A lack of innovation amongst the UK’s top brands makes them vulnerable to exciting new startups that disrupt their space.
According to WPP and Kantar Millward Brown’s BrandZ top most 50 most valuable UK brands, despite the UK’s leading brands being well-known and respected around the world, consumers don’t see them as particularly innovative. UK brands that score highest on innovation are almost twice as valuable as those with low consumer scores.
“The UK’s household names must behave like leaders to protect their value,” said Louise Ainsworth, UK CEO at Kantar Millward Brown. “Fame and scale have sustained them well, but they’re vulnerable to disruption from younger, more innovative rivals. Without losing what makes them loved and trusted, UK brands need to refresh what they stand for to make it relevant to today. They should be quicker to capitalise on technology to make consumers’ lives easier, and communicate their innovations effectively to build perceptions.”
The combined value of all brands in the ranking is $234.5bn (£173.7bn). Vodafone tops the list of the UK’s most valuable brands with a value of $27.3bn, accounting for 12 per cent of the ranking’s total value. It is followed by HSBC, Shell, BT, BP, Sky, Tesco, Lipton, Barclays, and O2 to round out the top 10.
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