Earlier this week the branding consulting firm CoreBrand released
“Brand Respect,” a report that identifies and ranks the (world’s?) most and
least respected corporate brands based on proprietary data the company
collects. The news is that Delta ranked last, and Pepsi and Coca-Cola tied for
first. You can study the methodology here, in CoreBrand’s press release.
There is a lot to say about this report, which does its
ranking based on “familiarity” and “favorability” rankings. The companies with
the highest scores in each are ranked highest; the companies with high rankings
for familiarity and low rankings for favorability are ranked lowest.
It’s important to understand that every ranking system has
its pluses and minuses. They are what they are; you can like the design, or
not. For my part, the rankings got me thinking about “respect,” and how this
value can be applied to marketing and business strategy.
CoreBrand went out of its way to talk about the
“opportunity” for companies with lower rankings, especially for those already
making “branding investments,” which are apparently “starting to deliver a
return on investment.” This I view with some cynicism, given the source. But
equally interesting, the study suggests that many or most brands are on the
decline respect-wise, and that this reflects both the economy and consumer
sentiment about brands in general.
In the report, there is some discussion of the branding
investments, which mainly have to do with advertising (and a few to do with the
actual brand experience; for example, restaurant redesign). What is noticeably
absent is any correlation between social media activity and brand familiarity
and/or favorability—the brand experience investment that absolutely everyone is
making, for better or worse. It’s hard to know what to make of this.
There is also exactly one financial services company on the
list of 20 (Top 10, Bottom 10). This is very surprising, given the economy and
the disastrous bailouts over the past few years.
For my part, there are plenty of companies with which I am
familiar and which I respect—but don’t necessarily like. So if I ran one of the
companies measured in this survey, I would have to think hard about how much the
results matter.
The bottom line: for the companies that were surveyed, this
report is only marginally useful. Its primary benefit, from what I can tell, is
to provide fodder for investing in brand experiences. On the other hand, the
survey is very important for CoreBrand. Here they have successfully employed a
tool to demonstrate how they think about branding. They have provided “news”
for the public’s consideration. And, they may have prompted a company or two to
think about the strength of their brand, and whether a consulting firm like
CoreBrand could help them.
Thus, a marketing tip. SURVEYS WORK. They are a form of intellectual capital, about which I have written often because I believe it is the single most effective marketing tool services companies have available to them. Surveys get attention. The
media loves them because they are easy to report on; the public loves them
because they tend to be intellectually accessible. Designing surveys with
integrity, and reporting the results with integrity, is not as easy as it may
seem. But when you have something compelling to offer, and there is a reason
for the consumer to take action as a result, surveys are a potential goldmine.