Vancouver—What’s ahead of some high profile brands who take special care in building relationships with consumers? Well, according to Vision Critical, a market research firm, many brands today fail to understand the importance of the consumer relationship with their brand when making critical business decisions.
“This is a result of not seeing the full brand performance picture, experiencing data overload, or making decisions based on incomplete or rearview mirror data,” states Vision Critical’s report: “The 10 Most Financially Promising Pure Play Brands.”
Using its Brand Equity Relationship Assessment (Bera), Vision Critical says every brand manager and chief marketing officer can avoid institutional blindness and have the critical tools to measure, manage and maximize their brand’s competitive advantage for today and tomorrow.
The most financially promising pure play brands are those that have a large percentage of prospects who believe that the brand has a brighter tomorrow than its current position today. The results are based on a survey of 20,000 Americans, covering 200 categories in the week of February 25.
Among the 10 are four fashion brands. Of each, the company reports:
Costco (Ranked No. 1) “is verging on a relationship of love based on public perception. They should consider ‘moat building’ to increase their competitive advantage for both current customers and prospects. In particular, our consumer research suggests that Costco should leverage the people “P”, as customer experience and service is the highest rated of the marketing Ps tested. This is likely because of the sheer amount of taste testing and product interaction that Costco offers in stores.”
Movado (No. 3), Coach (No. 5) and Michael Kors (No. 6) “should drive for uniqueness for their brands. They are still in the ‘dating phase’ of the relationship with Americans and need to push to prove why they are the best brand for shoppers to consider.”
Looking specifically at Movado, Vision Critical recommends the company “determine how to leverage their unique design and brand stamp into line extensions and develop a closer tie to their celebrity endorsements.
A pure play public company is one that derives at least 80% of sales from one brand. www.visioncritical.com