Retail Reigns Supreme
Brandz has crowned 2019’s ‘Most Valuable Brand’ and, in a shocking reveal, the biggest brand of the last year of the 2010s is Amazon.
In previous years, the highest places on this table have been dominated by tech companies like Google and Apple. This surprising result highlights some important learnings that you can bring to your business. Illuminate sheds some light.
It’s Not Over For Tech
The first lesson to take from this result is not that tech companies are no longer making money. In many ways Amazon has achieved this success by becoming a technology company as much as it is a retail concern. Its app and website have been optimised to make buying something from Amazon as easy as it could possibly be, with one click ordering and algorithms that suggest a customer’s next purchase seamlessly.
The Amazon brand also covers new developments like their Prime Video streaming service, showing they aren’t afraid to develop, experiment and diversify. Amazon leapfrogged the tech companies by becoming a tech company.
The lesson to take from this is that the path to success is to take for yourself the tech philosophy of innovation and disruption. Don’t rely entirely on your product: invest in ensuring that it’s delivered in the most effective way possible.
Brands Carry Weight
It’s worth noting that every brand in the top five is an established and well recognised name. Amazon is the byword for online shopping, Microsoft and Apple are the computing giants of the age, and Visa handles more than 100 billion global payments a year.
The message here is that your name counts: the better known your brand is, the more successful its likely to be.
One of the ways these top five have acquired such weighty names is simply by staying around long enough: a twenty year history like Amazon’s gives you an advantage. That doesn’t mean it’s the only way to succeed. Shrewd marketing can build your brand quickly, and get you a customer base that comes back time and again – giving you resources that allow for longevity.
If you need a campaign that builds your brand awareness quickly and efficiently, talk to the experts – contact Illuminate today.