The Biggest and Fastest Growing Brands meet customers needs… Does yours?
When customers make a purchase, they will often consider (conscious or otherwise) a variety of options prior to making a decision. Trying to understand this process and how well brands meet customer needs has been historically difficult, if not impossible, until now!
Many companies struggle to articulate what benefits and values they deliver so it is unsurprising that they can be misunderstood. Whilst many businesses know the product or service that they want to deliver, they often have difficulty in explaining it or aligning it to what people need or want. Historically, Maslow’s ‘Hierarchy of Needs’ has been a popular tool for brands to help understand customer needs due to its simplicity. However, the model consistently fails to explain how people make choices because decisions are often instantaneous and incorporate multiple factors and fuzzy logic.
Not only do brand owners struggle to define their brands but we also find it difficult to explain accurately why we choose one product over another. There are many reasons for this, partly because of phenomena such as Behavioural Economics and System 1 Thinking are at play. In addition to these many unseen forces, our relationships with brands is often sub-conscious and most people do not have the skills to explain what they look for in a brand and why they are prepared to pay a premium for certain brands.
Introducing the Brand Values System
Firstly, Vision One’s innovative Brand Values System measurement tool (part of the Brand Equity Wheel), extends Maslow’s Hierarchy of Needs. The system evaluates human needs (values) across 24 functional and emotional benefits in order to provide a comprehensive understanding of the category and its brands. (Note. The Brand Values System places no assumption of any pre-existing hierarchy because the idea of a hierarchy can be largely disproved).
The 24 Values Explained
The Brand Values System is used to generate two of BrandVision's 8 key metrics. The first metric measures how well a brand meets the needs of the market. So we therefore refer to this metric as 'Needs'. The second metric is referred to as Value and looks at the quality/value equation.
The 24 Values illustrated above are divided into three areas, as follows;
Note. Full details of the 24 Values are available on request - please contact us for more details.
Firstly, Convenience refers to procedures, products and services which intended to increase ease in accessibility, save resources and decrease frustration.
Our Convenience metric includes eight key values, such as Variety, Saves time, Reduces Effort.
In our recent BrandVision automotive white paper, Ford achieved the highest Variety score we've seen across our brand database. This is likely to be due to the extensive range of vehicles (and options) on offer from the Ford company. Finally, other markets that scored highly in terms of Variety were; Supermarkets, Tea Bags and Airlines.
Our Quality measure also includes eight key values. Quality refers to things such as; performance, service benefits and experiences.
Quality values tend to be more prevalent in more prestigious and upmarket categories, where reliability and consistency are important.
Charities, in particular Cancer Research UK, achieved the highest levels of emotion we've seen to date. In particular, the high Therapeutic scores recorded are undoubtedly due to the work and support Charities provide across the world.
Finally, there's are a further 8 key values (or needs) which are combined in the Emotion measure such as Fulfilment, Aesthetics and Optimism.
Emotion refers to the feelings and tend to be more social in nature. The highest recorded Badge Value ever recorded was for Porsche.
In contrast, charities, recorded particularly high levels of emotion across the board, with Cancer Research UK taking top slot.
Within Brand Needs, we look at two specific needs to indicate a companies Monetary Value. In line with current thinking on brand equity, we place a good deal of emphasis on the value (£) people attribute to a brand. We seek to measure the financial strength of the brand and peoples disposition to pay more for it.
So If you would like to find out more about our Brand Needs and Values then please contact us .