Amazon has been named the most inspirational brand in the world by a new report that claims that brands that inspire consumers are likely to reap the rewards by growing their market share and allowing them to charge premium rates.
The WPP-owned agency Wunderman Thompson’s ‘Inspiring Growth’ report examines why brands must inspire to drive growth and how, while also revealing that technology brands fair best as opposed to financial companies who rate less well.
Using BrandZ data which studied over 33,000 brands in 183 markets across 45 markets from the last six years, alongside a survey of 4,000 respondents, the report examined how brands can tell stories and offer experiences that inspire.
Wunderman Thompson intends to release an annual Inspire Score having developed a proprietary diagnostic tool to rank the top 100 inspiring brands around the world.
Amazon was the first brand to lead the rankings, as it was found to motivate millions of people to think differently and drove discovery of new products and services in the process. It was followed by tech brands Samsung and Apple in the top three respectively, both of which offer connectivity which improved the lives of its customers.
Of the responses, near three quarters (72%) said they wanted brands to be inspirations although just over half (53%) feel they experience that from brands currently, offering a potential market growth opportunity to drive both demand and increase prices.
Commenting on the findings, Mel Edwards, Global CEO, Wunderman Thompson, cited current economic struggles around the world following the Covid-19 pandemic and the challenges business are currently experiencing when attempting to grow.
“However, amongst a backdrop of uncertainty, our Inspiring Growth study unearths the power of inspiration as a strategy for growth, presenting a significant opportunity for brands that perhaps was once overlooked,” she added.
Other insights from within the report including finding Brazil to be the country most inspired by brands, with the United Kingdom the least inspired. Tech brands were the most inspirational brands as a category due to offering ‘broadening horizons’, while financial was at the bottom of the pile.
Brands that were successful in helping consumers discover new things and offered ideas and suggestions were also the most successful in being motivational.