What makes a brand stand out in the consumer’s mind? Why do consumers value one brand over another? And who are the global leaders for most valuable brands?
BrandZTM Top 100 Most Valuable Global Brands 2012 by Millward Brown provides an abundance of information about global brands and consumer trends. The report identifies components that make top brands, top brands. In the 2012 report, technology brands dominate the top four of the five positions for most valuable global brands (with the exception of McDonald’s in fourth place).
Here are the BrandZTM Top 10 Most Valuable Global Brands 2012: (1) Apple, (2) IBM, (3) Google, (4) McDonald’s, (5) Microsoft, (6) Coca-Cola, (7) Marlboro, (8) AT&T, (9) Verizon, (10) China Mobile.
There are many points and lots of information that can be taken from this report. Below are just a few takeaways that can be of value to marketers who want to differentiate their brand. Whether marketing for a small start-up or a multinational corporation, these are good points to consider:
1) BOND WITH CUSTOMERS.
Fast growing and top brands have higher bonding with consumers. Bonding is when a customer believes that a brand offers more advantages than its competition.
2) SOCIAL AND DIGITAL MEDIA ARE IMPERATIVE FOR THE HEALTH AND SUCCESS OF BRANDS.
Social and digital media generate buzz and in turn, more value for brands. Social media opens the pathway for a two way conversation between brand and consumer. Facebook, Twitter, Pinterest are just a few tools that brands have engaged to open dialogue. Some examples of what companies have done using social and digital media to generate buzz:
Augmented Reality – Top Shop Moscow created a virtual fitting room.
Mobile App – Budweiser Ice Cold app – By downloading a mobile app, Smartphone users can get a free or discounted beer at certain locations in Ireland depending on the temperature outside. “The hotter the day the less you pay.”
3) KNOW YOUR BRAND’S PERSONALITY.
It is important for a brand to have a well-defined personality. Determine your brand’s personality and ensure that all marketing and communications are consistent and clearly express the brand personality.
4) PRICE ALONE DOES NOT DRIVE LONG-TERM SUCCESS.
Never forget the 4 P’s of Marketing: Product, Place, Price and Promotion. Focusing on price alone to drive sales will not be sustainable. It is the overall brand value that drives long-term success.
What make top brands, top brands?
The mix for every brand is different, as there are so many factors that come into play. Some essential ingredients that make brands successful are that: Top brands connect with their target market. They are not afraid to take a risk and be innovative when it comes to social and digital media. There is a strong sense of identity, where the top brands know who they are and make sure their customers do too. Top brands are driven by long-term value.