Companies from all industries that contribute materially to household spend in each respective market were included in the study. The data was sourced from the Bureau of Labor Statistics' February 2015 Report on Consumer Expenditures (US), Office for National Statistics’ 2015 Family Spending Report (UK), Statistisches Bundesamt DESTATIS 2015 Report (Germany), and McKinsey’s Macroeconomic China Model Update for 2015 (China). Within each industry, the companies that were included achieved outsize business performance (MRY revenues and trailing 3-year revenue growth) within their respective industries. In some instances, smaller companies that have been driving change in these industries were also included given their significant traction with consumers.
To understand the principles that great brands execute against — in customers’ minds — in order to establish themselves as relentlessly relevant.
825 unique brands, including 175 global brands and 650 country-specific brands, were rated across the 4 regional studies. Brands not included were those in the tobacco and firearms categories and companies engaged solely or primarily in business-to-business (B2B) categories.
At Prophet, we believe that the strongest brands are relentlessly relevant, and they do four things well – first, they’re customer obsessed. Everything they invest in, create, and bring to market is designed to meet important needs in peoples’ lives. Second, they’re pervasively innovative. They don’t rest on their laurels, even as industry leaders – they push the status quo, engage with customers in new and creative ways, and find new ways to address unmet needs. Third, they’re ruthlessly pragmatic. They make sure their products are available where and when customers need them, deliver consistent experiences, and just make life that much easier for people. And, finally, they’re distinctively inspired. They’ve made emotional connections, earned trust and often exist to fulfill a larger purpose.
To a significant extent. Of all the characteristics of a brand, the one that is necessary for its success is relevance. Brand “preference” and “differentiation” long ago ceased being central to the calculus of success because of the speed at which markets and customer needs change. Aaker’s core point, that brands have to create new subcategories and dominate them so no other alternatives are even considered, is central to the idea of relevance.