Over the last ten years, the importance of responsibility to consumers in relation to making brand choices has tripled, according to new BrandZ data.
An analysis of more than 5,000 brands, contained in the 2020 BrandZTM Top 100 Most Valuable Global Brands Report released today by WPP and Kantar, showed almost 9% of a brand’s equity is driven by corporate reputation, of which responsibility is a key attribute – three times what it was a decade ago.
It’s a finding that has particular resonance in the current environment – see today’s other WARC News stories about false ad claims in India and an advertiser boycott of Facebook – when brands are under pressure on multiple fronts.
Brands perceived by consumers to be among the world’s most trusted and responsible shared three crucial factors that proved particularly important for building consumer trust and confidence, says BrandZ:
• honesty and openness;
• respect and inclusion;
• and identifying with and caring for customers.
These held even when a brand might be new to a market and those brands that develop these associations more strongly tend to outperform their competitors in defending and growing their brand value, BrandZ reported.
Procter & Gamble-owned Pampers was the most trusted brand in this year’s study with a Trust score of 136 (100 being the average) and scores over 120 in every market where it is measured.
This exceptional level of trust is driven primarily through its perceived superiority over competitors and relentless technological leadership in its category, BrandZ noted.
“Trust both delivers reassurance and simplifies brand choice,” said Graham Staplehurst, Global Strategy Director, BrandZ.
“There is a growing public demand for more responsible corporate behaviour, which in turn amplifies the need for brands in all categories to act as a positive force in the world,” he added.
“Brands have a unique opportunity to earn valuable trust and help make a difference, providing this is seen to be genuinely altruistic. Being sincere, empathetic and ensuring your brand remains consistent with its core values will ensure your corporate reputation is not compromised.”
With much of the world having been in lockdown in recent months, it will come as little surprise that Amazon retained its position as the world’s most valuable brand, its value growing by 32% and accounting for a third of the Top 100’s total growth.
Sourced from BrandZ