Over the last few years, brand barons (and baronesses, for that matter) have had to revisit the brand-building playbook, rethinking and seeking fresh answers to questions critical to marketing success. This has borne out of the shifts we have seen occur, all of which have challenged critical age-old truths. As such, a new set of rules of engagement have emerged, and it is one everyone is playing by.
Today, perhaps more than at any other point in human history, brand building has taken on a decidedly dynamic and fluid nature, thanks to the democratisation of brand ownership and the greater sense of purpose and immersion desired by consumers when it comes to the brands they choose to associate with.
Peruse these eye-opening stats on all things branding:
0% of consumers say they recommend brands they have an emotional connection with
0% of consumers purchase an item based on the brand name rather than the product's name
0% of marketing leaders say branding is critical to growth
0% of global consumers feel loyalty to at least one brand
0% of consumers are willing to pay up to 50% more for products or services if that brand makes a positive impact on the world around them
Clearly then, it is critical that branding takes on a whole new dimension in today's day and age; there's so much more than your product in play. It's all about how a given brand is helping create a better world, and impacting communities in meaningful ways. Of course, the old tenets of building, trust, loyalty, and retention remain unquestioned. If anything, they've taken on increased importance.
Breakout brand-builders to the fore
Through resilience and quick-thinking, an elite cross-section of brand-builders have recognised these essential home truths and tempered their plans to stand the tough tests that lie in the offing. By getting the basic building blocks of branding right and adding a layer of innovative thinking in line with the demands of the current consumer, these are the brands that have cut out the hyperbole and demonstrated hyper-growth. These are the doyens to be recognised as Brand of the Year 2023.
This unique industry platform showcases brands turning challenges into outsized opportunities, thanks to their innate brand equity and trust among consumers. Their differentiated thinking insulates them against headwinds buffeting industries, allowing them to charge head-long into a bright future.
Some of the leading lights of the industry will converge at Brand of the Year 2023 to delve into the creative thinking is propelling myriad organisations, pinpoint the ever-changing set of skills needed to thrive in this new era, and much more, with this unparalleled journey culminating in these breakthrough brands being recognised in a celebratory ceremony in Mumbai.
Shaped by In-depth Research
This unique initiative has been shaped by insights gleaned from an industry-wide consumer study conducted by LeadCap Ventures, with brands appraised on the following parameters:
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