A recent example from South Africa showcased that good alignment between brand values and consumer values builds stronger brands and increases brand recommendation. Most importantly, values ultimately determine the purchase decisions that consumers make. At GfK Consumer Trends, we have proven this by analysing consumer and brand values globally for almost two decades.
We define values as ‘the things that act as guiding principles in your life, and give meaning to your life’. We ask over 40,000 consumers in 31 countries to rate the importance they place on 54 values, including Wealth, Power, Status, Ambition, Looking good, Enjoying life, Having fun, Material security, Friendship, Authenticity etc. The model is globally validated and the values used are designed to ensure a consistent understanding in all countries.
Most importantly for business is the fact that understanding and acting on Personal Values enhances competitive advantage.
Personal Values can be used in innovation processes to develop products that get to the heart of consumers’ needs by considering their aspirations and helping them meet them. They also have a very important role to play in marketing messaging and branding.
So what does values-based branding look like in action? An excellent recent example of an ad that successfully taps into values is from Bell’s Whisky in South Africa This ad taps into a number of important values - Working hard, Knowledge and Ambition - all of which rank higher in South Africa* than the global average.
Messaging can focus solely on communicating the values of a brand or for communicating product benefits through values messages.
How do you decide which values to focus on? Using GfK’s ValueScope model we can provide you with a clear understanding of the values orientation of your key markets. We work closely with you to identify those values that both make sense for your brand, and most importantly, will resonate with your consumers. We provide you with the practical tools to activate your values-based strategy.
GfK’s Values Factbook, which is readily available is an excellent starting point.