Growing your brand, it’s what’s on the inside that counts

Every year, the FutureBrand Index studies the top 100 companies in the world by market capitalisation to understand the correlation between brand perceptions and financial performance. Now in its tenth year, a decade of data tells us that – in a world where the only certainty is uncertainty itself – driving competitive advantage by strengthening the connection between your brand’s purpose and everyday experience remains the one and only constant. In other words, it has never been more critical.

At its simplest, this is about doing what you say you’re going to do. But if there’s one added dimension that’s emerged in 2023, it’s the growing emphasis on corporate conscience and governance. And, the need for business leaders to be actively building reputation and trust with their own people and out in the world.

In this new era of the ‘purpose void’ – into which companies fall when they fail to practice what they preach – words are not enough. Everything must come back to tangible action and positive impact if brands are going to future-proof themselves against the many challenges they face today, and tomorrow.

So, how to grow your brand in a rapidly evolving and unpredictable world? Seemingly, it truly is what’s on the inside that counts.

1. Strong brands take strong leadership

Reflecting increasing global uncertainty and the looming risk of the ‘purpose void’, failing to maintain ‘corporate reputation and trust’ has superseded ‘climate change’ as an even bigger perceived threat to future business success.

Beyond just having any old purpose, customers are looking to brands as beacons of ethics and trust, and employees are seeking safe and worthy places to work where their most fundamental needs are met.

The ability to provide this for people inside and out translates to strong brand performance this year, with all of the top five (including lithium battery producer, CATL and renewable energy heavyweight, NextEra Energy) genuinely delivering on what people perceive to truly matter today. Topping the FutureBrand Index 2023, Apple is leading the way with its efforts to avoid any large-scale layoffs. Perhaps then it’s no surprise that 48% of people surveyed would like to work for Apple, which is considerably higher than the 37% average.

Strong brands are made by strong leaders, particularly those who have the ability to make their audience believe what they say to be true. Demonstrating what they stand for, through clear actions and an indisputable impact on our everyday lives.

2. Beyond marketing, beyond marketers

The role and importance of branding has grown significantly in the minds of businesses, consumers and employees over the past decade or two. What was once an exercise in compelling storytelling to create demand is now fully-integrated into an organisation’s business strategy – guiding decisions and building value – and with a seat at the table alongside boards and CEOs.

However, CMOs and the marketing team having a seat at the table is no longer enough. The value of the chief executive and senior leaders being the ultimate brand believers is increasingly clear. What’s more, it has to be understood and felt across the organisation as a whole.

So much so that this year’s FutureBrand Index highlights ‘internal comprehension’ as one of the five big priorities for business leaders moving forward. Equipping your people to bring the brand to life through every product, service and interaction can translate to more people wanting to buy from you over and above your competitors. With ‘authenticity in its vision and actions’ the top motivator for customers looking to buy from companies like Nike and global science and tech innovator, Danaher, this year. 

It’s one thing to build comprehension and understanding, but quite another to build belief. When you can get brand & marketing teams to empower non-marketers, every single person is working to grow and leverage the brand as a strategic asset, inside and out.

3. It’s all about the people

Against a backdrop of global uncertainty, rising costs, mass redundancies and job security concerns, people are looking for brands that prioritise innovations that will make a real and positive difference to their lives.

So much so that the key drivers of wanting to work for a company are less about providing inspiration for change this year and more about having strong leaders and colleagues who respect one another and their fundamental needs. It’s the businesses powering the future of technology that are seen as ideal brands to work for in 2023, with Nvidia, CATL, Apple, TSMC and ASML all top ten brands. While diversity, equity and inclusion leaders are enjoying equally positive rankings.

Ultimately, people are looking for businesses who deliver tangible action and positive impact, because seeing is believing. And showing always trumps telling.

If today’s strongest brands consistently lead on trustworthiness, reliability, innovation, indispensability and resource management, it gives other brands looking to thrive a clear way forward. When so much in our lives is characterised by unpredictability and uncertainty, brands that build belief in something true, will stand above.