With all the brands that play a major role in your day-to-day — from picking up your daily Starbucks to streaming your workout playlist on Spotify — which ones are the most relevant? Global consultancy firm Prophet recently released its fourth annual Brand Relevance Index.
For its index, Prophet surveyed 12,694 consumers in the U.S. on 299 brands in 37 different industries. Consumers measured the brands on four key principles: customer obsession (brands you can't live without), ruthless pragmatism (brands you can depend on), pervasive innovation (brands that consistently innovate) and distinctive inspiration (brands that inspire you).
Overall, these are the top 10 brands on Prophet's Brand Relevance Index for 2018.
Interestingly, Pinterest was the only social media giant to crack the index's top 10 (ranking first for the "makes me feel inspired" and "engages with me in new and creative ways" measures), and few even placed in the top 50. Notably missing from the top 50 on Prophet's index are Facebook, Twitter, Snap and Instagram. Pinterest, however, ranked third, and YouTube ranked 12th (with high scores for the "connects with me emotionally" measure).
In fact, social media brands ranked pretty poorly overall. Instagram ranked 152nd, Facebook 211th and Snapchat 215th. Social media's slipping ranks coincide with a plethora of problems — ranging from election interference to privacy concerns — that have recently plagued social media companies.
"Another interesting nugget is that millennials showed huge drops from Facebook (-21), Snap (-44), and Instagram (-31)," Scott Davis, chief growth officer at Prophet, tells CNBC Make It. "Non-millennials showed an even higher drop in relevance for Facebook (-45), though a slight gain for Snap (+12)."
Facebook, Davis says, scored poorest in the area of distinctive inspiration, "especially due to trust issues and not having a purpose consumers believed in." Meanwhile, Instagram and Twitter performed the poorest in the area of customer obsession — with consumers saying they could live without it and that it didn't meet an important need in life.
This year, Apple takes the top spot of most relevant brand for the fourth consecutive year, with Prophet noting that it "continues to be unbeatable in measures of customer obsession and ground-breaking innovation."
Apple is followed by Amazon on the index, with Pinterest, Netflix and then Android making up the index's top five most relevant brands.
Millennial favorites like Spotify (ranked ninth with good scores across the customer obsessed, ruthlessly pragmatic and persuasively innovative categories), PayPal (ranked 20th, with high scores for measures of ruthless pragmatism), Chick-fil-A (ranked 30th, also with high scores of pragmatism), Etsy (ranked 35th, which Prophet notes is a brand that is targeted yet inclusive), Trader Joe's (ranked 41st) and Uber (ranked 49th) all claimed spots on the index's top 50.
Prophet also sliced up the data to show the top brands among millennials and the top brands among non-millennials. Brands that cracked the top five for both demographics include Netflix, Apple and Amazon.
For millennials, Netflix took the top spot, followed by Amazon, KitchenAid, Apple and then Google.
For non-millennials, Apple ranked first, followed by Amazon, Pinterest, Android and then Netflix.
Prophet's index also found differences between the most relevant brands for men and the most relevant brands for women. For women, Prophet found the top five most relevant brands are Apple, Netflix, Pinterest, Amazon and Android. For men, the top five brands go to Amazon, Apple, PlayStation, Spotify and Samsung.
Other legacy brands that popped up on Prophet's index of the top 50 include Dyson (ranked 48th) and KitchenAid, which remained relevant thanks to innovating new products while still maintaining their dependability and quality, Prophet notes.
You can view the index in its entirety here.
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