Our overall brand perceptions are invariably shaped by our experiences. And loyal customer relationships can be severed in moments by a negative service interaction.
Woolworths has again been named Australia’s most valuable brand despite a 10 per cent decline in value and a healthy performance by Telstra.
According to Brand Finance’s latest top 100 Australian brands report, the Woolworths brand value dropped to $11bn in the last 12 months, from $12.1 billion in 2014.
In contrast, second place holder, Telstra, saw its brand value lift 14 per cent to $9.6bn over the past year, largely due to its prioritisation of customer advocacy, Brand Finance said.
The Commonwealth Bank, which took out third position, was another strong performer in terms of brand value over the past year, rising 37 per cent to $9.2bn to take the most valuable bank brand position from ANZ. CommBank was also upgraded to a AAA rating, making it Australia’s most powerful brand, Brand Finance said.
Across the board, banks continue to grow significantly in terms of brand value, said Brand Finance Australia managing director, Mark Crowe.
“Overall, the Australian banks have performed exceptionally well and achieved outstanding results,” he said. “Increased brand strength will enable the banks to remain very competitive by building loyalty and minimising customer churn.”
Rounding out the top 10 most valuable brands list in Australia this year are ANZ, BHP Billiton, Coles, Westpac, NAB, Rio Tinto and Optus.
Across the wider bank, Brand Finance noted Qantas had lifted its brand value by 11 per cent to $1.6bn despite facing difficult market conditions. The airline now sits in 15th spot on the list.
Brand Finance also provided a list of Australia’s top 10 most powerful brands. After CommBank, this encompassed Telstra, Flight Centre, NAB, Virgin Australia, Jetstar, Westpac, ANZ, Kmart and Rio Tinto.
The Brand Finance top 100 list is based on the group’s brand strength index, which weighs up a series of attributes such as emotional connection, financial performance and sustainability. The group also takes royalty rate data and assigns a brand score out of 100 as well as a credit rating.
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