B2B infrastructure and energy brands set to become household names in the age of purpose
Speaking to The Drum about the FutureBrand Index 2022, which revealed the world’s most valuable brands list is dominated by energy and technology companies, FutureBrand Australia CEO Rich Curtis says the clear purpose of these brands will see them become household names in the coming years.
“It's difficult to avoid the discussion in the media around purpose,” says Curtis. “If we're talking about toothpaste or dishwasher tablets, it can be very hard to reflect on what that purpose might be. But, if we're talking about new technologies, infrastructure, renewable energy, and so on, I think there's a much clearer and much stronger case for those organisations having a clearer sense of purpose and being able to deliver on that.”
What we know about purpose is that it's redundant, or at least invisible if it doesn't show up in the experience. What we're seeing year on year is that those brands that are able to strengthen the connection between the brand's purpose and the everyday experience perform particularly well. B2B brands have the opportunity to have that clear sense of purpose, and then deliver it through meaningful experiences that matter to people.
Rich Curtis CEO, FutureBrand Australia
Curtis says this is reflected in the dominance of B2B infrastructure and technology brands on the FutureBrand Index 2022. The list, which ranks the world’s most valuable brands by perception, was led by renewable energy company NextEra Energy, followed by Reliance Industries, CATL and Tata Consultancy Services – all of which have strong portfolios in green energy, electric vehicle batteries and renewables.
While these companies are currently not largely recognisable to consumers, it is only a matter of time.
Our modern consumer economy was kind of born out of the 1960s when the promise of the future was refrigeration in every home, air conditioners, and that kind of Jetson-like promise of the future. And that was the age that gave birth to the brands that evolved into the powerhouses like Unilever and P&G, and others. We're seeing now that those B2B brands are equally invested in our future. While the future in the 1960s was modern consumerisation, now, in the 2020s, it is the technology and the infrastructure we can rely on to live and work. Hence, you're seeing businesses like NextEra thrive. They will become household names as people become much more familiar with the brands providing that infrastructure and those platforms on which we all depend.
Rich Curtis CEO, FutureBrand Australia
The brand experience is much more important to a consumer than its identity, says Curtis, as brands are defined by what they do rather than say.
“We have seen a shift towards brand as an experience, and it’s much more about how you deliver an experience through which people can interact with your brand. It makes for a more succinct definition: a brand is what a brand does.”
“There was a time when brand and marketing were all about identity. Brands needed a clear sense of identity and differentiation. Hence, brands had to develop their personality, tone of voice, and a greater sense of identity because they needed to stand out and be recognisable and distinct from their competitors.
“I think where we’ve evolved now is beyond this idea as brand as identity to brand as utility. So, it’s less about ‘how do I identify a brand’ and more about ‘how do I use this brand to live a healthy lifestyle or access convenient products and services that make my life simpler in some way,’" says Curtis.
This article was originally published in The Drum on 10 October 2022.
