Google toppled Apple by dint of brand value. Having the highest brand value, finally, Google outperformed Apple. The American multinational technology company won the game after 5 years of a hard battle. Apple Inc. lost its crown after five years of dominating superiority. As of late, a famous branded business valuation consultancy, Brand Finance published the ranking.
Brand Finance way
The brand strategy consultancy firm creates the ranking review several crucial parameters. Which are the products of a certain brand generate revenue? Or, how influential the brand is, in terms of consumer decision making and brand loyalty? However, every year the firm sorts out the best brands according to the highest brand value. Later on, it publishes the list as a report.
Last year Google as a search engine was unparalleled, way ahead of the game. According to Brand Finance data, the search engine brand was beyond the reach of all its competitors. Moreover, the search engine segment of Google is the main source of the revenue generation stream. The report says, Google brand value increased as much as 24% in 2016 ($88.2 billion to $109.4 billion). Consequently, became the most valuable brand on earth.
On the other hand, Apple which was apparently unreachable had one of the most historic drops. Its brand value plummeted to $107.1 billion from $145.9 billion. Moreover, David Haigh, chief executive officer (CEO) of Brand Finance explained, “Apple has struggled to maintain its technological advantage… while Chinese market is now crowded with local competitors. Apple has been living on borrowed time for several years by exploiting its accumulated brand equity. This underlines one of the many benefits of a strong brand, but Apple has finally taken it too far”.
Overall, in the report technology companies are dominating the top 10 highest valued corporations.