When a customer buys something from a brand, they are not just paying for the product; they are also paying for the lifestyle and standard of living that come with that brand. As more and more companies start spending on creating brand value, it is very important for you as a brand to create brand value so that when your customer buys a product, it is not just for the product but also for the brand.
A brand can create brand value for its customers by creating an image, selling a lifestyle, promoting the product, engaging with the customers, creating a long-lasting impression, etc. For example, when someone buys a Gucci bag, they do not buy it just to keep their stuff, but they buy it to show the kind of lifestyle Gucci sells. Gucci has created brand value by being exclusive, creative, luxurious, fancy, and expensive.
The COVID-19 pandemic has changed brand value for consumers in the following ways:
- Local :
When the COVID-19 pandemic hit, everything that was exporting and importing took a step back, so consumers had to buy local. This gave them an opportunity to explore their neighborhood and start creating brand value for local products.
- Environmental Friendly:
A lot of people realized the impact of modern lifestyles on the environment in the middle of the pandemic and saw the world change when humans let nature heal. This subconsciously changed the view of brands that were harming the environment in the eyes of consumers, and consumers started buying products that are more environmentally friendly.
- Customers’ values and behavior have changed:
During the pandemic, a lot of people faced financial issues. This led to a sudden realization of the importance of having savings. This leads to creating an opportunity for brands to create long-lasting products. Customer behavior has also changed when it comes to brands whose values don’t match theirs. For example, customers that like to shop sustainably do not shop from H&M as they are a fast-fashion brand and their values do not go along with them.
Almost everything went digital during the pandemic, and the brands that were not digitally equipped hit a block, but the brands that were ready for the digital competition had created a lot of brand value and loyal customers, as, at the time, when none of the brands delivered the things to the customer, there were a few who did deliver, creating a special bond that would still go strong after the pandemic.
So, if you are a brand looking forward to creating brand value for your company, contact IBI Global Research Solutions. We would help you out with market research that can help you understand your consumers.