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Why consumers lost their faith – and how to win them back

The honest truth

Why consumers lost their faith – and how to win them back

 

Thank you for joining us as we celebrate the brands in the second annual WPP BrandZ Top 40 Most Valuable Australian Brands ranking.

 

The ranking is unique in that it charts a year-on-year decline in total brand value. And it’s unique in that the decline comes despite overall stock market growth.

 

This reflects the fact that many of the most valuable brands in this country are banks, and that many banks have been given a thorough dressing-down at the Royal Commission. Fines and resignations have been the most visible aspect of the fallout to date; this BrandZ data helps to quantify the effect on brands of the massive loss in consumers’ faith in banks.

 

It also underlines an important point about the value of investing in a strong and valuable brand: when the pressure is on – as it is not just in banking right now but also telecommunications and other service sectors – the strongest brands take less of a hit to their value, and recover more quickly than their competitors.

 

We analyse changing consumer sentiment towards brands in banking and beyond, and look at how smart brands are seeing the yawning gaps in public love for brands as a space in which they can grow.

 

Creative innovation the key to growth

 

This year’s report highlights areas where Australian brands should focus in order to lift their brand value growth trajectory. What clearly emerges from the data is that innovation is an incredibly powerful factor driving strength in brand value.

 

Innovation is about leading a category and offering something fresh and creative – being brave in undertaking something new, and then being bold enough to shout about it. We explore three key elements of innovation – disruption, creativity and leadership – and guide brands in how to do more of what matters most.

 

Our data shows that a perceived lack of creativity is at the heart of the “innovation gap” between Australian brands and the top brands from other markets. By improving their creativity credentials, Australian brands can influence consumers’ perceptions of innovation and, ultimately, unlock value growth.

 

Export opportunities

 

In this report, we look at emerging consumer trends that are shaping new media consumption habits and shopper behaviour.

 

There’s insight from across the WPP companies into subjects as varied as: the uncomfortable business of confronting unpleasant truths, and the importance of focusing on how a brand does what it does, rather than simply what it does. And, perhaps somewhat unexpectedly for a communications group, we examine the power of being silent.

 

This report also sheds light on global citizens’ perceptions of what “Made in Australia” means to them. We present exclusive analysis of the latest data from the “Best Countries” global study, undertaken by VMLY&R BAV Group, with partners US News and the Wharton Business School.

 

The news here is positive, and highlights strong overseas demand for Australian-made products that remains largely unmet at the moment.

 

WPP has people working in Australia, providing advertising, marketing, research and PR expertise. Our companies work together to provide clients with cutting-edge insights that help position brands for market-beating growth.

 

The global WPP network now extends to 112 markets, and our BrandZ publications catalogue is expanding all the time.

 

If you enjoy this Australia report, I invite you to browse our long-running Top 100 Most Valuable Global Brands annual study, as well as our rankings and reports into the leading brands in the following markets: China, India, Indonesia, France, the UK, Germany, Spain, Italy, the Netherlands and South Africa. We also do a deep dive into the business of shopping, in the Top 75 Global Retail Brands ranking and report.  

To talk to someone about how WPP’s expertise could help your brand, feel free to contact any of the WPP companies who have contributed to this report. I’d also be delighted to hear from you directly.

 

Sincerely,

 

 

 

David Roth

CEO, The Store WPP, EMEA & Asia Chairman, BrandZ and BAV Group

David.Roth@wpp.com

Twitter: https://twitter.com/davidrothlondon

Blog: www.davidroth.com