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PERU THOUGHT LEADERSHIP TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015 BUILDING MEANINGFULLY DIFFERENTIATED BRANDS IN PERU Consumers are more informed and more connected, and have therefore become more demanding, in search of experiences and innovations. Likewise, exposure to global media and content has refined their needs – the conscious ones and unconscious ones – creating a different relationship with brands, strengthening the bonds with those that make them feel recognized or that offer new value proposition. Consumers are wide awake – or at least this is how we perceive them. This transformation has led consumers to go beyond wanting affordable prices and appealing promotions, to different and meaningful experiences that link them emotionally to brands. JEANETTE YAÑEZ PAJUELO Account Group Director Millward Brown, Peru Jeanette.Yanez@millwardbrown.com In addition, new segments are becoming important. Today, young people – and women in particular – are key to many categories, so that addressing them and positioning brands as desirable has become crucial. These changes are not alien to the traditional and highly valued category of beer. During the past year we have witnessed increased activity, with the entry of new brands and the emergence of a still small – but with high media presence - set of traditionally brewed beers, especially in Peru. ARE LARGE BRANDS STILL LARGE? We have seen that the beer category remains one of the strongest in the ranking, holding some of the top positions. In Peru, consumers mainly prefer Cerveza Cristal, “la cerveza de los peruanos” (“Peruvians’ beer”), and Pilsen Callao, “el sabor de la verdadera amistad” (“the taste of true friendship”). Both brands have solid bonds with Peruvian consumers, but throughout this year we have observed two different approaches. Cerveza Cristal has maintained its value on the basis of its market leadership and its association with something that triggers strong passions – football. Meanwhile, Pilsen Callao has gained importance. The oldest beer in Peru continuously rejuvenates itself through ongoing innovation in terms of image and experiences offered to consumers, communicating freshness and reinforcing its association with true friendship. In this ever-changing environment, it is worth highlighting the work done by both brands, which have managed to keep strong and valid bonds with their consumers. But beer is not the only category showing important modifications this year. Banks have also been able to find a key factor to trigger closeness with consumers. Their campaigns have sought to generate an emotional relationship with their target audience, focusing on their understanding and identification with users’ difficulties. This is the category at the head of the ranking, with a total of 15 brands – noteworthy, right? Interbank has launched a campaign focused on saving that connects with viewers, as if talking to a friend, making them feel they really understand what it means to save and live with restraint in order to achieve a goal. The leader, Banco de Crédito del Perú, works on different points of contact with its customers, presenting itself as constantly concerned with their needs, offering them special products, this is interpreted as closeness. A key element of this understanding is seen in how brands communicate with consumers. Today communication takes place not only through traditional media, such as television, but through different formats – customers are now multi-screen and connected for about 8 hours a day. WHAT CAN WE LEARN FROM THESE BRANDS? To listen to consumers, for they are the ones in control. Listening and then acting creates meaningfully differentiated brands. Reinvention and innovation are also critical elements in provoking the loyalty and/or love that consumers rely on when making a decision. The key is getting close to consumers, being present at important moments, making them identify with the brand. Brands must be part of their consumer’s lives, accompany them, be an ally in their adventures, so that consumers feel proud to be users. 136 137
PERU THOUGHT LEADERSHIP TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015 WHAT'S NEW IN PERU'S LOCAL MARKET? In the past 15 years, Peru has experienced its highest economic peak of the previous 60 years. Not since the fishing “boom” in the 1950s, when Peru became one of the main fishmeal and hydrobiological goods producers, has the Peruvian economy experienced such a steady growth, with rates that led to an almost three-fold increase of its GDP over the last 15 years. FIDEL LA RIVA CRUZ Country Manager Kantar Worldpanel, Peru Fidel.Riva@kantarworldpanel.com Obviously, these changes have brought about some important transformations in the socio-demographic structure of Peruvian families. According to ECLAC (Economic Commission for Latin America and the Caribbean), in the past 15 years almost a million Peruvian families have overcome extreme poverty, generating a population pyramid that looks more like a diamond. This has also resulted in the development of a thriving middle class that has been the driving force behind domestic consumption, leading to growth in some industries and sectors. For instance, the market of new car sales increased from 40,000 new cars in 2003 to over 210,000 in 2013. Likewise, the construction sector grew at 12% average annual rate in the last ten years, while over 120,000 mortgages for the purchase of private homes were granted. According to the data on mass consumption, the basic basket of an average Peruvian household has grown from around 48 categories of products in early 2000 to around 58 categories in 2015, with two-digit growth in the consumption of many of these categories. WHERE ARE THE WEAK POINTS? Not everything has gone so well. During these years of the highest macroeconomic growth, we have failed to resolve structural issues such as casual labor and sub-employment, our industry has not strengthened, and we still have a 70% dependence on exports of primary and traditional products, mainly commodities such as copper, silver, gold, and zinc, among others. We continue to be one of the countries in this region with the largest number of households receiving daily or weekly wages – about 45% of Peruvian households obtain their income this way, due to casual labor and employment scarcity. This results in a country with the highest purchase frequency in the region, with 296 visits to points of sale to buy basic basket goods, with one of the lowest average purchase ticket in the region – around $6 US per visit – comparable only to Mexico, Bolivia, and some countries in Central America. In this environment, with so many “moments of truth” in the purchase process, a still predominantly traditional channel – warehouses and markets – and a compulsive need among Peruvian housewives to spread the budget as far as possible, the work for brands in Peru is a constant challenge. There is no doubt we Peruvians are “brandists”: we have emblematic Peruvian brands with high affinity, bonds and history with local consumers, which makes us quite traditional. Thus, building new brands in Peru is almost a handicraft, a task that requires patience, clear strategies, perseverance and consistency. It is clear that the golden years of the world and particularly Latin America are already over, and that the macroeconomic environment will not be as favorable as some years ago, a fact that has become evident in Peru since 2014. Nonetheless, it is also clear that there are business opportunities and that, despite the economic slowdown, some brands and products keep growing. The important thing is to continue building strong brands on the basis of sound knowledge of consumers, leveraged by the innovation demanded by those consumers according to new market trends and needs. Kantar Worldpanel is the world leader in consumer knowledge and insights based on continuous consumer panels. Its High Definition Inspiration approach combines market monitoring, advanced analytics and tailored market research solutions that inspire successful actions by its clients. Kantar Worldpanel’s expertise about what people buy or use - and why - is recognised by brand owners, retailers, market analysts and government organisations globally. With over 60 years’ experience, a team of 3,500, and services covering 60 countries directly or through partners, Kantar Worldpanel helps brands grow in fields as diverse as FMCG, impulse products, fashion, baby, telecommunications and entertainment, among many others. www.kantarworldpanel.com 138 139
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ARGENTINA KEY FACTS AND TOP 5 MOST
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