Humanity is currently on the way to advancement in the next fifty years, the fastest and the most significant advancement. Technology is going to play a huge role in this growth. For the last 30 years Interbrand has conducted multiple brand valuation exercises. But, this year showed results like never before, with the world’s 100 best global brands having a cumulative valuation of $3 trillion.
The competition is fierce and only 36 companies managed to remain on the list since the past two decades. Not even the most well known companies like Nokia, Yahoo! And MTV.
The top 10 brands have a cumulative value that is even greater than the next 90 brands. Reason of their success?
- Their leaders are well aware of how, when and where to utilize their brands as an asset.
- They know how to use their brands to satisfy the emerging customers needs.
- According to Interbrand, these brands go beyond old category thinking.
- They use the utility and equity in their brand to drive great growth in new areas.
Acts of Leadership
These brands have customers understand where and how they compliment and fit each other. This leads to a deeper emotional connection and higher relevance caused by smooth interactions and fearless actions. These acts have the potential to increase a business’s ability to make relevant decisions at the right time.
Shaping a Better path Ahead
Business, in the present scenario, does work with the same old approach towards society. Moreover, they are the fourth most trusted institutions after government, media and NGOs. This implies they have a powerful narrative and are now seen as a symbol of true leadership in crisis.
The top 10 brands -with exceptional growth- do more than just running a business. They include themselves in crucial debates that need their support. A few such examples are-
- Apple’s pledge to privacy
- Nike’s stance on inclusion
The world rewards them for their bold moves and shifts from when brands used to play safe.
Providing Exceptional Experiences
These brands along with strong integrity know how to deliver. They know how to give people incomparable experience with their product. This is a great way of developing a functional, emotional and moral connection with their audience. They build a trustworthy identity for themselves in the consumers’ mind with a series of unparalleled experiences.
The effect of this is a loyal consumer base that will indulge even when the brand expands itself.
Building Brand Leadership
- Explore Your Arena:
This can include-
- The needs you are currently addressing and the needs you can move next onto.
- Your competition right now and your competition in future.
- The possibilities:
Think about all the possible jobs that you can help in getting done. While doing so, use Amazon as an example.
- Define your course:
Get to know about the principles that will make you a good player in the arenas you want to enter. Focus on what will make your brand a synonym of getting that job done.
- Take action:
You have thought through all the above points, now you have to make your moves. Moves that are significantly visible and inspirational.
Mitigation Mindset -> Leadership Stance
Mitigation Mindset
Consumers want brands to act on social and environmental issues. But often while trying to do so, brands fall short with the fear of doing something wrong. This fear is valid as doing something wrong will prove impactful on the business.
Organizational Ethics Framework-
This will help you act in an ethically responsible way for all your stakeholders. A great example of this is Microsoft, it combines technology with human values, truths and priorities.
Using Climate Crisis-
There are two things that you need to remember and act on them:
- The climate crisis will create an economic transformation similar to the first industrial revolution.
- The climate crisis is the world’s biggest issue that has no good marketing yet.
Tesla is the best example here, its mission is moving to green energy and it capitalizes from such opportunities.
Inclusion of diverse population –
Diversity exists and it needs to be addressed. Nike works on the belief that everyone is an athlete and you can celebrate life through sports.
To download the full report – Interbrand’s Best Global Brands Report 2022
Do also check out another article on Holiday Trends 2022 Report.
