Study finds brands using technology to deliver must-have experiences are the most relevant to consumers' lives
SAN FRANCISCO, CA--(Marketwired - October 18, 2017) - Global consultancy Prophet announced the results of the third Prophet Brand Relevance Index™ (BRI), a ranking of the most relevant brands in consumers' lives today. Apple maintained its standing as the most relevant brand for the third year, while Spotify and Disney moved into the top ten, replacing Nike and Sephora. The top risers in this year's study are sharing economy brands Uber and Airbnb.
The top ten most relevant brands are:
All of the top ten brands are technology-led, proving that the most compelling brand experiences happen on demand, across devices and channels -- not in one space or during one interaction.
"Consumers live, work and play in a connected, digital world, so the brands that deliver useful, easily-accessible and enjoyable experiences are going to be the most relevant to their lives," said Scott Davis, Chief Growth Officer at Prophet. "This is our third Brand Relevance Index in the U.S., and Apple, Netflix and Amazon have been in the top ten each time because they brilliantly use technology to innovate, delight and inspire consumers."
In order to find out which brands are the most relevant, Prophet conducted a survey of 13,500 U.S. consumers about more than 275 brands across 27 industries. It measures four brand principles: customer obsession, ruthless pragmatism, pervasive innovation, and distinctive inspiration.
"The BRI is the only brand ranking based solely on consumer feedback. That is why there are critical differences between our findings and the rankings based on market cap, company size or a black box algorithm," said Jesse Purewal, Associate Partner and co-author of the Prophet Brand Relevance Index™. "By speaking directly with consumers, we're able to determine which brands are truly indispensable to people's lives and how forces like technology are changing consumer behaviors. Business leaders and brand builders can use our Index to identify both areas of strength and ways to improve the relevance of their brands."
There are several findings from the report that reveal major changes in the way consumers interact with brands and what's important to them. For example, both sharing economy and digital gaming brands are on the rise, which points to fundamental shifts in the way people engage with each other, both socially and through commerce. Also, despite record levels of people using social media platforms, most social media companies are not rated as very relevant by consumers.
Here are some key findings:
"It's clear to be successful, brands need more than size and ubiquity. They must create a product that people love enough to integrate into their everyday lives. The brands that inspire this level of loyalty will ultimately grow the fastest because they are relevant in the moments that matter most to consumers," said Davis.
The Prophet Brand Relevance Index™ is released in four countries -- China, Germany, the United Kingdom and the United States. Apple was the top brand in the U.S., UK and Germany, and Google ranked in the top three in each country. In China, Alipay took the top spot, followed by WeChat.
"The BRI data from across the globe shows that companies have a choice between putting digital at the front and center of their business model or losing relevance with a whole generation of consumers," said Purewal.
Prophet surveyed 50,000 consumers across the U.S., UK, Germany and China about 750 brands. It partnered with SSI, the premier global provider of data solution and technology for consumer and business-to-business survey research, to program, field, collect and tabulate data.
In the U.S., Prophet surveyed 13,500 consumers about 275 brands across 25 industries. Companies from all industries that contribute materially to U.S. household spend were included, except brands in the tobacco and firearms categories or those engaged in primarily business-to-business categories. In some cases, smaller companies that are driving change in their respective industries were also included given their significant traction with consumers. The data was sourced from the Bureau of Labor Statistics' February 2016 Report on Consumer Expenditures (U.S.).
Each participating consumer rated up to five brands within a single category on 16 different attributes that correspond to the four principles of relevance Prophet identified. To rate a brand, a consumer had to be familiar with the brand and a frequent consumer in the brand's category. More information about the methodology can be found at www.prophet.com/relevantbrands-2017/methodology/.
The complete results of the Prophet Brand Relevance Index from the U.S., UK, Germany and China can be found here.
To learn more about how Prophet can help your brand become more relevant, contact BRI@prophet.com.
Prophet is a global brand and marketing consultancy that fuses insights, strategy, creativity and imagination to help clients grow better brands and businesses. We uncover deeper customer insights, build stronger brand relevance and deliver engaging customer experiences for some of the world's most successful companies such as Electrolux, T-Mobile, GE, Keurig Green Mountain, UBS, Gatorade, Cisco, Target, and ThyssenKrupp AG. Our 300+ experts in marketing, innovation, digital and design help companies bridge the gap between strategy and execution to drive real market impact. www.prophet.com