10 Brands Following Warren Buffett’s Advice
When Berkshire Hathaway (NYSE:BRKA) received a subpoena from the New York Attorney General’s office nearly a decade ago as part of an insurance investigation, chief executive officer and largest shareholder Warren Buffett reminded his managers, “Berkshire can afford to lose money, even lots of money; it can’t afford to lose reputation, even a shred of reputation. You and I are the guardians of that reputation. And in the long run we will have whatever reputation we deserve.”
A good reputation is the foundation of long-term profits. If people hold a negative perception of a brand, they are not likely to become repeat customers. A new report from consulting firm CoreBrand names the most powerful brands in the market that clearly understand Buffett’s wisdom. The firm looks at familiarity and favorability when selecting brands, and uses the only brand research methodology to be validated by the Marketing Accountability Standards Board. CoreBrand has continuously conducted a benchmark tracking survey and maintained the corporate media and financial data for nearly 1,000 companies across 50 industries.
The brand power of the top 100 brands is at its highest level since 2009 as companies across the board continue to recover from the lows made during the financial meltdown. However, the average is still 2.1 points below its 2008 level. Let’s take a look at the top ten most powerful brands.