Having a strong brand recognition can help sell products or services. But certain brands have become much more than that — they have become so ubiquitous that they are an integral part of the lives of millions worldwide.
It can be hard to precisely measure the full value of a high quality brand, but it goes far beyond just a familiar logo and the product or service. Companies spend enormous amounts of money, time, and energy to ensure their brands are not just well known, but also well liked, and therefore more profitable.
24/7 Wall St. reviewed Interbrand’s Best Global Brands report for 2018 to determine the most valuable brands in the world. Interbrand, a brand consultant group, evaluates global brands based on a range of factors, including how well a brand is known, how well it is regarded, and how much it contributes to the parent company’s financial success. Revenue figures represent the most recent fiscal year reported. We converted some revenue figures from foreign companies into U.S. dollars. The exchange rate is as of Oct. 7, 2019.
To maintain a strong brand, companies must offer high-quality products and good customer service while also avoiding misconduct and scandals that could drive customers elsewhere. Wells Fargo was recently caught creating fake bank accounts and enrolling customers in programs they did not sign up for. The scandal, which unfolded over several years, contributed to a 12% drop in the bank’s second quarter profits in 2018. These are America’s most hated companies.
The most valuable brands represent a wide array of different products and services like food and drinks, luxury goods, cars, and financial services. It is tech companies, however, that have emerged as the dominant sector, representing each of the top four brands, as well as five of the top 10 most valuable brands in the world. Companies are racing to make the next big breakthroughs in technology, particularly AI, or artificial intelligence. The companies that can most efficiently create machines that will automatically take care of jobs that used to require hours of manual labor will have businesses lining up for their services. These are the companies leading the AI revolution.