In the current context, companies face diverse challenges continuously and must adapt to the changing environments of the countries where they operate.
They must adapt to changes in business models, the way people communicate, and how they relate to brands. Everything is in constant evolution.
This is why we say we live in VUCA (volatility, uncertainty, complexity, ambiguity) environments, which lead to situations or conditions that are difficult to analyze, respond to, or plan for. Therefore, understanding how to face these scenarios can help companies significantly improve their strategies and lead to better results.
With this in mind, BBK Group, together with Diario Financiero and Criteria, conducted the Total Brands Study, which analyzed 116 brands across 29 categories to provide companies with relevant information on how to properly measure themselves and achieve consistency in the messages they deliver to their consumers.
What is Total Brands?
Total Brands is a research project that, over six months, took on the task of analyzing the relevance of different brands across four crucial dimensions for business management in different industries:
- Value Proposition: What it offers.
- Identity: What it shows.
- Experience: What it delivers.
- Purpose: What it promotes.
These dimensions were measured across 3 areas that determine if a brand is relevant:
- Strength: Whether the brand is vigorous and has what is necessary to fulfill its promise.
- Current: Whether the brand has the capacity to adapt to the environment.
- Connected: Whether the brand builds bonds.
The study was conducted through surveys of more than 3,000 people in different sectors in Chile, in categories such as banks, airlines, water, food, automobiles, compensation funds, e-commerce, home appliances, pharmacies, department stores, insurance, supermarkets, technology, among others.
Total Brands 2022 Results
Among the main findings is that identity is the strongest dimension in brands, and the proposition is the weakest.
Other important results include that age is a differentiating factor when evaluating brands, as younger consumers had a different perception than older ones. Furthermore, brands in the Food and Home Improvement categories stand out for their relevance, while the categories lagging behind are Beer, Compensation Funds, Insurance, and Investments.
Why is Total Brands important?
For brands to exist, they need customers, and to build loyalty, companies need information that helps them make better decisions. A study like Total Brands allows brands to be measured comprehensively across the most important points for the current market.
In this way, businesses can know if they are truly delivering value to consumers in their products and services, but also in the experience they provide across all their contact channels, both physical and digital. This will allow them to evolve and innovate constantly.
Total Brands is a study conducted every year, measuring different brands, so the invitation to participate in the research is open to companies that wish to know the perception of their audiences. To participate in the study, you can contact us here (link).
To see the broadcast of the results and the analysis from the panelists, you can watch the video: