We’re more than a few years into the social networking boom, but many firms — footwear and otherwise — continue to struggle to find their footing in today’s digital and mobile age.
But according to the latest study by business consulting firm Vivaldi, Nike Inc. and Under Armour are two shoe brands that are getting it right when it comes to forging brand relevance.
Vivaldi coined the term “social currency” in 2010 as a measure of the ability of brands to fit into how consumers manage their social lives in today’s digital and mobile age.
This year, the firm partnered with research consulting firm Chadwick Martin Bailey (CMB) to survey 18,000 consumers and about 90 brands across five industries to see how they stack up in seven dimensions that comprise social currency. The dimensions — personal identity, social identity, expression, conversation, affiliation, information and utility — were used to create a composite score for each brand studied.
Athletic industry behemoth Nike came out on top for nearly every category and dominated the study overall.
Nike, Vivaldi said, has an indexed social currency composite score of 120 — meaning that Nike (U.S.) facilitates the survey’s identity building behaviors “at a 20 percent higher rate than the average of the 90 industry-leading brands covered in the study.”
Rising athletic brand Under Armour also scored high on the survey, landing a social currency composite score of 112.
“Under Armour punches above its weight when social currency scores are compared to company revenues, which is remarkable considering that Under Armour has one fourth the revenue of Adidas and one seventh the revenue of Nike,” according to the study.
Adidas also made out with a score of 102 in the study, demonstrating its ongoing resurgence as a top athletic brand in the U.S.
Other brands in the study included Zara, Levi’s, Honda and Olive Garden.