Building a Relevant Brand - Prophet's Brand Relevance Index
Transcript of Building a Relevant Brand - Prophet's Brand Relevance Index
Building a Relevant Brand
Speakers
Jesse PurewalAssociate PartnerProphet@jsp311
Christine Brandt JonesInsights PartnerProphet@cbrandtjones
About Prophet
#ProphetBRI
We believe there’s a way to grow better
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Brand & ExperienceDigital TransformationGrowth Acceleration
We help our clients in three ways
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We are leading thinkers in a digital, social, and mobile world
Brand Relevance IndexPublications Digital Transformation
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We measure our success by the impact our clients have in the world
Background
#ProphetBRI
We believe that great brands are Relentlessly Relevant
#ProphetBRI
Relentlessly Relevant brands consistently inspire us and move us to action. They make smart, bold moves that amaze customers, push competitors out of consideration, and – at times – define entirely new categories and markets. And they do it while remaining unwaveringly authentic to who they are.
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Relentlessly Relevantbrands Grow Better
MORE PROFITABLE GROWTH
Relevance helps drive top-line growth…
R COEFFICIENT = 0.5*
PROPHET BRAND RELEVANCE INDEX SCORE
10- Y
EAR
REVE
NUE
CAG
R
…and long-term profitable growth
6%
12%
REVENUES PROFITS
TOP 50 BRANDS OF 2015:10-YEAR GROWTH ABOVE S&P 500 AVERAGE
TOP 50 BRANDS OF 2015:10-YEAR GROWTH VS. RELEVANCE SCORE
Source: Prophet Analysis
Four Dimensions of Relentless Relevance
Distinctively Inspired
Pervasively Innovative
Customer Obsessed
Ruthlessly Pragmatic
In touch with how consumers live and work, their needs and desires
Motivates, has a clear purpose, is trustworthy and authentic
Pushes the status quo, commercializes novel solutions, engages in creative ways of working
Makes experiences simple and easy, is dependable, available, practical and consistent
Poll questionAt your company, when it comes to driving relevance, on which of the four key dimensions do you most need to focus in 2017?
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CUSTOMER OBSESSED
RUTHLESSLY PRAGMATIC
DISTINCTIVELY INSPIRED
PERVASIVELY INNOVATIVE
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We are proud to announce Prophet’s 2016-17 Brand Relevance Index
Why the Index?Why Relentless Relevance?
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We decided it was time to introduce an index based exclusively on customer insight – one that could help business leaders and brand builders improve the relevance of their brands.
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Brand Relevance Index Structure
Consumer brands in ~25 categories that make up household spend
Included on the basis of business performance (current revenue and 3-year revenue growth)
Each region constructed lists 50% global, 50% regional/local
825 unique brands175 global :: 650 regional
45,000 consumersUS 15,000UK 10,000Germany 10,000China 10,000
Sample representative of general populations in each country
(Tier 1 and 2 cities in China)
Respondents are engaged in the category and familiar with any brands they have rated
Respondents rated brands on 16 attributes that define brand relevance, on a 1-7 scale
To calculate scores, (T2B% - B2B%) was calculated for each of the 16 attributes
16 numbers then averaged to determine the score
Respondents rate 5 brands in total (least-fill methodology)
SAMPLE BRAND SELECTION MEASURING RELEVANCE
Brand Relevance IndexResults
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Various paths to relevance
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Surprises come in two forms
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Poll questionWhich brand’s position on the Brand Relevance Index surprises you the most?
? A different brand?
Brand Relevance IndexApplication
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The Brand Relevance Index is a starting point to continuously improve our clients’ brand relevanceWe work with our clients in three ways to monitor and improve the relevance of their brands:
Develop a custom index to identify and ideate against growth opportunities
Integrate brand relevance measures into a dynamic brand metrics system
Measure the moments across the customer experience where they have the greatest opportunities to drive brand relevance
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Using a customized index, our Insights team helps clients better visualize their drivers of relevance in a variety of ways
Analysis of overall performance versus key competitors
Understand a brand’s position on specific attributes
Breakdown of drivers of relevance overall and in the category
Map views to show geographic influences on relevance
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Driving brand relevance for a leading cosmetics retailer
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KEY FINDING
Prophet built a custom index for this client, which highlighted opportunities to drive relevance and growth
Capture and own the unclaimed Distinctively Inspired space by completely reimagining the in-store experience
Customer Obsessed
Distinctively Inspired
Pervasively Innovative
Ruthlessly Pragmatic
ILLUSTRATIVE
BRAND RELEVANCE CHARACTERISTICSOVERALL BRAND RELEVANCE RANKING
1 Target2 Urban Decay3 M.A.C.4 NYX5 Sephora6 [BRAND]
No brand currently owns Distinctively Inspired, which suggested a unique opportunity for this client to create a space for itself
BUSINESSOPPORTUNITY
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This new focus on capturing and owning the Distinctively Inspired space jump-started their vision for the Store of the Future by guiding how they wanted consumers to experience the brand
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Jesse PurewalAssociate Partner(415) 774-6565 @[email protected]
Christine Brandt JonesInsights Partner(646) 724-8618@[email protected]
www.prophet.com
Thank you for attending.