What is Brand Value? According to Seth Godin, ‘A brand’s value is merely the sum total of how much extra people will pay, or how often they choose, the expectations, memories, stories and relationships of one brand over the alternatives.’
Here is a graphic of the Top Global Brands courtesy of TopBrands.net.
Still not sure what brand value is? David Brier suggests you ask these questions. Feel free to switch out the name of a brand, destination, athlete or retailer to one for which you have a passion:
- What made the iPhone so valuable in the eyes of consumers?
- What makes a Porsche or a Tesla so revered with avid fans?
- What makes Disney Theme Parks timelessly enduring?
- What made the iPad a must-have?
- What made Michael Jordan such a valuable basketball player?
- What makes Nordstroms’ customer service so legendary?
- What makes certain food items insatiably desirable?
- Or certain restaurants? Or chefs?
- Or certain shopping destinations?
- Or certain hotels, venues and cities?
- Or certain actors of artists?
Are you starting to understand brand value and how elusive it is? And just to drive it home David Brier give this analogy.
To appreciate this fully, what if you or I had the ability to generate as much money as wanted. (I’m talking totally legal! Just imagine as an exercise in magic as in “Poof! A pile of cash!”) Or being able to cook the most amazing meals like Bobby Flay? Or be able to dunk like Jordan?
Instantly, these things and people (money, cooking, dunking the basketball) would become less valuable because they were readily available.