Thanks to saving lives with its Covid vaccine, Pfizer's become a household name. And that's good for business.
Background: Pfizer is the pharmaceutical worth a whopping $353 billion. It makes it squillions by developing, manufacturing and selling a broad range of bio-pharma products.
What happened: It's the company behind Advil, Viagra, Xanax, the EpiPen... And now, thanks to its Comirnaty (COVID) vaccine, Pfizer has become a household name.
What else: According to a new brand report that measures the world's 100 biggest companies by the strength of their brand, Pfizer's jumped 15 places on the ranking to sit at #30. And this calls for a big celebration for Pfizer's brand equity.
Brand equity is the premium that a company gets from being trusted and well-known. In other words, when a brand has positive brand equity, it can charge customers more for a product than a generic competitor.
Think Nike, Apple and Tesla. There are competitors with similar products at a lower price point. But we still choose them. For the premium-feel, the prestige, the social proof.
And generally, brands with higher brand equity don't actually spend that much more than brands with lower brand equity. Which means much greater margins.
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