building a relevant brand - prophet's brand relevance index
TRANSCRIPT
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Building a Relevant Brand
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Speakers
Jesse PurewalAssociate PartnerProphet@jsp311
Christine Brandt JonesInsights PartnerProphet@cbrandtjones
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About Prophet
#ProphetBRI
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We believe there’s a way to grow better
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Brand & ExperienceDigital TransformationGrowth Acceleration
We help our clients in three ways
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We are leading thinkers in a digital, social, and mobile world
Brand Relevance IndexPublications Digital Transformation
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Prophet Brand Relevance Index 2016 7Proprietary and confidential. Do not distribute.
We measure our success by the impact our clients have in the world
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Background
#ProphetBRI
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We believe that great brands are Relentlessly Relevant
#ProphetBRI
Relentlessly Relevant brands consistently inspire us and move us to action. They make smart, bold moves that amaze customers, push competitors out of consideration, and – at times – define entirely new categories and markets. And they do it while remaining unwaveringly authentic to who they are.
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Prophet Brand Relevance Index 2016 10Proprietary and confidential. Do not distribute.
Relentlessly Relevantbrands Grow Better
MORE PROFITABLE GROWTH
Relevance helps drive top-line growth…
R COEFFICIENT = 0.5*
PROPHET BRAND RELEVANCE INDEX SCORE
10- Y
EAR
REVE
NUE
CAG
R
…and long-term profitable growth
6%
12%
REVENUES PROFITS
TOP 50 BRANDS OF 2015:10-YEAR GROWTH ABOVE S&P 500 AVERAGE
TOP 50 BRANDS OF 2015:10-YEAR GROWTH VS. RELEVANCE SCORE
Source: Prophet Analysis
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Four Dimensions of Relentless Relevance
Distinctively Inspired
Pervasively Innovative
Customer Obsessed
Ruthlessly Pragmatic
In touch with how consumers live and work, their needs and desires
Motivates, has a clear purpose, is trustworthy and authentic
Pushes the status quo, commercializes novel solutions, engages in creative ways of working
Makes experiences simple and easy, is dependable, available, practical and consistent
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Poll questionAt your company, when it comes to driving relevance, on which of the four key dimensions do you most need to focus in 2017?
#ProphetBRI
CUSTOMER OBSESSED
RUTHLESSLY PRAGMATIC
DISTINCTIVELY INSPIRED
PERVASIVELY INNOVATIVE
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Prophet Brand Relevance Index 2016 13Proprietary and confidential. Do not distribute.
We are proud to announce Prophet’s 2016-17 Brand Relevance Index
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Why the Index?Why Relentless Relevance?
Q
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We decided it was time to introduce an index based exclusively on customer insight – one that could help business leaders and brand builders improve the relevance of their brands.
A
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Prophet Brand Relevance Index 2016 16Proprietary and confidential. Do not distribute.
Brand Relevance Index Structure
Consumer brands in ~25 categories that make up household spend
Included on the basis of business performance (current revenue and 3-year revenue growth)
Each region constructed lists 50% global, 50% regional/local
825 unique brands175 global :: 650 regional
45,000 consumersUS 15,000UK 10,000Germany 10,000China 10,000
Sample representative of general populations in each country
(Tier 1 and 2 cities in China)
Respondents are engaged in the category and familiar with any brands they have rated
Respondents rated brands on 16 attributes that define brand relevance, on a 1-7 scale
To calculate scores, (T2B% - B2B%) was calculated for each of the 16 attributes
16 numbers then averaged to determine the score
Respondents rate 5 brands in total (least-fill methodology)
SAMPLE BRAND SELECTION MEASURING RELEVANCE
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Brand Relevance IndexResults
#ProphetBRI
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Prophet Brand Relevance Index 2016 18Proprietary and confidential. Do not distribute.
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Prophet Brand Relevance Index 2016 19Proprietary and confidential. Do not distribute.
Various paths to relevance
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Prophet Brand Relevance Index 2016 20Proprietary and confidential. Do not distribute.
Surprises come in two forms
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#ProphetBRI
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Poll questionWhich brand’s position on the Brand Relevance Index surprises you the most?
? A different brand?
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Brand Relevance IndexApplication
#ProphetBRI
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Prophet Brand Relevance Index 2016 23Proprietary and confidential. Do not distribute.
The Brand Relevance Index is a starting point to continuously improve our clients’ brand relevanceWe work with our clients in three ways to monitor and improve the relevance of their brands:
Develop a custom index to identify and ideate against growth opportunities
Integrate brand relevance measures into a dynamic brand metrics system
Measure the moments across the customer experience where they have the greatest opportunities to drive brand relevance
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Prophet Brand Relevance Index 2016 24Proprietary and confidential. Do not distribute.
Using a customized index, our Insights team helps clients better visualize their drivers of relevance in a variety of ways
Analysis of overall performance versus key competitors
Understand a brand’s position on specific attributes
Breakdown of drivers of relevance overall and in the category
Map views to show geographic influences on relevance
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Prophet Brand Relevance Index 2016 25Proprietary and confidential. Do not distribute.
Driving brand relevance for a leading cosmetics retailer
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Prophet Brand Relevance Index 2016 26Proprietary and confidential. Do not distribute.
KEY FINDING
Prophet built a custom index for this client, which highlighted opportunities to drive relevance and growth
Capture and own the unclaimed Distinctively Inspired space by completely reimagining the in-store experience
Customer Obsessed
Distinctively Inspired
Pervasively Innovative
Ruthlessly Pragmatic
ILLUSTRATIVE
BRAND RELEVANCE CHARACTERISTICSOVERALL BRAND RELEVANCE RANKING
1 Target2 Urban Decay3 M.A.C.4 NYX5 Sephora6 [BRAND]
No brand currently owns Distinctively Inspired, which suggested a unique opportunity for this client to create a space for itself
BUSINESSOPPORTUNITY
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Prophet Brand Relevance Index 2016 27Proprietary and confidential. Do not distribute.
This new focus on capturing and owning the Distinctively Inspired space jump-started their vision for the Store of the Future by guiding how they wanted consumers to experience the brand
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Prophet Brand Relevance Index 2016 28Proprietary and confidential. Do not distribute.
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Jesse PurewalAssociate Partner(415) 774-6565 @[email protected]
Christine Brandt JonesInsights Partner(646) 724-8618@[email protected]
www.prophet.com
Thank you for attending.