It still is the real thing. Coca-Cola has been named the world’s most valuable brand for the 12th year running according to the respected Interbrand annual global brand report but Apple‘s value has increased by 58% year on year and at this rate will be challenging for a top three spot next year.
Coca-Cola’s valuation of US$71.9 billion puts it well clear from all except IBM, with even third placed Microsoft ‘only’ valued at just over US$59 billion. Apple in comparison is now valued at nearly US$33.4 billion in 8th from 17th position. These brands are so successful hey could probably solve many of the world’s national debt problems just by using their name as security.
But what makes a brand? Here’s four considerations to start:
Phrase and Name
In the modern day at its basic, a brand means a phrase / name that is memorable. That means all assets using the same name too. So when you secure your domain name, secure the social media addresses to match too: Facebook, 123-reg, YouTube etc.
Unique Selling Points
USPs dictate a marketeers life, but differentiation is key to making your brand more successful than rivals. Obviously the points you differentiate on need to appeal to the customer too, but if you fail to show why you are better than a rival, you can bet your rival will be publicise how they differentiate from you and will probably pick up more custom.
Values and promise
A successful brand immediately promotes an ethos and way of doing things; values. As soon as a customer hears that brand name or sees a brand logo those values are understood. A brand ethos however must not only offer promise but also live up to that promise.
Reputation and responsiveness
What others think of you is important to any business. It is vital to a brand. Good quality products and customer service go hand and hand with a successful brand. Equally, successful brands need to be one step ahead of competition and new trends to ensure expectations are always met.
Yet that is just a start. What else do you think is essential to creating a brand?