FDBusiness.com

‘Fame’ is not enough

The fastest-growing brands in the BrandZ UK Top 75 are viewed by consumers as different in a very meaningful way. The big-name brands are very salient – they jump readily to consumers’ minds – but they are not considered to be meaningfully different. As a result, their relevance and their brand value are both slipping. Nor are they deemed particularly innovative, scoring 104 (down from 105 in 2018), compared with 113 for the BrandZ Global Top 100 and an average of 100. They are also less ‘loved’, engendering less of a positive emotional connection and predisposition to buy than brands in the rest of the world.

Martin Guerrieria, Global BrandZ Research Director, says: “This is a wake-up call for UK brands that have been over-reliant on their fame. Economic uncertainty – including around Brexit – has led to a lack of investment in long-term brand building, and a focus on short-term outcomes such as driving sales. The sheer profile of UK brands has bolstered their success thus far, but this is not sustainable without meaningful difference, which can only be created through brand building. To avoid losing more ground, brands must reinvigorate their offer and revitalise their connection with consumers – building on their salience to prove their continued relevance.”

Jane Bloomfield, Chief Growth Officer at Kantar UK, says: “The UK is a phenomenal market to be associated with, and there’s a huge opportunity for brands to grow, even in these challenging times. Consumers’ habits and attitudes have changed – they demand convenience and a great experience, and they’ve become more price sensitive. Brands mustn’t lose touch with this; if they do, they’ll be at risk from disruptors who can deliver everything consumers want. Brands need to understand and adapt to evolving needs and expectations, in order to stand apart from the competition and give people a reason to buy.”