If you look at global brand rankings, you’ll see some of the following commonalities:
BEST IN BREED
Many top-ranked brands are the gold standard in their category and are continuously innovating to stay on top. For example, Facebook and Amazon are leaders in their categories and are continuously driving new innovations. Fast Company recently said of Amazon, “As the way we buy stuff continues to shift fundamentally, the e-commerce giant consistently gets people excited about spending their money.” In fact, Facebook and Amazon both grew the most in brand value of any brand listed in Interbrand’s 2017 Best Global Brands Report—48% and 29%, respectively.
Many top-ranked brands deliver compelling and consistent customer experiences. Per McKinsey, one of the secrets to customer satisfaction is consistency. Starbucks, for example, is a master at this. Its brand value grew by 16% in the new Best Global Brands report, making it one of the top 10 growing brands of the year.
EVERYBODY KNOWS YOUR NAME
Top-ranked brands often have mass audience awareness and ubiquitous distribution. Brands like Coca-Cola, McDonald’s and Microsoft are everywhere. Apple and Google are widely talked about and celebrated in the media. And over the years, IBM and GE have spent millions in advertising.
When managing brands, it’s easy to forget the fundamentals. Brilliant delivery of these brand basics—outstanding and innovative product quality; consistent and compelling customer experience; and wide audience awareness and access—can help build valuable brands.