New digital services can quickly become challengers of the top rankings among Sweden’s most meaningful brands. In just a few years, Swish has taken a position that is almost as important in the lives of Swedes as IKEA. In the annual Purposeful Brands study by management consulting company Lynxeye, Swish still holds the first place, but this year Kivra makes an entry and is closing in on the topspot.
Purposeful Brands Digital survey ranks the 35 most used and downloaded digital services based on how meaningful they are.
“A company that comes up with very meaningful innovations to improve everyday life or solve societal issues can gain ground incredibly fast today.” says Johan Ekelin, co-founder of Lynxeye. “Kivra is a newcomer on the list and one of several brands within the digital service category that has taken on a meaningful role in people’s lives by doing exactly that.”
Christian Ihre and Johan Ekelin, founders of Lynxeye, announcing the most purposeful digital brands at Executive Purpose Summit 19/20.
The survey measures the five most important foundations for a company and brand to be perceived as meaningful; that it is trustworthy, responsible, future-proof, visionary and innovative.
“Swedes primarily see Kivra as a company that stands for innovation, responsibility and being visionary. What characterizes the most successful brands within the digital category is that they are problem solvers. You immediately understand the customer benefit. In recent years, the most successful newcomers on the list are also associated with responsibility, such as Kivra on second place, and above all, SVT Nyheter on sixth place this year,” Johan Ekelin continues.
Trust is a challenge for many companies and brands. At the same time, Purposeful Brands reveals that trustworthiness is the single most important factor when building a meaningful brand.
“Digital brands are often perceived as less trustworthy, but there are obvious exceptions. SVT Nyheter is the most positive example of this, as is Bank ID, SVT Play, Swish and Kivra, all with high scores in terms of trust,” says Christian Ihre, co-founder of Lynxeye.
Winners of Purposeful Brands Digital 19/20, from the left: Johan Eriksson, CEO BankID (3rd place), Anna Bäck, CEO Kivra (2nd place) and Pär Ekroth, CMO Swish (1st place).
In last year’s survey, the big social media brands such as Facebook and Instagram both slid down the list as a result of the Cambridge Analytica scandal. This year, they are recovering somewhat, however, still ranking relatively low on 21st and 22nd place. Above all, trust in the Facebook brand remains low.
“Swedish consumers have low confidence in Facebook and don’t feel that they share values with the company. This makes Facebook particularly sensitive to any new PR challenges. However, the issues social media companies are facing have not affected Google. Being number 4 on the list, Google has higher credibility, is seen as more innovative and is perceived to having a more positive impact on society. Out of the top ten brands on this year’s Purposeful Brands list, seven are Swedish. From a trust perspective, as many as eight out of ten brands are Swedish. Many of the US digital brands are struggling with their trustworthiness,” Christian Ihre concludes.
Facts about the Purposeful Brands Study
- 2000 respondents in Sweden between 18-65 years
- Data collection via Dynata web panelists in a nationally representative sample
- The Swedish study is divided into two categories; Purposeful Brands Corporate measuring the 35 companies with the highest turnover (including IKEA) and Purposeful Brands Digital measuring the 35 digital services with most downloaded application or most visited website
- Previous studies have shown that brands having a higher purpose are characterized by five factors, being Responsible, Visionary, Trustworthy, Future-proof and Innovative
- Each factor is made up by associations, e.g Trustworthy – Is reliable, Is honest, Has values I believe in
- Respondents were asked to choose one or more brands that they think are best described by these associations, such as “Are thought leaders in their industry”, “Wants to achieve something for the future”, “Acts ethically right”, etc