The Best Global Brands report – published annually by brand consultancy Interbrand – is a ranking of the top 100 brands as determined by a number of factors, including financial performance and competitive strength.
This year, Cartier and Tiffany were the only jewellery companies that made the list, with both having increased positions from 2013.
Tiffany’s listing lifted from 75 to 71 and its brand value increased 9 per cent from US$5.4 billion (AU$6.2 b) to US$5.9 billion (AU$6.8 b). This was a slight increase from the previous year when its brand value rose 5 per cent.
Cartier ranked even higher. While its 2014 brand value increase of 8 per cent from US$6.9 billion (AU$7.9 b) to US$7.4 billion (AU$8.5 b) was not as significant as the 26 per cent rise it achieved in the previous year, the brand still moved two spots up from 60 to 58.
Nick Davis, general manager of Interbrand’s Melbourne office, told Jeweller that a number of factors had contributed to the two jewellery companies’ continued success, the first of which was the ability to be good storytellers.
“These brands ensure that at every touch point their story is reinforced and built upon. These are brands with great legacies and they find ways to play them up – Tiffany’s associations with the US Open [tennis championships] and The Great Gatsby film of 2013 are examples of this.”
Davis added that the brands’ adaptations to the technological age had also contributed to the success, stating that every brand should follow suit “to make unique connections and build unique experiences”.
He supplied a few examples: “Cartier has launched a full e-commerce platform, opening up a new sales channel but more importantly a new platform through which to engage their target consumers.
“Tiffany has embedded videos in their web pages to help create a more immersive experience that not only tantalises but creates drama and emotion. Tiffany has also launched an Engagement Ringfinder app.”
Finally, Davis explained that the companies’ continuing efforts to innovate had helped them to stay ahead of competitors.
“These brands understand that innovation is important and that standing still is perilous. Specifically, there is a requirement to go beyond the incremental and aim for the breakthrough,” he said, adding, “Cartier introduced 120 new watch models, confirming their reputation as a watchmaker par excellence but also as a business that is not ready to rest – and is seeking to create the next wave of iconic designs.”
Takeaway lessons
Commenting more generally on how local jewellery businesses could improve branding, Davis suggested looking to other categories for inspiration in order to avoid becoming too conventional.
He also pointed out that branding was about far more than visual aesthetic.
“[Branding] should speak not only to a unique logo and visual identity, but a unique culture, a unique way of working and a unique view on the world,” Davis said. “The best brands embrace the concept of ‘brand’ as something that can shape and determine every facet of their business.”
The Best Global Brands report is based on an analysis of the brand’s financial performance, the role the brand plays in purchase decisions and its competitive strength.
Apple and Google held the number one and number two positions on the 2014 list, respectively, while Amazon was ranked number 15.
The complete list of 2014’s top 100 brands can be viewed here.