The Internet is a useful tool for both businesses and customers because it enables business owners to expose their services and customers to weigh up the pros and cons of different brands. With numerous sites providing updated statistics for global brand rankings, people are referring to the net as a way of finding out the position of top companies.
So how are these rankings generated?
Well, scrupulous information is collected from web users who can decide whether or not they deem a brand as ‘positive’ or ‘negative’. When sufficient data is gathered, the rankings are inaugurated. As other websites acknowledge particular brands on ranking lists, the calculations will change, making the individual rankings adjust accordingly.
Honest opinions count a lot.
With data being collected from various sources the question remains – can brand rankings on the net be trusted? Well, there are good and bad points relating to the way in which the rankings are positioned. A positive point is the fact that consumers from around the world can provide honest opinions on their favorite brands, based on the following attributes:
• Brand quality
• Value for money
• Customer satisfaction
• Brand image
• Brand sustainability
Calculating a brand’s performance…
This information helps web users to track down the fastest-growing companies, but is the consumer’s trust enough to calculate a brand’s performance? A negative point relating to this way of generating rankings is that it does not reflect the company’s retail, sales and media visibility. Additionally, the brand rankings listed online don’t demonstrate the trade feedback as much as the market feedback. While some brands may be popular and top-selling, this does not necessarily outline the main qualities of the brand.
Perhaps a more reliable way to rank brands would be to combine consumer evaluations with solid statistics, media visibility information and various attributes. If feedback is not provided for certain brands it would be wise to eliminate them from the ranking and focus on the most recognized companies. By giving consumers the opportunity to rate companies on a 10 point scale, consumer opinions can be gathered based on real experiences, thus giving brands a fair representation across a range of categories.