In the Fortune 500, 52 percent of companies that figured in the list in 2000 have disappeared. Furthermore, 75 percent of companies that figure in the S&P 200 at present will vanish by 2027.
The Interbrand workshop on Best Indian Brands, 2019 – the definitive guide to India's most valuable brands, at the recently concluded Star FLOW fest focused on laying down some golden rules for building brands that will thrive in unertain times.
Ashish Mishra, managing director, Interbrand India, said, "Brand building is not about keeping pace with change, but about driving growth amidst change."
He elaborates that at a fundamental level, the way consumers go about purchasing decisions have altered to hundreds of touch points across the spectrum. However, companies navigated these changes by setting up new teams and ended up creating internal organisation structures that do not talk to each other.
"A brave brand provides anchorage and drive efficiency. It has the courage to intercept the future and not just flow with it," said Mishra.
Taking cues from the best global brands report by Interbrand, he pointed out that the best performing sector in the top 100 brands across the world is the luxury sector showing a 42 percent growth. Interbrand executives add that luxury is not a category in itself, but about occupying a space of excellence in categories from auto to fashion.
A luxury mindset is being adopted even by brands outside of luxury. These brands create a delightful experience, hyper customer centricity, excellence in craft and they spawn a culture. These lessons of luxury brands are being followed by the others.
According to Mishra, the top global and local brands exhibit the characteristics of clarity, commitment, responsiveness, authenticity, differentiation, governance, relevance, consistency, presence and engagement.