Positive Brand Values Could Mean Increased Profits
A new study has found consumers are more willing to buy goods or services from a company with positive brand values.
In the study by MediaCom, which involved 2,000 consumers, 49% said positive brand values are so important they would be willing to pay more money for a product, a figure which rises to 60% for 18-24 year olds.
While 63% said they believed companies had a responsibility to give back to society, 45% also said they were sceptical about companies which claim to support a good cause.
The greatest value which a brand can incorporate is environmental health, with 80% saying this was their greatest concern.
Creating A Positive Brand
There are two major difficulties in creating positive brand values, deciding what they should be and consumers believing your business truly buys into the values.
Deciding what your company’s brand values should be isn’t easy, make a bad choice and you could alienate a large number of consumers.
What makes a brand value positive or negative could be determined, or at least influenced, by factors such as industry, target audience and experience.
For consumers to believe a business truly cares about it’s brand values it’s important they aren’t just empty words or promises, they must resonate throughout the business.
An example would be a company which claims to be care about the environment, but doesn’t use green cars/vans or even recycle. A company should not only promote it’s positive brand values, but also boast about how it lives up to the standards and expectations that come with them. Telling customers how much a company has recycled will likely have a greater impact than simply saying they are environmentally friendly.
The increased use of social media offers an excellent opportunity for companies to reach new customers and promote it’s products and values.
If your business requires help with creating and promoting positive brand values, speak to Northstar Marketing on 0844 318 0381 or use our online contact form.