It’s hard to build a lasting brand, harder still to make the transformative decisions that mean it remains well placed to stay relevant to consumers – but those are the ones that are more likely to endure through the decades, according to the CEO of Interbrand.
Daniel Binns has observed the comings and goings on the annual Interbrand Best Global Brands rankings and at the recent Mediatel Future of Brands conference in London he set out some lessons that can be learned from the 37 brands that have been ever-present.
“There’s lots to be learned from what has been successful,” he said. “What successful brands are doing is making these transformative changes – bold moves – that completely reframe how a customer sees the category.
“That is what we can learn from the last five to ten years of success from these best global brands.” (For more, read WARC’s report: How the world’s most successful brands stay at the top.)
Brands which build enduring growth view the status quo through the lens of human truth, experiences and economics, Binns explained.
And those brands which have managed to stay near the top of Interbrand’s annual list – such as Apple, Amazon, Disney and McDonald’s – have embraced a strategy of constant innovation and transformation to stay relevant to consumers.
“If brands are stories, iconic moves are the chapters in those stories,” he said.
“It used to be possible if you just renovated the core of your business and your brand, that you would be able to keep close to meeting customer expectations,” he continued.
“What we’re finding now is that [if] you just renovate the core over time, [the brand] just gets further and further away from them” – hence the need for a revolutionary rather than an evolutionary approach to change.
The brands that do this “physically alter the competitive landscape and are iconic because they’re exciting,” Binns said.
“[These brands] capture the imagination of customers and get people to think about a category in a very different way.”
Sourced from WARC