In 2023, Amazon overtook Apple's position as the most valuable brand in the world, according to the source's ranking. The e-commerce giant had an estimated brand value of about 299.3 billion U.S. dollars, while Apple was 297.5 billion dollars worth.
Tech companies on the top
A closer look at the 2023 brand ranking reveals that the top-10 list was once again dominated by U.S. tech brands. As a case in point, LinkedIn and Instagram ranked among the fastest-growing global brands that year regarding brand value. On the top of the list was the Chinese electric car manufacturer BYD.
The importance of brand value
Brand value, not to be mistaken with brand equity, is a term used in the marketing industry to describe the value of brands based on the implication that products with a well-known brand name can generate more money than those with a less well known name. Strong brands enhance business performance primarily through their influence on three key stakeholder groups: customers, employees, and investors. They influence customer choice and create loyalty; attract, retain, and motivate talent; and lower the cost of financing. According to a 2022 global survey, five out of 10 consumers would be willing to spend extra for a brand with an image that appealed to them.
