Michael Porter, “Father of Competitive Strategy”, believes that the core value of a brand is the essence of a brand and the main embodiment of brand equity.
In today’s competitive market, brand value has become a very important factor in determining the success of a brand. It is the most critical part of the elements of brand management and an important symbol that gives the brand uniqueness.
We are going to discuss how to enhance brand value through brand design and core values.
Brand value refers to the overall worth of a brand in the market. It is determined by the brand’s reputation, customer loyalty, and other intangible assets. On the other hand, brand core value refers to the fundamental beliefs and values that are at the heart of a brand.
These values are what makes the brand unique and help it stand out from the competition. The core value of a brand is the foundation on which all other brand elements are built. It is what makes a brand memorable and creates brand loyalty.
Innovation is the key to enhancing brand value. In today’s fast-paced world, change is harder than innovation. Brands that are innovative and adaptable are the ones that succeed. Brands need to innovate in multiple areas: technological innovation, format innovation, and management innovation.
Technological innovation involves using the latest technology to create new products, services, and experiences for customers. This can include using artificial intelligence, virtual reality, and other emerging technologies to enhance the customer experience. Working with a Hong Kong branding agency or Hong Kong creative agency can help bring fresh ideas to the table and strategically implement them.
Format innovation involves changing the way a brand delivers its products and services to customers. This can include creating new distribution channels or changing the way a product is packaged or presented to customers.
Management innovation involves changing the way a brand operates to become more efficient and effective. This can include streamlining processes, adopting new management styles, and creating a more agile and responsive organization.
Assuming social responsibility and contributing to public welfare is another way to enhance brand value. Consumers are increasingly looking for brands that are socially responsible and contribute to the greater good. Brands that are seen as making a positive impact on society are more likely to be trusted and valued by consumers.
One example of a brand that has successfully used social responsibility to enhance its brand value is Tencent Holdings. Tencent has launched a “Technology for Good” initiative that focuses on using technology to create a better world. Through this initiative, Tencent has created several programs that focus on education, environmental protection, and disaster relief. By assuming social responsibility and contributing to public welfare, Tencent has enhanced its brand value and created a more positive image in the eyes of consumers.
Brand value is critical to the success of any brand. By focusing on core values, using innovation as the primary tool, and assuming social responsibility, brands can enhance their brand value and create a more positive image in the eyes of consumers.
Working with a Hong Kong branding agency or creative agency can help brands bring in fresh perspectives and expertise to their branding efforts. Brands that can build a strong brand value are more likely to succeed in today’s competitive market.