NEW SURVEY REVEALS BUSINESS’ RECIPE OF SUCCESS
Every organisation’s goal, whether it is corporate or not, is to thrive in what they do. However, the answer to what makes a brand great is not as straightforward as one would hope.
Insight and strategy consultancy, the Leading Edge, has conducted research into what makes a brand great. The research was supported by the Leading Edge’s sister agency, global communications company, Hotwire. The findings have revealed that the recipe for success is hidden in how a brand behaves and not in what it makes or says. The report sheds further light into the way brands can introduce key strategies, activate and communicate them, in a way that will help them achieve greatness.
The 1,200 survey participants were asked to classify brands they considered ‘great,’ ‘not good’ and those that ‘used to be great.’ They were then asked to elaborate on the differences they detected between those brands. The findings were unexpected, revealing a refreshing new outlook on brand building and marketing activity. The new point of view offered by the survey’s results suggest an exciting evolution regarding the establishment of great brands.
Daniela Fernandez, managing partner at the Leading Edge, says, “Our study shows that what consumers want from brands has changed. They want brands that are much more than just good quality, distinct and trustworthy; they want great brands. These great brands are caring, enduring, socially responsible – sustainable in every sense of the word. This is what makes our research so fascinating, people want brands to do more, be more.”
The research unveiled five qualities all great brands have in common: passionate vision, care about the people they are connected to, active social responsibility, respect of their roots and human inspiration.
Furthermore, it also revealed that brands considered great have several commercial advantages. Specifically, these companies have a higher level of customer loyalty and are bought for longer. Additionally, 82% of great brands are viewed as having a drive for the future. It was also noted that people interact more with brand they consider great and talk about them both in person and through social media platforms.
Fernandez says, “Greatness is a pursuit that brands and businesses need to constantly work at it, and it requires a long-term mentality. But this pursuit has amazing benefits: it helps brands transcend their category and creates a bond between the business (employees and stakeholders) and their customers, the local community, and our planet. So, in essence, everybody wins from it.”
Expectedly, the public has been found to play a key role in the success of a business. Customer expectations have the ability to dictate a brand’s behaviour and actions, something marketers need to focus on.
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