Top line from the Brandchannel.com article - Best Global Brands: Lessons Learned
The most fascinating comment in the post was the one on 'Knowing thy self' as a brand.
Lesson #1: Brand Engagement is Crucial
Lesson #2: Luxury Brands Adjust to the Tides of the Global Economy
Luxury brands benefit from a consumer-driven psychological buoyancy that allows them to paddle the currents that stir the global economy.
Lesson #3: Know Thyself and Build Trust in Others
Branding communicates a set of values and promises to customers. When a brand delivers on those promises, trust is created, and a relationship based on shared experience and loyalty ensues. That bond is vital to brands, particularly when the economic climate sours and consumers shift their spending habits.
Lesson #4: Brands are Defining Borders in the Global Economy
when consumers around the globe think of fine "Italian" menswear, they aren't thinking of Italy, the actual country, at all; they are, in fact, collectively thinking of Italian brands such as Armani, Brioni, and Ermenegildo Zegna. The same principle applies to cars, (renowned German car engineering is the genius of Audi, Mercedes, BMW, and Porsche), and booze (all of France doesn't make Champagne, Champagne makes Champagne). Though particular nations may benefit from the halo effect of these brands, which is certainly warranted, credit should be attributed to the brands for the quality of their products and their admirable unwillingness to compromise the brand values that consistently ensure quality.
Lesson #5: Technology Continues to Empower the Consumer
"Only brands that actively engage their audiences in a conversation will survive… If we don't ask them to participate, watch out, because they will happily take matters into their own hands. Just look at the hundreds of homemade Apple commercials (or the more antagonistic Microsoft Zune spoofs) on YouTube and you'll see that this can't be stopped. So don't fight this phenomenon. Embrace it."
