With competition soaring high among the most valuable brands around the globe, the rankings in this area keeps on changing as brands compete for the market share. For some time now, Apple had been the number one choice brand but term paper easy experts now report a replacement from the top spot by Google. Google’s rise to the top was fuelled by its innovations that included Google Glass, a number of partnerships and AI investments. Customers took a quick note of Google’s move to provide useful reliable solutions that have increased in demand in recent months.
Other notable brands coming in the top ten included IBM, Coca-Cola and Amazon.com. However, it is the technology brands that dominated the top slots, including brands like Microsoft. More than that, these technology brands recorded the fastest growth pace in the value of brands generally. As of today, digital services brands such as LinkedIn, Twitter, Facebook, Tencent and Google are more than just tools. They form a very important part of our daily lives. For this reason, they ranked highly.
Even with the recent developments, it was nothing outside the ordinary. Competition is the norm of the day especially in the world of business. For Google to outwit Apple particularly in innovation, it means there has been healthy and meaningful progress in the provision of solutions that customers are looking forward to making their lives easier. Apple might have had an edge in terms of execution but Google seemed to have made huge strides with innovative ideas that increased its overall use and value. Google and Apple brands competed in a tight race with $302 billion and $301 billion respectively in terms of brand value. No other brand came close to these two from the various surveys conducted worldwide.
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Brand Value Determination and Metrics Used
When such reports come up, there is always a keen interest on the modalities used in conducting the brand value surveys. In some occasions, the surveys are based on somewhat wacky metrics such as using royalty rate towards brands. The recent analysis was pegged on the financial value of a company and the brand contribution. These were qualified as an evaluation of the uniqueness of a brand and its power to distinguish itself from the rest, create a desire and develop loyalty. Another aspect also included were the 150,000 interviews conducted amongst consumers internationally.
There is a lot that comes into play when defining a brand especially when it is looked at from the view of assets that can be licensed, bought and sold. Through Brand Finance, an internationally recognized brand valuation standard was crafted – the ISO 10668. In that case, a brand is a marketing-related intangible asset that includes such aspects as having a name, signs, logos, terms, designs and symbols or a combination of all of these although online essay writing help professionals do not limit the definition to them. All these characteristics are meant to identify services, entities or goods or a combined form of all of these to create a distinct association and image in the stakeholder minds hence generating economic value/benefits.
One most important point of view that is important to consider is a brand’s contribution more than that which can be bought or sold to another owner. The contribution of a brand is a sum of the absolute economic benefit derived by a business from its operations, the volume and the general price premiums over standard items to cost savings over other brands considered to be competitors. Looking at these elements, and not only looking at Apple’s prowess in execution, Google has had an upper hand. These two have remained in these positions for some time despite all the effort that has been put by Apple to regain its position as the most valuable brand in the world.
The strength of a brand such as Google is easily and directly influenced through those in charge of brand management and in the marketing efforts. To establish a brand’s strength, an Index is deemed useful. It should include such things as brand equity, marketing investment and how these impact on business performance. Brand equity has to do with the goodwill earned by the staff, the customers alongside other stakeholders. Based on this Index, each brand gets a score out of a possible 100 points. From such an analysis, the rating gets done.
The Evaluation Approach
Looking at the competitive nature of renowned world brands, surveys have had to consider more than one aspect to establish the value of a brand. A royalty relief approach has commonly been applied in coming up with rankings of different world brands of this calibre and their influence in the market. The strategy takes into account the likely future sales attributable to each of the brands and getting to know the royalty rate chargeable for using a given brand. This refers to what the owner will be required to pay for using the branding making an assumption that is not already owned.
There has been stiff competition among the world’s fast advancing brands, especially in technology. Apple won the hearts of many consumers in the technology market and that saw its rise to beat big brands in the market including Google. However, with shifts in technology and continued innovation, Google has overtaken Apple as the most valuable brand globally. In the recent past, Apple has been praised and sought-after owing to its technical execution that won the hearts of many. While that has been the main focus for Apple, Google continued its branding and value creation through innovation that added a positive impact on its overall value.
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