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On today’s Business Beat, Jeff discusses that latest brand intimacy rankings and what they mean.
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Good morning, Paul!
Well, it’s Friday on the Business Beat today presented by our good friends at Kapnick Insurance Group. Now, as you know, Paul, we like to have a little lighter approach to the Business Beat on Friday mornings as we head into the weekend. And so this morning on the beat, we’re going to be talking about intimacy.
That’s right, intimacy. Now, before we go getting all hot and bothered, this is the Business Beat and the type of intimacy we’re talking about this morning is known as brand intimate. And we’ve got the latest rankings on the most intimate brands, according to brand consultancy, known as MBLM first, before hearing which brands consumers find the most intimate.
Let’s be sure we know what we’re talking about here. Brand intimacy rankings, take into account, for example, how consumers rank brands. Indulgence that is whether the brand is associated with moments of pampering or gratification enhancement, whether the brand makes people’s lives better. And nostalgia, for example, whether the brand creates warm feelings, just to name a few.
OK. So what is the most intimate brand today? According to our friends at MBLM, it’s Apple. Again, it, number one, Apple was a strong brand, but has gotten even stronger over the last year. In fact, Apple’s so strong that the percentage of people saying that they can’t live without the brand rose eight points, the percentage of people saying they are willing to pay 20% more for its products than they would for those of Apple’s competitors.
Other brands making strong showings include Target, Costco and Zoom. Now Costco made a big leap to break into the top 10. Toyota became the first non-U.S. automotive brand to lead its category. And Harley-Davidson was among the 10 brand intimacy top. Who cares, you might say? Is this just a cute ranking of brands?
Well, not according to the folks at MBLM, they indicate the brand intimacy has a particularly strong impact on profit and share price. Collectively brands that ranked high on intimacy this year generated $16 billion more in profit than those that didn’t.
So, there you have it, Paul, a little education for all of us on brand intimacy. As we head into our weekend.
I’m Jeff Sloan, founder and CEO of startupnation.com. And that’s today’s business beat brought to you today by Dell Technologies and the Great Voice of the Great Lakes WJR.