveying the idea that the product will help the customer realize their dreams.
Creating an "alter ego": Provocative ideas that the customer would like to implement but does not dare to.

How to define brand values

To accurately articulate values, it is important to involve the entire team, including owners and top managers. The following tips can help define values: