“What do the world’s 50 best brands have in common?” wondered Jim Stengel (then the global marketing officer of Procter & Gamble). He set out to answer this question by performing a 10 year growth study of 50,000 brands. The study tracked the connection over a 10 year period between financial performance and customer engagement, loyalty, and advocacy.
He zoomed in on the top 50 brands now referred to as “The Stengel 50”. If you had invested in these brands over the last 10 years, you would have been 400 percent more profitable than if you had invested in the Standard & Poor’s (S&P) 500! So what’s the secret? What did the top 50 do differently?
Stengel discovered that the most profitable brands focus on their brand ideal. In other words, they focus on their higher order benefit to the world. Jim summarized it simply by saying “Great businesses have great ideals.”
What a relief! He offers proof that corporations outperform their competitors by doing good!
What exactly is an ideal and how do you achieve growth through this ideal? This summary shares an abridged version of Stengel’s explanation of an ideal and the 5 must-dos to achieve growth with your ideal. We also zoom in on just one must-do: the need to communicate your ideal to engage people internally and externally.
Enjoy my summary of top 3 gems from Grow here.