By, Natalie Filice, Katie Kirk, & McKenna McVicker
Interbrand, a global brand consultancy, ranked the best global brands of 2017. Ranked by brand value, Apple sits on top, valued at 184,154 million. Apple increased brand value by 3% in 2017. Following Apple in the rankings are Google, Microsoft, Coca-Cola, and Amazon, respectively. These ratings prompts the question: “What makes Apple such a strong global brand that continues to increase the value of their brand annually?”
- Brand Consistency
Apple products are reliable and trustworthy. Regardless of the country that the product is purchased in, consumers are assured that the product is the same premium quality.
Apple products are standardized, the brand does not change or adjust features based upon the market that they target. The stores, customer service, and products are identical regardless of the location.
- Constant Evolution
The brand is continuously adapting and innovating their products. They beat their competitors to the punch and push the limits, defying expectations with groundbreaking advancements. The original iPhone was created just ten years ago, and since then the brand has released fourteen advancements or versions of the iPhone. This leads us to constantly question: what will Apple do next?
Apple has developed strong relationships with distributors such as AT&T, Verizon, and T-Mobile, whom have large global presences, enabling Apple to have a far reach into various markets.
One of the most important factors into Apple’s success as a global brand, is their growth strategy. As the company continues to differentiate and innovate, they focus on market penetration. The brand works to gain larger market shares of the products that they already sell as a brand such as the iPhone or iPad.
- The Name Itself
Under the influence and fame of Steve Jobs, Apple is worldly recognized as the leader in the technology industry. With a simple logo, there is an association that consumers automatically link to the name Apple.
These six factors are some of the many reasons why Apple continues to improve their brand value. The company increased brand value by 163,011 million in just ten years. If the company continues their current practices, we should expect to see them at number one again next year, continuing to increase their brand value.