When talking about influencer marketing, one will inevitably get into association value. However, it is not always easy to understand what it means and why it is important to keep track of it.
Association Value refers to the positive or negative attributes and perceptions associated with a brand, product, or service, as a result of its association with another brand, product, or service. It refers to the impact that a brand’s associations have on its perceived value, credibility, and reputation.
What is an association value?
One of the effects you can get when you collaborate with an influencer in different ways is an association value. When your brand is associated with a particular influencer, an association value arises. It happens when the influencer’s opinions, values, and trust are transferred to you and your brand.
Association value has been difficult for many to grasp. One may have even avoided investing in influencer marketing because it has been more difficult to prove than other more measurable forms of marketing. Influencer marketing is of course measurable in lots of other ways, such as via clicks, readings, and new visitors, but an association value exceeds all that and can generate more results over a longer period of time.
The Importance of Association Value
Building a Strong Reputation
Association Value can be a powerful tool for building a strong reputation for a brand. By aligning with reputable or high-quality brands, products, or services, a brand can improve its image and increase consumer trust.
Differentiation from Competitors
Association Value can help a brand differentiate itself from its competitors by highlighting its unique qualities, such as its values, principles, or areas of expertise.
Influencing Consumer Perception
Association Value can influence consumer perception and decision-making. Consumers are more likely to choose a brand that is associated with positive attributes, such as quality, reliability, and value.
Enhancing Brand Awareness
Association Value can enhance brand awareness by increasing the visibility and exposure of a brand. When a brand is associated with high-profile or well-respected brands, it can benefit from increased exposure and recognition.
Driving Sales and Revenue
Association Value can drive sales and revenue by increasing consumer interest and demand for a brand. When consumers perceive a brand as being high-quality or reputable, they are more likely to make a purchase.
Managing Association Value
Selecting Appropriate Partners
Selecting appropriate partners is crucial for managing Association Value. Brands should align with partners that share similar values, principles, and objectives to enhance their reputation and improve their image.
Transparency is critical for managing Association Value. Brands should be transparent about their associations, partnerships, and affiliations to maintain credibility and trust with consumers.
Brands should monitor their reputation and Association Value regularly to ensure that their associations are positively impacting their image and reputation.
Effective communication is key for managing Association Value. Brands should communicate the benefits of their associations and partnerships, and why they align with certain partners, to build credibility and trust with consumers.
What is it worth?
In the past, it has been difficult to measure association value. The discussion on the subject has long existed in other segments such as sponsorship in sports and the like. However, more and more studies have been done and it has been possible to prove that association has great value for a brand. It has been shown that it increases a brand’s likeability, that it has the greatest impact within the influencer’s specific target group, but that it also has an effect on both national and sometimes international levels in less committed target groups and that natural connection and relevance between the brand and influencer increases association value.
It is therefore not possible to say exactly what the association value is worth. On the other hand, it can be said that value has the potential to be invaluable to a brand. The longer you work with an influencer, the greater your association value. A value that can continue to generate profit long after the collaboration has ended.
How to create an association value
If you succeed in being associated with an influencer, you will effectively succeed in increasing goodwill for your brand. A certain type of collaboration even creates direct association value, such as letting an influencer put their name on a product or collection you have created, or even be involved in designing your product. In this way, your brand becomes more cohesive with the influencer than through, for example, a single advertisement. In the eyes of the influencer’s followers, you work together and create things together, which leads to a direct association value.
Examples of Association Value
- Celebrity endorsements: A famous person endorsing a product can create Association Value and increase the product’s perceived value.
- Product placement: A product appearing in a popular TV show or movie can create Association Value by associating the product with positive emotions and experiences.
- Cross-branding: Two well-established brands collaborating to launch a new product can create Association Value by leveraging the positive associations of both brands.
Measuring Association Value Measuring Association Value can be challenging, but it is crucial to determine the effectiveness of marketing strategies that rely on Association Value. Techniques such as customer surveys, market research, and brand tracking studies can help measure Association Value.
Commonly asked questions
What is the value of association?
The value of association refers to the positive impact that a brand or product can gain by being associated with another brand, product, person, or idea. This can include increased brand recognition, enhanced reputation, and improved customer loyalty, which can lead to increased sales and profitability. Association value is an important consideration in branding and marketing strategies as it can have a significant impact on a brand’s success.
What are the business association values?
Business Association Values refer to the positive impact that a brand or business can gain through its associations with other brands, products, people, or ideas. Some common business association values are:
- Increased brand recognition: Association with well-known brands can increase the visibility and recognition of a business.
- Improved reputation: Being associated with reputable brands or people can enhance a business’s reputation and credibility.
- Customer loyalty: Positive associations can lead to increased customer loyalty and customer retention.
- Increased sales: Association with popular or in-demand brands can drive sales and increase profitability.
- Competitive advantage: Association with unique or exclusive brands can give a business a competitive advantage in the market.
- Access to new markets: Association with well-established brands can open up new market opportunities for a business.
- Collaboration opportunities: Association with complementary brands can lead to potential collaboration and growth opportunities.
These are some of the key business association values that can have a significant impact on a company’s success and growth.