In today’s crowded, noisy marketplace, it’s harder and harder for brands to stand out. Yet getting the attention of consumers is critical to business success. And that takes relevance. Jesse Purewal, a partner at Prophet, the brand consultancy behind the Brand Relevance Index® talks about what makes a brand relevant, which brands succeed, and what relevance achieves.
00:02 Lisa Merriam: In today’s crowded marketplace it’s harder and harder for brands to stand out but getting consumers attention is the key to success and that takes relevance. 00:11 The American Marketing Association New York spoke with Jesse Purewal, a partner at Prophet, the creators of the Brand Relevance Index.® 00:22 He talked to us about what makes a brand relevant and which brands are succeeding. 00:26 Jesse Purewal: Prophet created the brand relevance index to help brand marketers and business leaders identify insights that can help lead to breakthrough growth. 00:35 has uncovered four principles of 00:37 Our research relevance that offer distinct and sustainable path to growth. 00:40 So first is inspiration. Brands that inspire are ones that have a purpose people can believe in. They’re trusted. They bring new ideas and perspectives that connect with and excite customers. 00:50 Think of Pinterest as an example of a brand that does this really well. It’s become the go-to source for ideas about everything and the experience is really simple and really delightful. 01:02 They’ve created immense loyalty around the idea of inspiration 01:07 Second is innovation. Brands that are relentless about finding new ways to meet customers’ needs, to push the status quo, to give us better products, better experiences. 01:16 Think of Dyson as an example of an innovator that’s completely transformed what was a really boring category 01:22 If you’ve ever used a Dyson product or watched even a YouTube short of a family vacuuming Together, you’ve seen firsthand that Dyson is truly broken out. 01:33 A third is customer obsession. Brands that put the customer first and absolutely everything that they do, the ones that customers say they can’t imagine living without. 01:42 They connect such a deep level they become critical to our lives. 01:46 Apple is the classic example of a brand customers can’t imagine living without. 01:50 They made the customer and the product experience so exceptional that it fundamentally changed and continues to change the way we communicate and interact with technology. 02:02 The last principle of relevance is pragmatism. Does the brand execute well on all the basics? Does it make your life easier? Can you depend on it? 02:10 It’s all the things that you don’t notice when they’re done it right, but boy when anything goes wrong, you sure notice right away. 02:15 Nike is an example of a brand that does great on pragmatism. They have quality you can depend on every product, every service, across all price points, wherever customers are in the digital or the physical world. 02:28 They’re just a model of consistency i everything that they offer, from head to toe 02:33 Lisa Merriam: So how relevant is relevance? It turns out to directly correlate with profit margin and growth. 02:40 The brands that rank high on the Prophet list outperform their peers and the S&P average by 28%. 02:47 That’s brilliance in marketing.