Consider Future Relevance for Future-proof Branding – Transcript
I listened to a talk yesterday from a company called Hibrand. They’ve done a lot of work with brand equity and brand scores.
They looked at brands, not just from the point of view of brand equity or brand love. But at future scores for brands, and how they will perform in the future.
One area that I thought was really interesting, was wearables. The category wearables scored the second highest across all the categories that they looked at. There was a variety of industries. Retail, insurance, legal, etc. But wearables scored the second highest, and that is from looking at the future relevance of brands.
In this study, they looked at fitbit. Now fitbit didn’t score well on traditional brand equity. But when it came to future relevance, they scored extremely, extremely well. What Hibrand were able to show, was that this brand is one for the future. It’s one that will do well in the future. They proof this, the scoring system, across a number of different brands. Considering the variables market is worth 35 billion, or it will be in the next 10 years, that is a massive thing to look at. I
They proved this across a number of different brands. Considering the variables market is worth 35 billion, or it will be in the next 10 years, that is a massive thing to look at.
Considering the variables market is worth 35 billion, or it will be in the next 10 years, this is a massive thing to look at. I think that the concept of looking at future brand relevance is so important, compared to just looking at brand equity nowadays.
Conclusion
Consider the future relevance of your brand to understand it’s true value. To measure future relevance, you need to ask your customers if they believe your brand will still be relevant in the future.