Recently, BrandZ released their annual report listing the world’s most valuable brands. This year, the list was topped by Apple, followed by Google. Google had held the top ranking for four years. You’ll recognize the other names on the list. In order, they’re IBM, McDonald’s, Microsoft, Coca-Cola, AT&T, Marlboro, China Mobile, and GE.
Once you know who’s on the list, the next question is obvious: how do they get there?
Give Your Best Customers a Way to Become Their Ideal Self
We’re not surprised by Apple’s position on the list. We’ve had our eyes on them for a long time, admiring the way that they take their message of self-empowerment and individual fulfillment to build an empire. Apple understands, perhaps more deeply than any other tech company, what people want from their technology. They may manufacture lap tops and iPads, but what they sell is the promise of transformation. If you choose Apple, you’re choosing the opportunity to create your ideal self. It’s a heady promise, and one that many cannot resist.
Cultivate Emotional Attachments
A NPR story discussing the list made a great point about Coca-Cola’s position in the marketplace. If every Coca-Cola factory in the world burned down, we’re told, the company would be back in business in a month. But if everyone in the world contracted a soda-specific amnesia simultaneously, Coca-Cola would be bankrupt in a month. The driving impetus behind any customer’s decision to have a Coke has far more to do with the emotional attachment they have with the brand than what’s actually in the soda bottle. In a similar vein, the newest online casinos are striving to establish strong emotional connections with their players. Understanding the emotional experience your customer expects to have and deliver it is only the beginning. Coca-Cola is continually seeking ways to deepen that connection. An example of this is Coke’s many Christmas-themed promotions: by aligning themselves with what is many people’s favorite time of year, many positive associations are created for the brand.
Don’t Worry About Being the New Kid on the Block
It’s true: longevity does have its advantages. Four of the ten brands on the list have been in existence for over 50 years. Of course, that means that six of the ten brands haven’t been around quite as long. Many of the brands that are moving rapidly up the list are located in emerging markets, where there’s still a tremendous amount of untapped customer loyalty available. Other brands are making strategic use of social networks to connect with their customers in more immediate ways, resulting in increased brand visibility and value.
What is a Brand Worth?
Every time this list is released, we hear the stories of people struggling to understand how you value something as intangible as a brand. What we’re measuring, after all, is the attachment the public has with an organization’s identity. The situation becomes more complex when you realize that brands are created as much by the customer as they are by the organization itself. Try as we might as brand managers to craft and steer our image, it’s only when we are aware of and responsive to our best customer’s wants and needs that we can truly create a valuable brand. Can you put a price on that? Maybe not. But there are worse things in this world than having an asset that’s priceless!