The company rewards customers that provide referrals by giving them an additional 500 MB of storage space. A well-conceived SEO strategy might not be enough for measuring brand equity. This elusive quality is what most companies can only dream about. Behavioral factors typically come from determining buying habits. Services is the next frontier for the company and brand. I also started our biennial B-School rankings; annual features on the Best Places for Business (metros, states and countries); and America's Best Banks. A more tangible contributor to Apple’s brand equity is the incredibly high conversion optimization rate the company experiences on its website. We gathered these from company reports, Wall Street research and industry experts. Measuring brand equity for Apple is unlike measuring it for virtually every other company. The next step for measuring brand equity involves determining the amount of brand loyalty. Services like Apply Pay are the next frontier for the world's most valuable brand. Understanding brand awareness is the key that unlocks the other elements that help build brand equity. And 3 Case Studies, Keep track of likes and mentions on social media sites, Discover how consumers find your company through online searches. For example, ever since Robben Media started ranking 1st for keywords like SEO agency, our brand (and sales volume) has exponentially grown. The premium not only covers the superior product, it also includes paying extra to do business with a company that customers admire. Brands such as Apple, McDonald’s, and Ferrari are so beloved that they have an abundance of brand equity. In addition to the proliferation of tech brands (20 of the top 100), financial services (13), automotive (11), consumer packaged goods (10) and retail (8) were the most common industries. But anyone who thinks investing in brand equity is a soft issue should take a close look at Apple. Apple's brand is valued at over $200 billion, in part because of the iPhone. When it comes to measuring brand equity, why Apply? Measuring brand equity depends on building trust with your customers. Think sales and customer feedback. Customers enthusiastically promote your company when they find out there is a little something in it for them to do so. When you boil measuring brand equity down to its core, it comes down to the famous line uttered in Jerry Maguire: “Show me the money.” The financial numbers tell an accurate story about the power of your brand equity. Website Design Not only will this increase brand awareness, it will drive prospects and customers. It’s a smooth ride after the public has established an emotional attachment to your brand. Lines form out the door not just to the curb, but around the block and back again. The brand of the tech giant is worth $205.5 billion, up 12% over last year. U.S. companies landed 56 brands among the top 100, as well as 80% of the top 10. It sets the table for a company to develop brand loyalty, which starts the process of building brand equity. Apple is The Beatles of the electronics device niche. Once you identify the preferences of potential customers, you can turn the customers into loyal patrons of your business. I joined Forbes in 1998 after working 3 years at Financial World magazine. One interview on national radio or television will boost your brand above the competition. Email: kbadenhausen@forbes.com. The website design should also be easy to use, flawless, and optimized to convert. Measuring brand equity should be one of your top business priorities. One big reason: record-high services revenue. The company just unveiled a bevy of new products at the 2012 Worldwide Developers Conference, including a new laptop that starts at a pricy $2,199. While many global consumer brands struggle with the changing habits of their customers, the biggest tech brands continue to be juggernauts. We began with a universe of more than 200 global brands, which include both corporate and product brands. Let’s review the metrics that define the measuring brand equity process. Google has cornered the global search engine market with a 92% share over the past 12 months, according to StatCounter (Bing, 2.6%, and Yahoo, 1.9%, are miles behind). Customers pay what is referred to as a premium for a product. For example, a restaurant should upload video content and recipes that help people learn how to prepare special dishes. Coca-Cola is the top brand outside of tech, with a value of $59.2 billion, up 3%, and ranked sixth overall. People will camp out in tents and bring lawn chairs to pass the time. The projected growth speaks to the power of the Apple brand. The last thing you want is for customers to think you’re an inconsistent brand. They visit Apple’s website to make purchases, thanks to brand. To build a powerful brand, your company has to become an authority in your space using content. The company’s services division includes its App Store, Apple Pay, iTunes, cloud services and more. The Apple iPhone 11 Pro Max showcases this. Simply, brand equity is the value of a brand. While Apple maintains its spot at the top, Google is closing fast with a value of $167.7 billion, up 23%. Smartphone revenue fell 17% for the latest three months to $31 billion, but the stock jumped 5% on the results. As one of a few companies with a cult-like following, Apple’s brand dominates. I've profiled a bunch of athletes that go by one name: LeBron, Shaq, Danica and others. The new products are intersting. For Apple, brand awareness is off the charts. Does your business rank at the top of Google for your main products or services? Consumer behavior is often based on the “creature of habit” principle. Apple tops Forbes’ annual look at the world’s most valuable brands for the ninth straight time. Brands from 16 countries made the final cut. I wrote this content on an Apple MacBook Air. You may opt-out by, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation BrandVoice. Amazon’s brand promise is the single greatest factor of their growth. Meaning once your business identifies a customer’s buying preferences, you can fine-tune promotional campaigns to appeal to those preferences. You should also consider implementing a pay-per-click campaign (PPC). The term refers to the value generated by a premium brand compared to the value generated by generic competitors. Like Apple, Google has used its brand to move into other categories of consumers’ everyday life from email to Web browsing to maps to cloud storage. Lead Generation For Financial Advisors: 3 Steps To 3X AUM, What’s The ROI Of SEO? But a logo that lingers in the minds of customers for days to come. Wild, right!? Here is a mind boggling statistic. Be consistent in performance to ensure your brand is always in top shape. All Rights Reserved, This is a BETA experience. Apple did not generate brand equity of $234 billion by relying only on introducing high-quality products. The data used for this list comes from the Interbrand 2019 report. Next, we allocated a percentage of those earnings to the brand based on the role brands play in each industry. The company achieved its lofty brand status by also delivering the best customer service. This is effective because followers who trust the influencers sponsoring your content, will transfer that trust to your company. Implementing data automation and artificial intelligence (AI) resources should explain what all the data means. 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