BrandZ’s first ranking of the UK’s top 50 most valuable brands does not include a single pure-play tech business, whereas 47% of the global top 50 are technology businesses. The British ranking is skewed heavily towards telecoms, finance and utilities companies, which comprise well over half (69%) of the top 50.
Peter Walshe, BrandZ global strategy director at Kantar Millward Brown, says: “If you compare to France, Germany and Spain, their brands are not as good as the global top 50, but they’re better than the UK. We’re behind the pack. “We’ve been slow to adapt and adopt, particularly technology-related aspects for the benefit of consumers and brand experience.”
As the report accompanying the BrandZ list explains, innovation is a crucial value driver, which leads to greater trust and lays the building blocks for stronger equity. “In our data we can see that the brands that are perceived to be the most innovative are the ones that are growing the fastest,” says BrandZ’s global head of research, Martin Guerrieria.
For brands that commit to innovation, there is a real opportunity to stand out from the pack. A notable example is Dyson (32nd in the ranking), which is Britain’s best performer in terms of overall brand health. Dyson topped the lists for innovation and purpose, as well as being the only brand to make it into the top 10 for the other metrics – communications, experience and love – as well.
As Guerrieria explains, that’s a process that goes beyond investing in research and development, and is as much about communicating, improving and changing customer perceptions. If you act differently as a brand, your consumer base will respond.