Brands we love are influential. Brands in the BrandZ™ Top 30 Most Valuable Mexican Brands are influential too. And influential brands have sustainable businesses. This means Brand Value and Brand Influence are two sides of the same coin.
Everything that happens to business is a consequence of brand influence. Little influence means poor business growth. Huge influence can mean superb growth. So, to make our brands and business win more, we need to start building and measuring our Brand Influence.
So how does a continuous Brand Influence effort relate to Brand Value? We all know that consumers are facing recessionary times in Mexico (no matter what the Government says). To get out of these tough times, money needs to be spent but in addition, emotion needs to be uplifted. Being wise and motivated are now more strongly linked. Brands that keep this is in mind and don’t remind consumers of their lack of opportunities, are the ones for which
Brand Value has increased. Take for instance Bodega Aurrera and Liverpool with a 16% and 28% Brand Value growth this year. What is behind their vision of recession? They both structured their Brand Influence around consumers’ opportunities: save to spend. Bodega Aurrera and Liverpool help their consumers to be wisely inspired.
Nowadays it is no longer a matter of awareness, engagement or impact. These harder times demand new KPI’s to show if a business is really growing. Influence is the most relevant of all. It is because influence integrates three things: Brand Potential, User Loyalty and Market Buzz. Brand Potential is the contained power to drive sales continuously, User Loyalty the capacity to make users keep buying, and Market Buzz the capacity to spread love for the brand to others. Drive>>Buy>>Spread are the three constants of an Influential Brand.
So what is happening in terms of Influence in Mexico? The BrandZ™ Top 30 Most Valuable Mexican Brands lost 11% Brand Value (average) in 2017. Compare this to Top 30 Global Brands (which grew 8%) and you see Mexican brands are almost 19% behind - so Influence is not good enough. Brands in Mexico need to be more influential. Making it to the BrandZ™ Global Ranking for the three top Mexican Brands means that Corona need to reverse their -10% and grow 137%, Telcel reverse their -26% and grow 227%, and Televisa reverse their -9% and grow 259%.
WHAT DOES IT TAKE TO BE INFLUENTIAL?
Companies’ first need to have a user-centered way of working in their teams. Second, they must have the ability to create immersive brand experiences. Third, they need ways of monitoring Influence. Without user-centered thinking and immersive experiences, brands will lose more and have an increasingly difficult time. Keep this in mind: it is hard to grow 1% market share, sure, but losing 1% and then getting it back is almost impossible. One way or the other, it requires companies to be working on Influence. Insights2020, our global initiative that focuses on uncovering the drivers of customer-centric growth, showed that companies in Mexico have a lack in Touchpoint Consistency (42 out of 100) and Customer related KPI’s (40 of 100). Big opportunities exist for companies (and people) to think and act influentially. Yet, to create Influential Brands, to make users Drive>>Buy>>Spread, to expand our Brand Value, we need a different mindset.
We constantly hear “there’s no money/ interest to invest in building Brand Influence, it is not a priority”. If it is not the #1 priority, then what are the other ways to grow business? Money has to be invested in expanding Influence and increasing Brand Value. We strongly recommend when talking about business growth, companies speak of it as being “a matter of Brand Influence”. Beware, if you do not do it now, tomorrow may be too late. Make Brand Influence your company’s #1 Priority today.