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COLOMBIA THOUGHT LEADERSHIP TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015 OPPORTUNITIES FOR PEACE Colombia is still one of the countries in Latin America with the quickest growing GDP — an average 4.5% per year in the last 3 years. In 2014, the Colombian economy enjoyed an overall healthy development. Aspects worth highlighting include high investment activity, a favorable macroeconomic environment, a more competitive exchange rate, a single-digit unemployment rate, and a controlled level of population in poverty. GABRIEL ENRIQUE CASTELLANOS Managing Director Millward Brown, Andean Region Gabriel.Castellanos@millwardbrown.com However, we should also point out that this has been a difficult year, especially because of the uncertainties of the regional and global context. The international price collapse of products such as oil — with Ecopetrol the most affected company — the slowdown of China’s economy, and the weak recovery of the United States and Europe, are all alarming factors. In addition, the economies of some other countries in the region, including Brazil, Venezuela and Argentina, faced a critical situation. GROWTH FOR SOME BUT NOT FOR ALL Although Colombia achieved a positive growth rate, not all sectors participated in that growth. For instance, industry is still lagging behind other activities and in comparison to the total GDP. In fact, in the last 3 years industry’s average growth has been almost 4 points below the total GDP growth. This healthy GDP makes many of our clients wonder why their businesses are not going that well when the country seems to be thriving. The answer is that, while there is more money circulating, it has been used for other purposes, such as paying off more credit and debts. Also sometimes — even if it means sacrificing products in the basic market basket — it’s being spent on luxury products, entertainment or clothing. Such goods are being purchased as a result of the occasion’s emotion rather than of the traditional rationale behind buying necessities like food and beverages, for example. Thus, household consumption, leveraged by the financial sector, is one of the pillars of Colombia’s economic growth. Therefore, it is extremely important to pay attention to possible signs of household expenditure restrictions and to the development of political events, such as the local elections taking place next October, and the evolution of the peace process. Taking all of this into consideration, Colombia’s growth for 2015 will probably be slightly above 3.6%. The current administration revised this goal around the end of this year’s first quarter on account of, among other things, the new circumstances resulting from the collapse of oil prices and the dollar’s rise —to almost $3,000 pesos, the highest exchange rate in the country’s history. Colombia’s great challenges remain: to reduce poverty and inequality, to increase education opportunities and access to the local public health system, and to improve and enhance the country’s infrastructure so as to align with current productivity levels. A RISING DIGITAL TIDE Meanwhile, in 2014 the absolute growth of advertising investment in Colombia was about 8%. TV is still the medium with the largest investment, followed by radio and print materials. Even though investment in digital media represents less than 5% of the total advertising spending, in 2014 it grew over 18% against 2013. Furthermore, it keeps strengthening its position as the most important medium for some brands — including alcoholic beverages, in which it plays a more and more decisive role in media plans. It is also relevant to note that technology’s presence is spreading to everyday aspects such as transportation or basic household needs, and at all socioeconomic levels. SIGNS OF PEACE? With an estimated population of 48.2 million people in 2015, Colombia is still looking forward to the definite signing of the peace accord. If it were to happen, there would be more development opportunities for the country, for its economy, and for all the brands in the Colombian market. It would constitute a major change after 60 unfortunate years of violence and doubtless encourage an economic takeoff within foreign investment, accelerated household consumption, and regional leadership. This is what we Colombians largely hope for in 2016. 92 93
COLOMBIA THOUGHT LEADERSHIP TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015 BRANDS IN AN EVER-CHANGING ENVIRONMENT: TIME TO BE MEANINGFULLY DISTINCT! What is the secret of the most valuable brands in Colombia? During the past year, the most successful brands in the Colombian market contributed 25% to the GDP growth. They have shaped the local economy by offering products and services that take into account Colombians’ unique culture, traditions, and physical, social and economic aspects. In some cases, these brands have also paid attention to regional differences within the country, developing different purchase channels, customer service models and even products. OSCAR LADINO Group Account Director Millward Brown, Colombia Oscar.Ladino@millwardbrown.com BRIDGING THE GENERATION GAP Most of these brands have been present in the market for over 50 years, which forces them to face great challenges: They must respond distinctively to the needs of 3 different generations — our parents, us, and our children — so they are forced to innovate constantly without losing their history, values, or roots. Today, Colombian customers can access more information and are therefore more demanding: in a matter of minutes, they can compare prices, suppliers and sales online. Successful brands have concentrated on always meeting their purchasers’ needs, on performing properly, and also on creating closeness by triggering emotional responses in their potential consumers. Such is the case of brands as Águila Beer and Bancolombia, which in addition to meeting the basic needs of their categories, resort to emotional levers such as the Águila girls, the Colombian national football team, or campaigns like “Le estamos poniendo el alma” (“Our soul is in this”) so as to remind us that, besides being a delicious beer or a trustful bank, they exist in order to entertain us or help us progress in our daily lives. NEW BRANDS FROM ABROAD When considering that brands face an ever-changing environment, we can see the challenge for them is still greater. In the last few months, we have witnessed how foreign brands, including beer brewers and financial institutions, have entered the Colombian market — or have shown interest in doing so. In fact, our research in the local sphere has found that spontaneous brand recall is lower than three years ago, despite the fact that advertising investment has grown faster than inflation during the same period of time. This means that, today, there are more brands addressing consumers but fewer brands in consumers’ minds. Colombian consumers have tried more brands in the past 3 years than ever before and have been exposed to a larger number of purchase channels, both traditional and new, including direct credit, global-chain, and even digital formats. FROM RESEARCHING ONLINE, TO PURCHASING ONLINE Regarding the digital environment, it has become more and more common to see consumers finding all kinds of information in digital channels: they really get thorough knowledge online about what is it that brands offer. Little by little, the need and the opportunity to use these media as purchase channels are growing, even among categories we did not imagine could participate in the digital environment. They constitute safe channels that generate trust and will continue consolidating in the future. 1. All of this has resulted in customers who are less loyal and more into the repertoire market, and they outnumber those simply searching on price. BRANDS MUST BE BOLDER Taking all of this into account, and in an effort to be “meaningful” to Colombian consumers, brands must seek innovation, generating trends within their categories and being bold. This has been the case with Águila Beer, which in the past months launched an alcohol-free beer: Águila Cero. This beer is targeted at the niche of non-alcohol consumers, creating more occasions for consumption, far from traditional ones, and even promoting drinking it at home. Initiatives like this one should not be provisional, but rather the result of brands’ permanent policies of investment in research and development, keeping always in mind the purpose of making consumers’ life easier, teaching them to use their products, and searching for new business opportunities. If companies want to continue being successful, they must validate their business basics, be willing to revise their price and packaging strategies, leverage what they have built, and be ready to help in the ever-changing economic environment all of us will be facing. 94 95
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