Three Emerging Aspects From the Brand Relevance Index 2018
Think about the brands that make a difference in your everyday life. The ones that make your life easier, better. Offering you exactly what you need, at the exact moment that you need it.
These brands have the power to influence your decisions, inspiring you day by day. These are the companies that Prophet calls “relentlessly relevant”.
In this article we give an overview about U.S. market, with the purpose to find some relevant aspects that can help marketers understand what people value the most. This perspective gives brands a different approach in order to unlock growth.
THE BRAND RELEVANCE INDEX
The Brand Relevance Index was launched four years ago and is performed country by country, with the aim to distinguish the differences that exist within people and markets from various part of the world.
The crucial point of this ranking is that it is made by surveying more than 40.000 people to list hundreds of brands on many aspects and attributes. According to Scott Davis, “customers are the real only experts” and the choice to start from their perspective to investigate the brand relevance is determinant.
The BRI is based on 4 principles:
The inclination to think, make investments and create with a customer-oriented vision;
The capacity to meet customers needs, offering products where and when they require them;
The ability to provide emotional experiences and ideas that inspire customers day by day;
The inclination to continuously reinventing themselves, finding new and creative ways to anticipate unexpressed needs and desires.
The results are mostly congruent to the expectations: tech giants are still dominating the top of the list and, besides few big movers and some surprising entrances, the most famous brands are meeting the expectations.
While a third of the top 21 brands is owned by three companies – Google, Disney, and Sony – none of them stands in the top 5. Instead, Apple is still the most relevant brand, for the fourth year in a row, while KitchenAid and Nike moved into the top 10, replacing Disney and Pixar.
Prophet presents four key findings, common to all top brands: all the companies on the top of the list are constantly reinventing themselves, in order to build a specific, strong community around them. Furthermore, they still are focused on customers and their needs and desires, while trying to inspire them and chasing a higher purpose.
GIANTS AND NEWCOMERS
Tech giants are on the top of the list: 8 of the top 10 are inherently digital and experiential, most born in the last 20 years. How can traditional, brick and mortar companies keep up with the wave of newcomers?
Looking at KitchenAid, a company started in 1919 that has just moved into the top ten, it shows the way to winning customers’ mind and heart: reinventing and renewing is the key to stick out of the ordinary and to emerge from the obsolescence.
Top brands have the commitment to stand ahead customers’ needs and to surprise them, continually reshaping experiences and expectations, in order to offer ever-greater involvement.It’s not just a prerogative of the newcomers.
Older brands, such as Dyson, Chevrolet or Ford, have recently broken into the top 50, confirming that there still is a room for historical brands, if they can keep the pace, transforming themselves while remaining true to their roots and consistent with the brand heritage.
Furthermore, the youngest customer base has a preference for these companies too. While these customers have always been known for being social media obsessed, this stereotype is no longer true – it has never been, probably. In fact, besides all the posting, tweeting and snapping, social media brands aren’t the most relevant to their lives.
On the top of their list there is Netflix, confirmed as the best entertaining media. Due to its ability to offer suggestions tailored to individual preferences, and to increase the content base with new, peculiar projects, it keeps reaching the highest “make me happy” score. Definitely one of the best recently born brands.
SOCIAL MEDIA PLATFORMS
It’s evident that among millennials, all the social media platforms are losing ground; especially Facebook, the biggest mover of the year (-102 positions). However, this drop is seen in every age and gender demographic as well, confirming that this decline is not ascribed to the youngest base.
The decreased usage of Facebook is imputable to the lack of trust and interest. The “fake news” attribution, and the numerous big data breaches have brought down the brand reputation, making people doubt about its value.
Partly, this drop may represent a natural shifting to other parts of the social ecosystem, as people are always looking for the best place to express themselves. Instagram is still running the photo-framed social interactions, WhatsApp is the most used messaging system, and YouTube is the natural place for video sharing.
Nevertheless, all these social media platforms don’t seem to be considered as “relevant” to people: no one of them is ranking on the top 50, except for Pinterest.
Among social media, only Pinterest is winning customers attention, ranking third in the overall list, and first among “makes me feel inspired”.
Delivering great experiences and promoting relevant ideas, is one of the most important aspects of relevance, that results in the opportunity for brands to create a deeper connection with their customers. People want brands to express a unique model of thought, that is consistent with the brand image, and which customers can relate to or get inspiration from.
Likewise, Android is perceived as “The People’s Platform”, making its openness and ease to use a major of the brand characteristics. Its usage is worldwide – actually 86% of mobile devices – and people have the perception that it is accessible and futuristic, and gives them the power to contribute to its development.
Both these aspects – letting people get inspiration from each other and from the brand, along with showing a purpose to chase – result in the opportunity to build a strong community that shares a common view and meets common values.
The few takeaways presented in this article are just a small part of the relevant aspects that can be observed looking at the report by Prophet. The starting point to study the relationship between brands and customers, that it is the most important element when shaping brand personality in order to become relevant, meaningful and essential to customers’ lives.
Download our brand new report, Digital Innovation in Retail & Fashion, and discover why you must know and understand your customers before even thinking about selling, and how you can use personalization to deliver relevant experiences that drive loyalty and increase value.