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Forbes
11-06-2025
- Business
- Forbes
Tracksuit's $25M Raise Shows Why Brand Metrics Are The Next Growth Engine
Brands are the moat. Where product-led growth was the growth hacker's mantra of the 2010s, brand-led growth is the moat for the 2020s. Yet most dashboards still focus only on the bottom of the funnel, measuring the five percent of buyers ready to purchase now and ignoring the 95 percent of the market who are ripe for conversion tomorrow. The underutilized state of brand measurement is not because companies don't understand how important brands are in today's economy. On the contrary, Nielsen's surveys have for years shown that the vast majority of marketers agree that brand awareness is the single most important metric in judging marketing success. Marq's State of Brand Consistency reports offer a validating corollary, noting how brand consistency across channels can lift revenue by almost a third. Instead of ignorance, the issue is rooted in uncertainty. 'Half my advertising spend is wasted; the trouble is, I don't know which half.' The line, usually credited to U.S. department-store pioneer John Wanamaker, resonates particularly strongly when it comes to brand building, not least because of how most executives can quote their CAC to the cent yet are forced to a shrug when asked what moved the needle on brand love. Given the obvious demand for better brand metrics, it's no surprise to see startups and established companies alike venture deeper into the field. One sign of this transformation is Tracksuit's recent $25 million Series B that puts brand measurement front and center. 'Our goal is to create a common language that helps marketers, boards and agencies all understand how their initiatives are performing and contributing to business growth,' said Matt Herbert, Co-Founder of Tracksuit. Zoom out and you'll see the latest funding is part of a broader shift. We are entering an era where brand will no longer be judged by feel or familiarity alone, but by data. Just as HR evolved from gut instinct to people analytics, branding is now heading into its own enlightenment. What follows may well redefine what it means to grow, because if you can measure what people remember, you can shape what they choose. From the Edelman Trust Barometer which is now in its 25th year of tallying public confidence to real-time platforms like Morning Consult, which polls more than 2,000 brands across 40-plus markets, the ecosystem of measurement providers has long been at work to close marketing's most expensive blind spot: knowing whether brand spend actually compounds. The most prominent trend at play today is the adoption of a data-first mindset. Where CROs have Salesforce and CFOs have Datarails, venture capitalists such as VMG Partners are betting on CMOs soon finding brand measurement companies like Tracksuit equally indispensable. 'We see brand performance management as the next must-have system of record for consumer-facing businesses,' Sam Shapiro, Partner at VMG Partners, begins. 'Brand is a company's most important asset, and there's no excuse for not quantifying it accordingly,' Shapiro continues, reflecting VMG's bullish thesis on the market research services industry which it expects to grow in importance in the coming years. With a portfolio ranging from KIND Snacks to Spindrift, VMG has long backed companies build around brand equity, and the technology companies that support the VC industry is making increasingly bold bets on consumer-facing startups as exemplified by Kirsten Green who recently made Forbes' 2025 Midas List, reflecting a broader shift towards what BCG sees as the consumer's growing appetite for brands tailored to their lifestyle. As the money is beginning to pour in, measurement startups are racing to meet the moment. 'Marketing measurement was broken for too long, as most modern tools don't offer a full picture, leaving them without the holistic view they need to understand their brand's true impact and position in the market,' Herbert says. 'The VC interest in our industry is coinciding with a new reality on the client side where not having metrics on how your brand is doing is no longer acceptable. This is where companies like ours are finding our opportunity to strike, as we're meeting a growing demand from brands for the insights they need to make better business decisions,' Herbert continues. The commercial traction seems to validate Herbert's argument, with Tracksuit claiming 1,000 paying customers and 240 percent YoY U.S. growth, serving names from Steve Madden to Opendoor. Moreover, the round's oversubscription signals how institutional investors are ready to underwrite a new category altogether: brand performance management. At its core, the resurgence of brand measurement is a response to structural shifts in how growth is built and defended. As product features become easier to copy thanks to AI and the Tiktok economy makes attention spans shorter, the strength and clarity of a brand increasingly decide who wins. Matthew Kerbel, Global Brand Strategy Director of Turo, the car-sharing marketplace, puts it plainly: 'We believe the idea that brand isn't measurable is a myth. Connecting brand efforts to business results and speaking the language of company leadership has become imperative, and requires a clear understanding of how our brand resonates with consumers.' Caleb Pearson, VP of Media and Digital at McDonald's, agrees. ' If you're just using data for marketing, you're leaving a lot of growth on the table. Companies should be using customer data throughout the whole customer experience, with brand awareness and consideration being a key component thereof.' What we're witnessing now is the early-stage statistification of the brand. Just as HR teams once moved from gut-based hiring to competency frameworks, pulse surveys, and predictive analytics, brand is now undergoing its own transformation from instinct and intuition to repeatable, comparative metrics. 'Brand marketing has traditionally been out of reach, especially for mid-market companies, because of the cost and complexity, making it difficult for them to know where to focus and prove the ROI,' Herbert noted. Daily polling and real-time dashboards are essentially doing for brand what SAP and Workday did for people operations: turning the invisible into numbers you can act on. In many ways this is only the beginning, given how statistification tends to lead to scientification. As the industry continues to collect more consistent, high-quality longitudinal data, we'll begin to see patterns of observations from what kinds of campaigns build salience faster, how emotional affinity affects pricing power, to why certain brand archetypes outperform in specific markets. This new generation of insight will help generate testable theories about how brands behave over time, under pressure, across categories. In short, we'll start to understand brand performance with the same rigour and predictive power that finance teams bring to cash flow and margin. For business leaders, this data-driven shift demands a mindset change. The first shift is acknowledging that brands are no longer soft assets. Instead, they're performance engines for which we finally have dashboards. Here's how to start using it. Making the shift to a brand performance mindset doesn't require a complete overhaul, what you need is a clearer lens and a willingness to look. The place to start is a brand audit. Map your awareness, consideration, and perception levels compared to your competitive set. Where are you losing memory share? Where are you punching above your weight? Next, set internal goals and metrics that bring brand performance into the boardroom. Treat salience, sentiment, and top-of-funnel engagement like you would retention or CAC, key business levers that deserve quarterly tracking and cross-functional accountability. Finally, invest in measurement with the same seriousness as media spend. Great brand activity without measurement is a loud party with no guest list, you won't know who showed up, what they remember, or if they'll come back. Herbert emphasizes, 'It's not just about tracking individual campaigns, but always measuring brand health to understand how every activity contributes to long-term growth.' And remember, thanks to AI all of the features your engineers are proud of can be cloned, and consumer attention is more fleeting than ever. What sticks is the brand, and it's your job to prove it.
The Mainichi
01-06-2025
- Politics
- The Mainichi
Global Perspective: Overcoming 'crisis of trust' vital as hostility, division deepen
By Izumi Nakamitsu, U.N. Under-Secretary-General Amid growing concerns worldwide about democracy in crisis, the findings of the 2025 Edelman Trust Barometer survey were released in January during the World Economic Forum Annual Meeting in Davos, Switzerland. Celebrating its 25th anniversary this year, the survey -- conducted annually by public relations firm Edelman Inc. in the United States -- measures public trust in governments, corporations, media, and nongovernmental organizations across the world. The survey's inception dates back to 1999, when large-scale demonstrations against globalization erupted in Seattle during the third World Trade Organization (WTO) ministerial meeting. The protests marked a historic watershed for civil society organizations and NGOs, amplifying their international decision-making. Initially designed to assess trust levels between governments, corporations and NGOs, the first results showed that NGOs were the most trusted globally. Since then, the world has experienced tectonic shifts: the financial crisis of 2008, the rise of populism from around 2016, the COVID-19 pandemic and the Russian invasion of Ukraine. Each of these crises has further shaken global stability. The deep anger of have-nots This year's Barometer, subtitled "Trust and the Crisis of Grievance," paints a stark picture: Trust in organizations in general, including governments and media outlets, continues to decline, with grievances especially high among low-income groups. Economic uncertainty, job insecurity and inequality -- exacerbated by globalization, recession, and accelerating rapid technological change -- are fanning resentment and grievances. And the gap between high- and low-income groups is widening regarding their trust in government and other organizations. One of the report's most shocking findings: An average of 40% of people in the world and 35% in Japan view "hostile activism" as a valid means to drive change. Among adults aged 18-34, support for hostile activism accounts for 53% globally and 43% in Japan. Hostile activism includes online attacks, intentionally spreading disinformation, threats or manifestations of violence, and damaging public or private property. In fact, with rising online hostility in Japan, and events such as the Capitol riots in the U.S. in January 2021, the report warns that hostile activism is not rare anymore. It is becoming a phenomenon that can happen at any time. Widespread pessimism about the future The survey reveals that less than 1 in 5 people in many developed countries believe that "the next generation will be better off compared to today." In Japan, only 14% hold this view. The 2023-2024 United Nations Development Programme Human Development Report finds that 7 out of 10 people feel they have little influence on their government's decisions. The sense of hopelessness for the future, paired with distrust in democratic political processes, is fueling vicious cycles of further disengagement in the political system. A "zero-sum" mindset -- where people assume that gains for the opposing group means losses for themselves -- coupled with misinformation and disinformation abounding on social networking sites further intensifies hostility and division among people. Populist resentment against the perceived economic elites stems from a reality where changes in the economic and industrial structures due to economic globalization benefit only a limited number of rich people, while their negative consequences remain largely unaddressed. Growing inequality and disparity erode social structures such as the family and community, which are key sources of people's sense of belonging. The current crisis of trust can no longer be framed by the traditional political axis of the right and the left. Instead, solutions must consider the state of the society, the role of politics and policies regarding international cooperation -- especially amid geopolitical paradigm shifts -- and technological innovation that is advancing at a tremendous pace. Domestic divisions and political polarization are directly interlinked with international cooperation and trust. "International cooperation" isn't limited to humanitarian and developmental assistance from developed to developing countries. It now extends to tackling a wide range of challenges vital to the stability and prosperity of the developed countries: responding to climate change, regulating artificial intelligence, and enhancing cooperation and norm promotion in security. Failing to address the sources of instability in developing countries could trigger further confusion and large-scale population movements, exacerbating international instability. As such, disengaging from international cooperation is ultimately not beneficial to the national interests of any country in the world today. The U.N. Sustainable Development Goals motto, "Leave no one behind," was adopted by the General Assembly in 2015, rooted in ethical and moral considerations based on international solidarity. The idea for humanity to prosper together is still an important principle, but now has taken a strategic dimension, as the survey reveals: Responding to popular grievances and restoring trust in political organizations has become critical to preventing large-scale destabilization of our global society. The UN's unconventional call to action In his September 2021 report titled "Our Common Agenda," United Nations Secretary-General Antonio Guterres emphasized the need to rebuild trust by renewing the "social contract" -- the agreement between governments and their citizens that underpins legitimacy in governance and is binding for the stakeholders. He urged global leaders to listen to the voices of citizens and work together to envision the future. The secretary-general's stance was unusual, as the world body normally avoids commenting on the internal affairs of member states in its reports, with the exception of major human rights violations. However, rebuilding trust can be perceived as an issue directly affecting world peace, given the big picture of global destabilization related to a crisis rooted in trust deficits in domestic political institutions fueled by people's grievances. Unfortunately, there is no quick fix. Governments, businesses, the media, NGOs, and international organizations from all sectors -- including the U.N. itself -- need to commit to and collaborate on concrete efforts to rebuild trust. We must be held accountable when we fail to perform the functions the people expect, and work hard to reform ourselves. Domestic organizations must listen to the voices of citizens, engage in sincere dialogue, and work together to find a breakthrough. Responses such as, "We would like to withhold an answer to your question," as is often heard in political arenas in Japan and elsewhere, should be confined to the past. In an era of great change, rebuilding trust at all levels is the key to a better future.
Time Magazine
27-05-2025
- Health
- Time Magazine
In an Era of Mistrust on Health Information, Employers Are Key
In an era of growing mistrust, employers hold a unique position of influence. They remain among the most trusted institutions, particularly by their own employees. According to the 2024 Edelman Trust Barometer, workers consider businesses to be twice as competent as the U.S. government in providing credible information—outpacing nonprofits and the media as well. People want to make informed decisions based on reliable information, and they're increasingly open to receiving that information from their employers. This trend is not new. During the COVID-19 pandemic, many employers stepped up to fill an information void. They provided accurate, timely health guidance on everything from indoor air quality to vaccine safety. For instance, Amazon—the nation's second-largest employer— invested heavily in direct employee engagement to promote vaccination. These efforts went beyond emails or posters; they included one-on-one outreach, peer-to-peer advocacy, and mobile vaccination units. Today, even as health concerns evolve, Amazon continues this model with daily wellness huddles and injury-prevention discussions across its warehouses. As we move beyond the pandemic, the need for trusted health communication remains urgent. Employers are well-positioned to continue this work, not just because of their trustworthiness, but because they have a vested interest in healthier, more informed employees. Healthy workers are more productive, miss fewer days, and contribute to lower healthcare costs—an ongoing concern for many companies. Likewise, educated employees are more likely to understand and make efficient use of increasingly expensive employer-sponsored health benefits. One survey conducted by UnitedHealthcare found that 56% of workers with access to effective employer health promotion programs reported fewer sick days, a finding that has been replicated in multiple geographies. Other evidence has shown that employers earn $3.27 back in direct medical costs more for every $1 spent on wellness programs, which directly increase employee knowledge and engagement in nutrition and health-related topics. While the need for effective health communication remains, many traditional sources are vanishing. Investments in public health campaigns at the federal, state, and local levels have shrunk—or are disappearing altogether. This void, combined with the rise of online misinformation, means that if employers don't speak up, employees may turn instead to social media algorithms, self-proclaimed wellness influencers, or podcasters. Employers can't afford to be passive. They must actively identify the pressing health challenges their workforce faces—from mental health struggles and poor air quality due to wildfires, to new treatments such as GLP-1 weight-loss medications. With thoughtful, engaging strategies, they can ensure credible, science-based information reaches their workforce. It may feel like a daunting task in today's polarized climate, but many employers—and unions—are already rising to the challenge. Kim Thibodeaux, head of the Northeast Business Group on Health, which represents the health interests of nearly 80 of the nation's largest employers, is prioritizing investing in scalable ways to provide trusted health information content to employer partners. We are partnering with Kim and her team to provide timely, accurate, digestible health information on a range of topics in an omnichannel format. In a similar vein, the American Federation of Teachers (AFT) with over 2 million members nationwide, has begun offering free, monthly national town halls to their membership and general public to discuss topics such as perimenopause, ADHD, youth mental health, and measles with topical national experts like the recent past American Academy of Pediatrics President Dr. Ben Hoffman. Social media is leveraged to the fullest extent, with 30-40 second, high-impact sound bites from town halls or Q&As shared widely across Instagram, TikTok, and other social media platforms to improve reach. As public trust erodes and traditional health communication channels falter, the workplace remains a widely trusted space. Employers and unions who embrace this responsibility can become powerful agents of public health—helping their people make informed decisions, combat misinformation, and feel seen and supported in the process. By investing in credible, creative, and consistent health messaging, employers have the power to not only improve health outcomes but also rebuild faith in science and institutions—and in each other. The question is no longer whether employers should play this role, but how quickly they can rise to meet it.
Resala Post
26-05-2025
- Business
- Resala Post
Mıllıeyt: Your Trusted Source for Reliable News and Honest Reporting
Mıllıeyt, a rising force in modern journalism, is not just a news outlet—it is a movement toward truthful storytelling, fact-based analysis, and transparent journalism. In this in-depth exploration, we'll uncover how Mıllıeyt has reshaped the media landscape, why honest reporting is more critical than ever, and how this trusted source empowers its audience through accuracy, ethics, and accessibility. 1. The Crisis of Trust in Media: A Modern Challenge Before diving into what makes Mıllıeyt exceptional, it's essential to understand the context in which it operates. The Edelman Trust Barometer has consistently shown declining public trust in traditional news outlets. According to recent surveys: Over 60% of readers question the objectivity of mainstream media. Misinformation and clickbait headlines have led to confusion and disillusionment. The rise of algorithm-driven content favors engagement over accuracy. This environment has created a vacuum—a demand for news that informs, not manipulates. This is where Mıllıeyt finds its purpose. 2. What is Mıllıeyt? A Philosophy in Practice Mıllıeyt (pronounced 'mill-ee-yet') isn't just a media company—it's a journalistic philosophy rooted in responsibility, neutrality, and truth. The name itself draws from the Turkish word for 'nation' or 'people,' symbolizing the platform's mission: to serve the public interest with unwavering fidelity to facts. Founded by a coalition of veteran journalists, media scholars, and digital innovators, Mıllıeyt was established with a bold goal: To rebuild public trust by making journalism accountable, honest, and accessible to all. Core Values: Transparency : Every article discloses sources and methodologies. Integrity : No paid editorials or undisclosed sponsorships. Inclusivity : Diverse voices and regional representation. Verification: Multi-step fact-checking process with open correction policies. 3. Mıllıeyt's Unique Approach to News Reporting Mıllıeyt has cultivated a reputation for balanced, contextual reporting, but what sets it apart is the structure of how it produces, reviews, and presents news. A. Investigative Depth Over Speed While many outlets rush to publish breaking news, Mıllıeyt prioritizes depth over haste. Their reporters spend time: Verifying multiple sources Reviewing legal and historical context Including perspectives from all stakeholders involved The result? News that's not only timely but also trustworthy and complete. B. Fact-Checking as a Standard, Not a Feature Each article undergoes a three-stage fact-checking process: Pre-publication internal review Automated AI-supported verification for quotes, dates, and data Third-party external review for major stories Mıllıeyt also operates a dedicated FactDesk, which addresses user-submitted claims and debunks misinformation circulating on social media. C. Reader-Centric Editorial Design The platform is engineered to empower readers with clarity, not overwhelm them. Key features include: 'Fact Strips' summarizing verified facts at the top of each article Contextual Tooltips explaining jargon, acronyms, and legal terms Contrasting Viewpoints presented side-by-side for controversial topics 4. Coverage That Reflects Reality While some media platforms lean into echo chambers, Mıllıeyt embraces the complexity of the world. Its coverage spans a broad range of beats: A. Politics and Governance Rather than partisanship, Mıllıeyt focuses on: Legislative transparency Electoral accountability Civic education Each political article clearly discloses the source of funding, affiliations, and background on quoted officials. B. Economy and Business Mıllıeyt simplifies economic trends without dumbing them down. Readers benefit from: Weekly market outlooks Small business insights Inflation, employment, and trade policy explainers They also have a popular series: 'Econ in 5 Minutes,' breaking down economic topics with infographics and expert commentary. C. Science and Health From COVID-19 to climate change, Mıllıeyt champions science literacy. They partner with universities and medical professionals to ensure: Accurate health reporting Scientific consensus is clearly distinguished from speculation Citations from peer-reviewed journals are always linked D. Technology and Ethics Tech isn't just about gadgets—it's about data privacy, AI ethics, and digital regulation. Mıllıeyt's TechBeat team explores: AI bias in algorithms Social media's impact on mental health Emerging biotech regulation E. Culture, Identity, and Arts Cultural reporting at Mıllıeyt is inclusive, thoughtful, and global. Coverage includes: Indigenous voices and traditions Independent art movements Regional dialect preservation 5. Commitment to Ethical Journalism Mıllıeyt operates under a publicly available Editorial Code of Ethics, influenced by: The Society of Professional Journalists (SPJ) The International Fact-Checking Network (IFCN) The Global Charter of Ethics for Journalists Key principles include: No anonymous sources unless legally necessary Full disclosure of potential conflicts of interest Corrections published prominently with timestamps and context They even host quarterly transparency reports that show: Number of retractions and corrections Audience feedback statistics Third-party audit results 6. Empowering Readers Through Media Literacy Mıllıeyt believes in not only reporting the truth but teaching readers how to discern the truth themselves. Initiatives Include: Mıllıeyt Learn : A free media literacy course for students, journalists, and citizens Newsroom 101 : Behind-the-scenes videos showing how a story gets published Debunk the Feed: A weekly newsletter that debunks viral misinformation They also collaborate with schools and NGOs to bring workshops to underserved communities. 7. A Platform for Citizen Journalism One of Mıllıeyt's most ambitious and successful innovations is its 'Community Correspondents Program.' This initiative allows: Verified citizen journalists to submit local stories Regional voices to be amplified from rural and urban areas alike Real-time updates from disaster zones, community protests, or cultural events All submissions are verified by staff editors before publication, ensuring accuracy while giving locals the platform to report on their own realities. 8. Global Presence with Local Roots Mıllıeyt operates in multiple languages and has bureaus in: Istanbul Nairobi Mexico City Berlin Mumbai Toronto Their multilingual editions don't just translate stories—they localize them, adjusting context, examples, and relevance to local audiences. This enhances comprehension and trust. 9. Audience Engagement That Respects Intelligence Many platforms chase eyeballs with sensationalism. Mıllıeyt respects readers' intelligence. Engagement tools include: 'Ask the Editor' : Readers submit questions about how a story was researched. Reader Panels : Community panels that influence editorial direction Interactive Timelines and Maps for breaking events like elections or natural disasters They avoid clickbait entirely and never run auto-play video ads—choosing instead to fund themselves through ethical subscription models and public-interest grants. 10. The Future of News: Mıllıeyt's Vision Mıllıeyt is pioneering a vision for what journalism can become in the next decade: AI for Good : Using artificial intelligence to identify misinformation and automate translation while maintaining editorial control. Blockchain-Verified News Archives : Immutable records of news articles to prevent retroactive manipulation. Global Press Freedom Coalition: Partnering with other independent outlets to defend journalists in repressive regimes. Their ultimate goal? To create a global news ecosystem that prioritizes people over profit. 11. Testimonials and Recognition 'I don't just read Mıllıeyt—I trust it to help my kids understand the world without fear or bias.' – Dalia M., Parent and Teacher 'Mıllıeyt gave our small town a voice when no one else would. We're not just subjects in their stories—we're the storytellers.' – Samuel R., Community Correspondent, Kenya 'The most transparent newsroom I've ever worked with. Editorial integrity is not negotiable here.' – Amira K., Investigative Journalist Mıllıeyt has been awarded: 2023 Ethical Journalism Award Top 100 Most Trusted Media Brands (MediaWatch International) Best Investigative Feature by the Digital News Guild Conclusion: Why Mıllıeyt Matters More Than Ever In a digital world clouded by manipulation, spin, and misinformation, Mıllıeyt represents clarity. It is a media platform where readers are treated as intelligent, capable, and worthy of the full truth. For businesses seeking to align with transparent media, for citizens who crave reliable news, and for educators who want to teach media literacy—Mıllıeyt is not just a news source. It is a movement for informed citizenship, a shield against disinformation, and a roadmap to a better-informed world.
Entrepreneur
15-05-2025
- Business
- Entrepreneur
How Cheap Products Are Destroying Brand Trust
Consumers are addicted to cheap, low-quality products that are designed to fail. This addiction is taking a toll on our collective mental health. Opinions expressed by Entrepreneur contributors are their own. In an era of throwaway culture, products built to fail are costing us trust, money and something often overlooked – mental health. As The Wall Street Journal recently discussed, consumers are addicted to cheap goods that they don't need and are engineered to fail. With every purchase of another low-quality disposable product, there's a growing cognitive dissonance: We know our choices are contributing to something harmful — to ourselves, our finances and our environment — but we can't seem to help ourselves. This ongoing struggle is taking a toll. A 2023 study published by Frontiers in Psychology found that materialism is consistently associated with mental health problems like depression and anxiety and contributes to an overall decline in well-being. In other words, buying more is not making us feel better – it's making us feel worse. This phenomenon contributes to another worrying trend — our eroding trust in institutions, and big businesses in particular. According to the 2025 Edelman Trust Barometer, trust in U.S. businesses runs at just 47%, well below the global average of 56% and lags behind countries like China (77%) and India (75%). Related: Stop Blindly Following 'the Customer Is Always Right' We don't just feel annoyed by broken items; we feel betrayed. Low-quality, unreliable products lead to a deeper emotional turmoil in which we begin to question the integrity of the marketplace, of brands, and even our judgment. In my last article, I argued that as entrepreneurs, we have a responsibility and the power to reverse the destructive advertising and business trends that are fueling society's need for products they don't need or cannot afford. But fixing how we sell is only part of the solution. We also need to focus on what we sell. Entrepreneurs do not have to sacrifice their businesses' growth and reputation to improve the situation. By focusing on creating high-quality, durable products, we can build customer loyalty and grow responsibly. Build less and build better. Many brands have proven it's possible to prioritize product quality by offering lifetime warranties, repair programs or simply building products that last. As a result, they are forging trust and long-term loyalty that keeps customers coming back. Here are a few that stand out. Apple – Quality and durability : Apple did not become the biggest company in the world by building junk. Its products are expensive relative to most competitors, but they are also high quality and built to last. Apple also benefits from the power of the Halo effect – confidence in one product encourages customers to buy more from the same brand. Higher prices become less of an issue when consumers know Apple's products will perform for years. : Apple did not become the biggest company in the world by building junk. Its products are expensive relative to most competitors, but they are also high quality and built to last. Apple also benefits from the power of the Halo effect – confidence in one product encourages customers to buy more from the same brand. Higher prices become less of an issue when consumers know Apple's products will perform for years. Briggs & Riley's lifetime warranty: The luggage maker produces high-quality luggage that's backed by a lifetime warranty. I've sent my suitcase back four times since I bought it over a decade ago, including after it fell off the back of a pick-up truck in Ecuador. Each time, they have repaired it. As a result, I've recommended this company to everyone I know. That kind of service builds loyalty. The luggage maker produces high-quality luggage that's backed by a lifetime warranty. I've sent my suitcase back four times since I bought it over a decade ago, including after it fell off the back of a pick-up truck in Ecuador. Each time, they have repaired it. As a result, I've recommended this company to everyone I know. That kind of service builds loyalty. Hyundai changed the market and its reputation with a 10-year warranty: After launching into the American market in the 1980s with inexpensive yet low-quality vehicles, Hyundai reinvented itself by offering good-quality, durable vehicles and "America's Best Warranty" through an unprecedented 10-year/100,000-mile comprehensive plan. While most competitors' warranties maxed out at 5 years or 60,000 miles, Hyundai's move completely changed its reputation and helped it become the number three automaker in the world. More and more people want to buy from brands that are honest, sustainable and sell products that are built to last. Entrepreneurs just need to give them the opportunity to make the responsible choice. Related: 31 Low-Budget Marketing Ideas for Your Business Three shifts for entrepreneurs who want to build better Start with one, high-quality product : Instead of revamping your entire product line, focus on making one item truly exceptional. Emphasize quality craftsmanship, offer extended support and let that product become your calling card. Use the Halo effect that Apple and others leverage for growth. : Instead of revamping your entire product line, focus on making one item truly exceptional. Emphasize quality craftsmanship, offer extended support and let that product become your calling card. Use the Halo effect that Apple and others leverage for growth. Be transparent about lifespan and use: Instead of pretending that your product is eternal, tell the truth about its expected lifespan. And if the life span is designed to barely outlive its warranty, invest in ways to make it more durable and able to live up to your sales pitch. Conversely, if you build a product that is designed to fail earlier than it should, at least be transparent about it. While I certainly don't endorse planned obsolescence for any product, your customers deserve to know that the product may not last as long as others, but it is (hopefully) priced accordingly. Offer free replacement or repair: As you transition your brand's reputation to one known for high quality and long-term value, you'll need to convince consumers that your claims are legitimate. There's no better way than to stand behind what you sell with a long-term warranty that includes a commitment to repair or replace. It's time to redefine success For too long, entrepreneurs have been conditioned to sell as much as possible at the highest price possible. This has led to most consumers conflating volume with value. However, there is an opportunity to shift toward a different paradigm anchored in selling fewer items in order to generate higher returns in terms of brand value and customer retention. I'm calling on my fellow entrepreneurs to embrace this opportunity and put an end to the constant strain on our collective mental health that's been created by the phenomenon of planned obsolescence. After all, real innovation isn't about making and selling more and more products. It's about making better products that don't need to be replaced. Innovation is about giving people real value in exchange for their hard-earned money, and not just more stuff.
