Brand Philosophy can be defined as the set of values, code of ethics, and principles that define the overall ambience and culture of the organization and formulating the business practices of the firm.
It is the distinguishing factor between the two or more companies in the same marketplace and one with the ethical and lucrative Brand Philosophy commands a premium position in the market and in the psychology of the customers.
Features of Brand Philosophy:
- It is the set of ideologies and principles that govern the mission statement, vision for the future endeavours, code of ethics, values, and the modus operandi of the way of conducting the work within the company and way of dealing with the customers, stakeholders, and the external parties.
- Brand Philosophy should be the by-product of the mission statement of the company with its essence present in the overall value structure and core ideas.
- It represents the brand in the market getting the competitive edge as compared to the other players by its distinctive acts of dealing with employees, customers, and stakeholders.
- It is the guiding principle guarding the value framework of the company behind which the business can proudly stand and carve a niche for itself.
- The anatomy of the same should be as simple as storytelling and be captivating at the same time defining the core fundamentals and beliefs of the organization.
- It is the operational blueprint of the company making the road ahead to achieve the organization goals and objectives successfully.
How to compose Brand Philosophy?
Composing the Brand Philosophy is easy but maintaining and elevating its levels is a constant approach that the brand leaders and management have to strictly adhere and follow in the highly dedicated manner as it truly defines the standing of the business in the fraternity and in the minds of the customers. There are four main questions you have to answer to compose Brand Philosophy.
1) What is the nature of business?
The top management and the key members of the company should sit together and brainstorm on defining the innate nature of the business that they are intending to commence and thereby discussing the types of products and services that they aim to offer in the market.
2) What is the unique selling point of the business?
Every business organization needs to have a unique selling point that sets it apart from the competition and helps it carve a distinctive identity in the industry. The management has to figure out and harp on that specific point that can be in the product or in the service levels offered to the customers. It can be anything, right from quality, affordability, or quick service; it has to match the nature of the business and the vision of the firm.
3) Who is the customer?
Once the nature of the business, offerings, and unique selling points are decided, next comes is identifying the target market and the customers. It holds a very important place in composing the Brand Philosophy as many times the product or service is not designed as per the customers or customers are not suited to the offerings.
4) What is the vision statement?
As discussed earlier, Brand Philosophy is the by-product or is derived from the vision statement of the company. The management should define the objectives and goals for the future and the modus operandi to attain the same in order to conclude with the vision statement.
Importance of having a Brand Philosophy
1) It works as a strong branding tool
As mentioned earlier, having a Brand Philosophy not only guides the code of ethics and mission statement of the company but also works as a strong branding tool with the existing and prospective customers recognizing and registering the brand for its unique facets and values that sets it apart from the rest of contemporaries.
2) Makes workplace more congenial
With the proper structure and working of Brand Philosophy in place, it forms as the culture of the organization slowly and gradually getting imbibed in each and every element of the business. It makes the workplace atmosphere more congenial as the employees are well aware and feel like an integral part of the organization.
3) Guides employees at the decision-making crossroads
Many times there are situations in the company wherein the employees have to make the crucial decision that can make or break the brand. And if an ethical Brand Philosophy is crafted and the employees are well aware of it, they are in a much more capable position to handle tricky situations as they know the values and ethics that run the brand and as bought all the success and glory to the company.
4) Works as a distinguishing factor
The Brand Philosophy is just not confined to the products or services offered by the firm but it is much more and above it with its core spirit present in every aspect of the business. It works as a distinguishing factor that sets apart the brand in the industry for its values, ethics, and the way of dealing with employees, vendors, customers, and stakeholders.
5) Imperative to marketing
It is quite imperative whilst strategizing on which marketing activities and channels to use to promote the products and services of the firm. It has the potential to give growth impetus to the sales and marketing department as a strong back support. It is also crucial for the PR activities of the firm as it is the foundation on which the brand values are formulated and communicated.
6) Roadmap for employees
Brand Philosophy works as a roadmap for employees defining the way to conduct the business, set new benchmarks, and formulates the way to deal with the peers, management, customers, vendors, and the stakeholders of the company. It educates and guides them through each and every step of their professional graph with the organization.
Brand Philosophy is the heart of the business and the cornerstone of its success as it encompasses the values, ethics, beliefs, and fundamentals of the firm making it carve a niche for itself in the market amidst the competition and changing business cycles.