Every year, the Financial Times creates a ranking of the world’s top brands based on business performance, market share and consumer perception. Let’s take a look at how the top brands got to where they are today and how you can learn from their success.
Amazon is the world’s number one brand, valued at $401.1bn. What’s their secret?
Amazon has become synonymous with great user experience. Amazon started off by selling books online – not exactly ground-breaking. The impressive part was the speed and convenience, which consumers have come to expect as standard.
The key takeaway here is to make it easy to buy from you. If your customers don’t feel good when interacting with your brand or if your processes are complex and difficult to follow, then they have no reason to stay loyal to you.
So, put yourself in your customers’ shoes and take a critical look at your platforms and processes. Is your website fast and easy to navigate? Does it have a mobile-responsive design? Regularly check your website on different screens to ensure that it’s user-friendly.
Don’t stop at implementing a good web design and interface – try to uncover your blind spots. Call your customer service team with a question or at least listen to some customer calls. Download any gated content on your website and see what email sequences you receive. Buy a product and try to return it. You might be surprised at how customer-friendly, nor not, some of your processes are.
By making the user journey as pleasant as possible, you can significantly increase the value of your brand.
Apple is the third brand on the list, valued at $219.1bn and is widely considered to be one of the most iconic brands of all time. All of Apple’s products – the iPod, the iPhone, the iPad – have been a huge hit with consumers and fans willingly waiting in line for hours to get a new product as soon as it is released. So, what makes the Apple brand so successful?
Apple is known for highly original and creative advertising that goes beyond products and features and taps into your emotions. For instance, when Apple launched the iPod, which at the time completely revolutionized the “Walkman” product category, their tagline was “1000 songs in your pocket”. Note how they didn’t focus on the technical specs or product features.
Apple has shown time and time again that they truly understand their audience. The product design is slick and easy to use, and you often see celebrities sporting Apple products.
You might not have Apple’s budget for incredible Super Bowl TV commercials or a partnership with Samuel Jackson. However, you can tailor your marketing messaging to address customer needs and leverage influencers in your industry. Understanding your customers and appealing to their needs is the cornerstone of building a strong brand.
Tesla is number four on the top brands list. What makes them so successful?
Tesla’s electric cars have turned the more than a century-old industry upside down and are a serious threat to traditional automobile manufacturers. They dare to challenge current industry standards and go where their competitors can’t/won’t.
Your product might not be saving the world from climate change, but you can make an effort to stand out – even if that means breaking out of your comfort zone.
Being truly unique enables you to distinguish yourself from the competition. As long as you stick with your core company values, you can’t go wrong with being different!