Apple has retained the title of the world’s most valuable brand following a 35% increase to US$355.1 billion – the highest brand value ever recorded in the Brand Finance Global 500 ranking by Brand Finance.
The brand valuation consultancy says the tech giant had a “stellar” 2021, highlighted by its achievement at the start of 2022 – being the first company to reach a US$3 trillion market valuation. Apple’s success historically lied in honing its core brand positioning, but its more recent growth can be attributed to the company’s recognition that its brand can be applied effectively to a much broader range of services, according to Brand Finance.
The iPhone still accounts for around half of the brand’s sales. However, this year saw Apple give more attention to its other suite of products with a new generation of iPads, an overhaul to the iMac, and introduction of AirTags. Its range of services, from Apple Pay to Apple TV, has also gone from strength to strength and become of increasing importance to the brand’s success, according to Brand Finance.
And the report adds: Additionally, Apple knows the importance of being in tune with its customers for maintaining brand equity. Privacy and the environment are salient topics, and Apple bolstered its credentials on both fronts. This is evidenced by a greater transparency of the App Store’s privacy policy, reinforcing the trust customers have in the brand, and the announcement that more of Apple’s manufacturing partners will be moving to 100% renewable energy, as the company aims to reach carbon neutrality by 2030.
“Apple commands an amazing level of brand loyalty, largely thanks to its reputation for quality and innovation,” says David Haigh, chairman and CEO of Brand Finance. “Decades of hard work put into perfecting the brand have seen Apple become a cultural phenomenon, which allows it to not only compete, but thrive in a huge number of markets. With rumours abounding of its foray into electric vehicles and virtual reality, it seems it is ready for a new leap.”
Article provided with permission from AppleWorld.Today
