The best brands represent more than just a purchase to their customers. Instead, the most successful organizations are able to really connect with customers who understand what the brand really stands for.However, according to a new report by Vision Critical, many brands fail to understand the importance of the customer relationship with their brand when making important business decisions. "This is a result of not seeing the full brand performance picture, experiencing data overload, or making decisions based on incomplete or rearview mirror data," the report notes.
Included in customers' perception of a brand is whether they think it has a brighter tomorrow. Following a survey with 20,000 Americans, Vision Critical compiled a list of the 10 most financially promising pure play brands in the United States. Costco, Cisco, and Movado topped the charts, with around a third of respondents saying that while they haven't used the brand in the past, they would greatly consider using it and expressed their belief that the brand has a brighter future compared to its current position. Here are some points that Vision Critical made in its report for the top 10 financially promising brands to make the most of their success:
1. Costco is verging on a relationship of love and needs to invest in customer experience and service.
2. Cisco, Movado, Columbia, Coach, and Michael Kors should strive to showcase the uniqueness of their brands. Vision Critical notes that these companies need to push to prove why they are the best brand.
4. Electronic Arts is still in the "dating stage" of the relationship with customers, according to Vision Critical. The company should stretch the brand and expand its boundaries to grow the relationship with current customers and prospects.
Today's customers have several different brands to choose from, and many times the differentiators are very minimal. It's imperative for firms to understand what their customers and prospects think about the brand and strive to reiterate successes and address problems.