Taking time to observe the top 3 brands in the world, one would notice certain things common to them which to some extent can be said to be the reason why they have remained on the top of the list for several years.
This article identifies three crucial things common to the leading brands in the world and how the application of them can help businesses become better and secure a seat at the top in their field, and in the world at large.
THE TOP 3 BRANDS IN THE WORLD
According to Visual Capitalist and Statista, the top three brands in the world are Amazon, worth $220.791bn and founded by Jeff Bezos. Next up is Google. Valued at $159.722bn, founded by Larry Page and Sergey Brin. The third brand is Apple, founded by Steve Jobs with a value of $140.524 bn.
These are the top three brands and they all have certain things at their core that serves as a foundation for all their actions, inactions and decisions and is largely responsible for maintaining their spot on the top leading brands in the world. Noting and applying these things will definitely make any business better and take it up the ladder
The best companies in the world are those who are able to foresee changes in reality, in their environment and recreate or develop themselves in line.
According to BCG in 2019, Google is the most innovative company, followed by Amazon, number 3 on the list is Apple. Up until 2019, Apple was the number one brand in the world, and beyond that, it was ranked as the most innovative company in the world in 2013 and 5 consecutive years after. As put by Forbes, this is because Apple is constantly “delivering the future”.
To build a great brand, you must recognize the changes and advancement in the world, and ensure you are not left behind. Apple creates needs.
Your business must constantly make innovations, build new things and set paces. One thing that cuts across every Apple product is that they have something that would be considered impossible. The very first iPhone, released January 9, 2007, was considered impossible to create due to its design, but it was referred to by Time magazine as the invention of the year. This innovative mentality continues to be seen in all the iPhones that came after that, up till the most recent iPhone 11 that serves as a great competition for cameras among other unique features. Apple is just one example; the extents of creation Google makes happen, to the possibilities created through Amazon are mind-blowing.
The fact that the top 3 leading brands are also the top 3 most innovative shows that innovation is not something to be toyed with for any business that wants to grow.
Businesses that want to stay at the top must be ready to move ahead of time and create impossibilities. The place of innovation in a long-lasting, top-charting business is irreplaceable.
CLARITY OF PURPOSE.
Every company on this list knows very clearly what they are created for, the needs they are meeting, the purpose they are serving and the exact things that make them stand out from their best competitors and every other person in their field. If your business is going to survive and grow, you must know the exact purpose it is created to serve and work towards it.
The mission/purpose of Google is to organize information and make it universally accessible and useful. This is the purpose they have created for themselves and it is reflected in almost everything that they do. There’s hardly any product or development that Google as a company puts out that isn’t in line with its goal. We see this in their internet search engine, which by the way is the most used in the world, also in their webmail, to their Gmail, a news aggregator, cloud storage, web browser, YouTube, Google books among others. Every single product highlighted above is in line with making information available in one click, through one media.
Having a clarity of purpose and then channelling everything about your business to fit in is very essential to any business. Build a niche for your brand in a line and top the chart in it. Basically, be a jack of one trade and best master in it. The purpose of your business should affect everything you do from the kind of products you create to your marketing strategies and so on. Know the purpose your brand or business is serving and factor in every other thing to that.
This refers to a company playing by its own rules. Not focusing on competition but rather, building innovative value. A great business is one that creates something different. It is more important to be focused on being the absolute best rather than simply wanting to be better than the next competitor. One fact to notice about the 3 leading brands is that they do not have any competitor on that list with them. This shows how much each brand has put themselves over their best competitors.
Amazon is the leading online retail or e-commerce store in the world with the largest revenue in the world. What makes them stand out so much is their ability to do retail sales and e-commerce differently.
Amazon goes beyond mere selling to ensuring needs are met and all solutions required are provided conveniently. Now, it is the 3rd leading brand according to Forbes, the most loved brand in America and 2nd most trusted brand in America by Morning Consult 2020, the no 1 online store according to Forbes 2019. All these awards because Amazon works to create convenience in buying. Every system they have, the difference in the strategy, work effort, technology, sales and delivery systems, website outlook, to their wide options, is what makes Amazon stand out and that’s differentiation.
There must be something different about your business, something beyond your competitors, a value that your competitors do not deliver. Amazon does not just try to have more sales than Walmart, eBay or Target, rather they work on building their own company, ensuring a wide variety of options are available, ensuring customers are well attended to and their convenience is secure.
To build a successful brand, businesses must be aware of their competition, but not be so focused on it that all they work towards is to be above the brand. Like it is said, a runner doesn’t keep looking back in a race. There is only one thing on the runner’s mind and that’s making sure there’s no one ahead of him. You must be aware of the competition, but not be so focused on it. In the same way, if Amazon was only concerned with being better than the next retail store, they might not have created what they have now.
In conclusion, these three things can build, grow and establish any brand. Factor in all the other important aspects of your business, from your marketing to your organizational structure, to your staff and representatives to your business strategies to align with these three things, and your business will grow exponentially and top the charts.
Written by: Ifarajimi Oyinkansola.