Apple is by far the number one brand in the world. New research from Forbes, http://www.forbes.com/sites/kurtbadenhausen/2015/05/13/apple-and-microsoft-head-the-worlds-most-valuable-brands-2015/, reveals the company has a brand worth of $145.3 billion, up some 17% over 2014.
The brand ranks on top of Forbes’ list of the World’s Most Valuable Brands for the fifth straight time. According to the publication, it is worth twice as much as any other brand on the planet.
What makes the brand so valuable and are there lessons to be learned for your firm?
- Apple is the technology innovator and leader.It is able to create an ongoing series of products that can only be copied and modified by its competitors. Think the iPhone, iPad, iPod and iTunes.
Does your firm offer products or services that are leading edge and do you maintain a leadership position in your industry or marketing segment?
- People buy Apple products and lots of them.The company sells millions and millions of devices worldwide. Revenue alone for the fourth quarter of 2014 was $74.6 billion according to Apple, easily beating Google’s sales for all of 2014 of $66 billion.
Do your products stack up nicely against your competition and are you able to increase sales on an annual basis?
- Apple has developed a near cult following.Its products are perceived as quirky, fun and easy to use. Millions of Apple users would never think of using an Android type phone or device. They are loyal and dedicated to the brand. Most are willing to pay a premium price to enjoy the high-end quality Apple is known for.
Do or would your customers pay a premium for your product or service? Are your customers loyal and dedicated or do they migrate to any competitor with a lower price?
- Apple has the eyes and the ears of the media.Former CEO Steve Jobs perfected the introduction of a new product with special launch events. The exact products and details were kept under wraps until the day of the event. Selected members of the media were invited to attend and tried to project in advance what Apple could be showcasing.
These events have, over time, taken on a life of their own. Some hand-picked journalists even get devices to test in advance. Due to the success of the company, its gyrating stock price, and its ground breaking products, hundreds of journalists are fixated on the firm, trying to prognosticate on what the company will do next. This fixation produces a top of mind awareness that cannot be duplicated by any other company in any industry.
Does your company enjoy a high share of voice within your industry? Have you established solid relationships with journalists who cover your space? Are you able to easily generate articles about your business in trade journals and key publications?
Taking a small bite out of Apple’s brand approach can result in larger growth for nearly any size business.