Brand growth had become stagnant according to findings of leading insights agency Kantar Millward Brown from measuring 2,000 brands in their BrandZ global brand equity database.
So what can brands learn from the overachievers?
The new report – How Disruption Can Fuel Brand Growth – reveals that while many brands cannot easily re-engineer their offering to emulate the global scale of disruption that the likes of Amazon, Uber or Netflix have delivered, if they add a little disruption to the mix to create new opportunities for growth then even a one per cent increase in market share for an established brand often delivers a significant return for their efforts.
Kantar Millward Brown’s Head of Brand Guidance, Australia Gareth O’Neill says “While making people’s lives simpler, less expensive and more convenient globally; Amazon has grown its brand value by 2,228 per cent over this period.
“This is a giant leap ahead of the BrandZ Top 100 Most Valuable Global Brands, which grew by a creditable 152 per cent.
Although it hasn’t quite been the great disruptor yet in Australia, the cues that Australian marketers can take from Jeff Bezos’s worldwide success is that “every brand has the power to shake of the stagnation provided it has a clear idea of what will make the most difference given its status and context,” adds O’Neill sharing seven key insights to disrupt and drive brand growth.
- Get uncomfortable and be different
Any brand can be disruptive – do something different that creates new value for customers or unlocks existing potential.
- Know what needs to change
The challenge for a well-differentiated brand is to identify what will make it more salient and meaningful to potential consumers.
- Know who values your brand
On average, consumers pay 14 per cent more for brands they perceive to be meaningfully different. Targeting the right customers and then curating perceptions of meaning and difference to drive up perceived value.
- Use consumer insights to inspire disruption
A disruptive idea may come from anywhere but must resonate with the target audience, requiring brands to have in-depth knowledge of their potential customers.
- Invest to make a difference
Investing in a creative idea that fits the brand and opportunity may help disrupt the status quo and may be faster than innovation.
- Learn fast to achieve greater returns
Act as if you’re in perpetual beta and fast feedback is critical to quickly identify opportunities and course correct.
- Continuously improve marketing effectiveness
Success must be viewed as an opportunity to improve marketing effectiveness while looking for the next disruptive growth opportunity. Measure what is happening to the brand and the consumer response in-market.