A PWC study shows that over the past 15 years, brands that consumers consider “leader brands” have grown in value at nearly five times the rate of the average S&P 500 company. 66% of US consumers say the importance of acting like a true leader brand is more important today than it was in the past, and they believe leader brands will matter even more in 10 years from now.
Perceived leadership is often an important purchase consideration. 76% of US consumers say it’s important to buy from a leader brand when purchasing electronic and tech goods and services, 73% say it’s important to buy from a leader brand when purchasing health services, and 72% say it’s important to buy from a leader brand when purchasing an automobile.
72% of consumers say they think technology and electronics companies are showing strong brand leadership, compared to just 57% who say this for automotive industry.
Consumers say that being visionary today means bringing truly new products and services to the market, not just evolutions of existing ones.
These connections at every scale is the fundamental task of marketing today — but done right, it can move a brand beyond a purely transaction-based relationship to one that feels like friendship.
PwC’s research with the Katzenbach Center for Organizational Excellence consistently shows that culture is about mindsets and behaviors — it’s the way organizations drive change in scenarios where the inclination may be
The key to managing the behavior behind your culture is to create an infrastructure that has clearly defined capabilities, so that employees understand clearly the role they play — and feel empowered to make an impact through it.
But too often, the process of identifying culture is less about systematic analysis of who will thrive in a given workplace and more about hiring people who are similar to decision makers and rejecting people who are not. They actively seek to understand dissatisfaction in the ranks of both customers and employees — creating an environment where people can speak dissenting opinions and criticism without fear of retribution, and then acting on those complaints to make positive changes to the organization at large.
Among all age groups in our research, the quality that most defined the most visionary brands was the ability to “bring truly new products and services to market, not just evolutions of existing ones.”
Their research showed that 45% of people believe that truly visionary brands “take on challenges and problems that their competitors don’t,” and millennial consumers are twice as likely as older consumers to say that a brand stands out as a leader if it is willing to take risks.
Millennials in particular felt strongly that “having a charismatic leader” is becoming more important in defining a brand leader — they are twice as likely as older consumers to agree with this statement.
Accountability matters, and when consumers see that they have someone to hold accountable for a brand’s actions, they are more likely to trust the brand and hold a more favorable opinion of it.
Originally published at www.newmediaandmarketing.com on December 19, 2015.