Digital transformation and branding
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| Digital transformation and branding |
The brands that are closest to consumers are not what most expect. The branding concept has become a bit vague. Although companies know the brand is very valuable, they don't fully understand the mechanism by which it works, and this is expected, especially since the tools that have been used to measure brand success in the past are limited to a few. Aspects such as sales figures and the degree of brand awareness, brand awareness. While they are important, they don't tell the full story. In today's digital world, we can say that the extent to which a brand engages with consumers is more important than what they know. In the past, bringing a brand to mind would have been enough for a buyer to choose his product from his competitors when shopping in stores. On the other hand, the concept of brand loyalty has fundamentally changed in the digital world. Today's successful brand is the brand that automatically drops customers 'lips when they shop for their weekly purchases through Amazon's Alexa Digital Assistant, or customers' fingers when they use Google's search engine. More information above. You make good purchases. This is the fundamental point of business differentiation in the 21st century.
In other words, associated brands not only have a competitive advantage but are also uniquely integrated into the lives and hearts of customers. In general, your brand can always be boosted with a large enough marketing budget. However, the closeness of the brand to the consumers cannot be established in the same way. This happens automatically when you put the branding strategy in front of the customer.
Regarding the Consumer Branding Index, you need to contact the consumer directly to measure the level of brand relevance. This is the basic idea behind the Consumer Branding Index, which was recently launched in 2018. The index includes hundreds of major brands from each one based on their relationship with actual consumers. This year's results are based on a questionnaire that interviewed 50,000 consumers in four main markets: China, Germany, the UK, and the US. The reports are customized for each of these markets based on the brands most relevant to them.
Hence the question: How can the relevance of the brand be measured? The answer is as follows: When preparing for the quantitative research, add a list of 50 attributes to describe how consumers perceive brands. Through rigorous quantitative research and multivariate analysis, this initial list has been reduced to 16 attributes that measure the brand's relevance to consumers. These functions are divided into four main sections:
Customer Focused - Brands that work tirelessly to cement their position in consumer lifestyles as respondents rated each brand in response to the following queries: I can't imagine life without them, it responds to a major need in my life, makes me happy and communicates with me. Emotionally.
Very realistic - brands that go out of their way to help their customers. The survey asked participants' views on the following topics: is the brand available where and when I need it, does it make my life easier, does it offer a cohesive experience, and does it know that I can trust it?
It is a high level of innovation that constantly drives brands to stay one step ahead of technological changes and consumer trends. Related surveys: "Changing the status quo", "Interacting with me in new and innovative ways", "Having better products, services, and experiences than your competition" and "Always finding new ways to meet my needs".
A high level of distinction: the brands are ambitious and magical and correspond to what consumers want. Related surveys: "She inspires me", "She has a purpose that I believe in", "I trust her" and "To be modern and connected to the world around me".
Together, these pillars form what is referred to as "aggressiveness-related" in the Consumer Branding Index. The index shows that brands associated with Ennafan are better able to thrive and thrive in a fast-moving future.
When it comes to the correlation relationship with income, there is a close relationship between a close connection with consumers and excellent financial performance. For the past decade, brands have that
On the other hand, the list of competitors for the index includes some companies that have achieved remarkable performances. For example, LEGO was voted in the top ten in the UK and Germany while it was ranked 11th in the US. We believe that LEGO has achieved a special place in the hearts of consumers by striking a balance between innovation "because it combines digital and physical play" and reliability "because it has not deviated from its product" original ". LEGO also excels at engaging with customers through community forums, which allow users to submit ideas for new products and applications on kid-friendly social media.
In Great Britain, cosmetics company Lush took 16th place alongside established global brands such as Nike, Disney, and Uber, and three places ahead of competitor Benefit. We believe that Lash's attachment to consumers is based on the strong impression it makes on consumers about its advocacy for specific causes, as the company proudly and openly works to support important social causes such as protecting animals and the environment . and human rights.
In the US, the Band-Aid sticker unexpectedly took 24th place, beating all brands in the "I Trust" category. In general, we automatically associate affinity with advanced technology, but the humble and trustworthy first aid kit for first aid kits can be closely related to consumers.
In terms of brand equity, it is also useful to compare the Consumer Branding Index results in the list of the world's best-consolidated brands to rank brands based on their value. It's interesting to see a number of brands that are among the brands closest to consumers but don't have a significant presence in the brand equity index, such as Pinterest, Netflix, and Spotify. Although these digital companies are young and have large numbers of loyal users, their profitability potential is unstable. At the same time, some high-quality brands like Mercedes-Benz and Coca-Cola are not making the top 50 in the Consumer Brand Associations Index, indicating that these brands are slowly recovering. We are not suggesting here that brands rank based on their value or level of affinity with consumers, but that both must win to achieve prosperity in the difficult times to come. And for brands that rank well on one point, a collaboration between opposites could be an easy fix. Brands that value proximity to consumers but lack a solid financial base will gain credibility with investors, while established brands can reinvigorate their relationships with consumers.
If you look at both indicators, it looks like Apple's position is what brands should be aiming for. The company founded by Steve Jobs took first place in the Consumer Brand Index and the Global Best Brands Index and is a vivid example of what marketers have long called the best brands: Power. inspire, empower, and transform the meaning of consumer life. In the end.