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LATIN AMERICA THOUGHT LEADERSHIP TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015 THE MACROECONOMIC ENVIRONMENT: A CHALLENGE TO BE OVERCOME At the beginning of this year, I had the chance to take part in an event in Ecuador, attended by the main entrepreneurs and celebrities of the country. There, a famous economist was talking about “the perfect storm”: a decrease in global demand, the collapse in the price of oil (on which so many countries in our region depend), and the US dollar high appreciation. GONZALO FUENTES CEO Millward Brown, Latin America Gonzalo.Fuentes@millwardbrown.com In addition to this challenge shared by the whole region, Mexico and Brazil, the two largest economies in the region, are facing barely positive scenarios. At the end of July, Standard & Poor’s kept Brazil’s country risk rating at –BBB, but changed its outlook from “stable” to “negative”. In the case of Mexico, the Enrique Peña Nieto administration was confident that last year’s structural reforms would boost the country’s economic growth. However, the impact of these reforms was strongly affected by a difficult economic and social environment, which led to a very large cut in public investment and expenditure. WITH CHALLENGE COMES OPPORTUNITY! Although the social and economic environment is challenging, investment in the creation of great brands is needed more than ever. This is evidenced by the fact that in our ranking BrandZ Top 50 Most Valuable Latin American Brands, the joint value of the 50 main brands in the region had a 2% increase against last year. The Brazilian beer brand Skol had a 20% growth, which made it the most valuable brand in our region. How can brands continue to grow in such adverse scenarios? Brands that grow do so because they adapt to the new rules of the game, they understand how these impact consumers, and based on this they look for solutions considered innovative and relevant by their market. Thus, the secret is simple, but it is the details that count. A good example of adaptation to a new scenario is the Mexican brand Bodega Aurrerá. Seeking to respond to the evolution of demand (consumers with less time “to do the shopping”, but still looking for inexpensive and local options), in 2008 it created a format called Bodega Aurrerá Express. This has helped it to gain share in the informal market, due to its value proposal: low prices and convenience. In 2014, Bodega Aurrerá continued this expansion, adding 45 stores in that format. The success is clear: in a sector with brands facing important challenges —brand value in the retail sector as a whole decreased 15%— Bodega Aurrerá had a 10% value increase. The new challenge for the retail sector will be related to the development of e-commerce in our region. In 2014, 110 million Latin Americans made at least one purchase online, almost 13 million more people than in 2013. This constitutes a challenge not only for this sector —for brands from other categories such as Alibaba already present in Brazil— but also for brands, since the purchase process and the context are clearly different. BRANDS AS 'EXPERIENCES' ACTIVATORS There is no doubt that consumers are human beings first, and that some countries in our region are going through a difficult situation. Brands have the opportunity here to offer playful experiences that unite consumers and allow them to enjoy small pleasures, while building equity and encouraging consumers’ loyalty. The digital development allows acceleration of this process and going from “brand image building” to “creating experiences with brand content”. The trick is doing this without the brand seeming too intrusive. Skol is a brand that understands its role is not that of the main character at the party, so to speak, but a vehicle for its consumers to have a great time: it takes advantage of important social events to join the party. Last years’ events provided an amazing stage to become this companion: from being the main sponsor of Rock in Rio, to taking part in the traditional Festas Juninas and the Brazilian Carnival, and all the way to the Football World Cup, Skol made great efforts to become part of these playful and high-engagement moments. For example: • This brand invests in more than 2,000 events so as to “stay close to customers”. • For the World Cup it created “Albergues-Consulados” ( Embassy Shelters), where consumers were invited to become Skol ambassadors and receive foreigners in the different host cities. • It also used a digital platform to create what was called “Gringo your selfie”. In this activity Skol asked Brazilian consumers to take selfies with fans from all the countries competing in the Cup in less than 24 hours. The prize? A trip around the world! To sum up, the changes and challenges our region is facing constitute opportunities to grow by means of the elements that have always worked: innovation and relevance. My advice is that, now that we are tempted by too much information and all kinds of data, we should not forget the basics: to be close to our consumers. This book and the BrandZ Latin American ranking present 50 brands that seem to understand this quite clearly. Enjoy! 12 13
LATIN AMERICA LATAM VS. EMERGING MARKETS TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015 TIPS FOR FUTURE SUCCESS FOR BRANDS IN FAST- GROWING MARKETS DOREEN WANG Global Head of BrandZ Millward Brown Doreen.Wang@millwardbrown.com It’s getting harder to enter – and remain in – the BrandZ Global Top 100 Most Valuable Brands. A total of 58 of the brands ranked in 2006 are still there, while 42 have been replaced. Many of the new brands within the ranking are from fastgrowing markets. The number of Chinese brands in the BrandZ Global Top 100 has risen from just one in 2006 to 14 in 2015, and their total Brand Power has increased 1,004%. Latin American brand Natura appears in the personal care sector rankings, and Skol and Brahma rank in the beer category. The majority of these local brands are not yet truly globalized, but they’re ambitious and growing in value extremely fast – and they will change the global competitive landscape. In the past 10 years Millward Brown has researched and valued over 100,000 brands across 50 country markets, to identify the drivers of long-term brand value growth. It is these lessons that will equip brands – especially the aspiring newcomers from the fast-growing markets – to be the winners over the next 10 years. BEING DIFFERENT MAKES A DIFFERENCE In a world of so much product sameness, brands which consumers view as “different” achieve higher value. Those that have remained in the top half of the BrandZ ranking over the last 10 years are scored very highly on “difference” by consumers, and have grown 124% in brand value. In contrast, brands in the bottom half of the ranking score lower and have increased only 24% in value. Difference can enable a brand to command a higher price and yield a higher profit. It isn’t just about the product; differentiation can also be found through purpose, personality, values, and design. Category leaders like Coca-Cola and BMW need to guard leadership and keep refreshing their brand messages to be always unique. Compared to the established multinational brands, the local brands from fast-growing markets are relatively weak on “difference”, how to develop a differentiating proposition that is meaningful to the consumers would be the key question to answer. CLEAR PURPOSE FAST- TRACKS BRAND EQUITY It’s not enough to be different for the sake of it. To be meaningful, brands must have a strong purpose that goes beyond “making money”, and is inspiring and relevant to consumers. This means striving to improve people’s lives in some way – making them easier, healthier or more interesting – and if it’s a “higher purpose” that contributes to making the world a better place, all the better. In the digital era in which difference is harder to achieve, for many brands with comparable functionality and emotional appeals, purpose can become a true differentiator and accelerate brand equity growth. INNOVATION DRIVES SUCCESS Consumers see brands that set trends as different and as leaders, and these perceptions pay dividends. Over 10 years, the brands that scored highest against the BrandZ “trend-setting” metric increased an average of 161% in brand value, while those that scored lowest increased only 13%. Many of these brands are from the technology sector, but we also see Chipotle, Nike, UPS and PayPal scoring highly. To be a trendsetter means anticipating the directions consumers will want to go in, identifying the gaps where needs are unmet, and getting there first. This is a risky strategy, which a brand can mitigate by knowing their consumers well. LOVE ISN'T ALL YOU NEED - BUT IT'S POWERFUL Love has a multiplier effect. Over the past decade, the rise in value for brands scoring high in the BrandZ “love” metric was 10 times greater than that of their low-scoring rivals. Love usually follows great performance and a great experience – and it’s amplified by social media. Brands from across categories score highly on love, from Visa to KFC. They have one thing in common: they try to understand the world from the customer’s point of view. Innovation and love form a virtuous circle. A true innovation that makes people’s lives easier can quickly generate love, but even the most trendsetting brands swing between periods of intensive innovation and iterative progress, when love provides a ”cushion” until the next wave of creative development. Microsoft, a trendsetter now, could do with a dose of love to balance this out. To remain competitive through the next decade, brands from fast-growing markets, and those aspiring to join their ranks, should stop seeing brand building as a cost and view it as an investment in future financial success. They need a holistic brand building system that focuses on every aspect – from communications to CRM to creating the whole experience – to make consumers’ lives better, build meaningful difference and embrace disruptive technologies. Brands are a fabulous investment, and need to be nurtured and cared for accordingly. 14 15
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Page 4 and 5: LATIN AMERICA WELCOME TOP 50 MOST V
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Page 10 and 11: LATIN AMERICA KEY FINDINGS AND FUTU
Page 12 and 13: LATIN AMERICA TOP 50 MOST VALUABLE
Page 14 and 15: ARGENTINA THOUGHT LEADERSHIP TOP 50
Page 16 and 17: ARGENTINA KEY FACTS AND TOP 5 MOST
Page 18 and 19: ARGENTINA THOUGHT LEADERSHIP TOP 50
Page 20 and 21: BRAZIL TOP 50 MOST VALUABLE BRAZILI
Page 22 and 23: BRAZIL BRAND STORIES TOP 50 MOST VA
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Page 34 and 35: CHILE KEY FACTS AND TOP 15 MOST VAL
Page 36 and 37: CHILE BRAND STORIES TOP 50 MOST VAL
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MEXICO THOUGHT LEADERSHIP TOP 50 MO
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PERU KEY FACTS AND TOP 12 MOST VALU
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RESOURCES BRANDZ VALUATION METHODOL
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RESOURCES BRANDZ PUBLICATIONS TOP 5
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RESOURCES CONTRIBUTORS TOP 50 MOST
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