A$150 billion plus and growing
The Professor of Clinical Marketing at NYU, and one of the world’s leading experts on branding, recently predicted that 10 years from now there will only be two categories of brand – luxury and retail. He is predicting the end of branding as we know it. That said, as of October 2018, there is still considerable merit in building a strong brand – whether it be a personal brand, a product brand, or a corporate brand.
But how do you build the optimal brand? This is the last of 5 thoughts addressing this question.The Google brand has been valued at A$150 billion. Some valuations are much higher than this. Some estimates suggest that Google is currently the world’s most valuable brand.
Whatever the precise value, the goodwill associated with the Google brand is staggering.
Experts, including Scott Galloway, Professor of Clinical Marketing at NYU, suggest that a big part of the reason for this value is what he calls the ‘Benjamin Button effect’. The Benjamin Button effect describes a process by which Google improves its product every time a customer uses one of its services. For example, every single Google search provides data that is used to improve Google’s algorithms, making it better for customers.
Like all great brands, Google has developed its brand with its primary target market in mind, and, like all truly great brands, it continually evolves its brand, continually changing to align its offering with the market’s needs and wants. Effectively, Google evolves with the market.
All great brands:
- Are defined with their market in mind
- Learn from the market on an ongoing basis
- Change in response to the market and evolve
- Refining the taste of its product
- Refining the range of products on offer
- Refining the messaging
The fact is, markets change over times, in terms of their taste, needs, and wants. Brands need to change with them. If a brand stands still while the market changes, it will inevitably be left behind. Indeed, it is brands that do not evolve with the market – like Kodak – that open the door for new brands and, ultimately, find themselves fighting for their survival.
To evolve with the market, brands need to stay close to the market, placing a priority on feedback from the market and ignoring intuition applied in the absence of solid data. The brands that evolve the best are those addicted to data and the use of that data to drive objective decision making.
Never view a brand in a static way. Great brands evolve as the market evolves.
Stay as close as possible to the market with a view to gathering the data needed to make informed decisions. Intuition has its place, but only when it is applied to data rather than used in place of the data.
Put the facts ahead of gut feelings, habit, and guesswork.
SOURCES OF THIS WEEK’S STATISTICS
Entrepreneur, Personal Design, Google, Branding, Visual Capitalist, Lindstrom, The Guardian, Zappos.com , Forbes