Toyota, State Grid, and ICBC are listed as the top three; Japan has the highest national brand loyalty
updated: Sep 23, 2021 10:30 EDT
September 23, 2021 (Newswire.com) –
The “Asia Brand Summit” was held in Shanghai on September 23 by the World Brand Lab. The “Asia’s Most Influential Brands of 2021” list was released at the summit, which represents the 16th time that World Brand Lab has evaluated the influence of Asian brands. A total of 500 brands from 19 countries and regions were selected. ESG, which stands for environmental, social, and corporate governance, was included in the evaluation system for the first time. Toyota, State Grid, and ICBC are listed as the top three influencers. Haier, Tencent, Samsung, Sony, Honda, China Life and Huawei are also listed in the top ten. China, Japan, and South Korea are the three countries with the most selected brands. Elie Ofek, professor at Harvard Business School, and Ziv Carmon, professor at INSEAD, attended the summit and delivered a keynote speech.
The selection criterion is the brand’s Asian influence, which refers to the brand’s ability to explore the market, occupy the market, and earn profits. The basic indicators used by World Brand Lab to evaluate the influence of Asian brands include market share, brand loyalty, and global leadership. ESG rating scores from the leading financial analysis firm Superfinance were referenced for the first time when evaluating Global Leadership. The 2021 list includes brands selected from 19 countries and regions. China (including Hong Kong, Macao and Taiwan) has 212 brands, ranking first among all countries, and mainland China has 166 brands. Japan has 134 brands selected, ranking second, and South Korea is third with 50 brands.
Consumer loyalty in the Asian market varies in different countries. Japanese consumers still have the highest national brand loyalty, with 80%. South Korea ranks second with a 70% loyalty score, and brand loyalty in China increased to 61%, ranking third overall. With the advent of the post-pandemic era, more people are recognizing the relationship between food choices and natural ecology. Consumer demand is soaring for healthy, green food with a low-carbon footprint, which will significantly influence future consumption preferences in the Asian food and beverage industry. On “Asia’s 500 Most Influential Brands of 2021” list, Moutai, Wuliangye, and Tsingtao Brewery rank among the top three in the food and beverage industry, and these brands already have a strong global influence. This year has 38 new brands on the list, four of which are in the food and beverage industry.
The theme of this year’s “Asia Brand Summit” is “How Asian Brands Cultivate Global Leadership.” Ziv Carmon, professor at INSEAD, believes that to improve the global influence of Asian brands from the perspective of consumer psychology, it is crucial to have deep customer insight, which allows brands to better understand what consumers think and build a more effective branding campaign. Harvard Business School marketing professor Elie Ofek believes that a brand creates a bond between a company’s products and consumers, thus influencing the consumers’ perception of and connection to the company and the resonance of the brand. Brands play a pivotal role in the overall customer journey, and such a role is crucial for Asian brands to go global. To increase global influence, Asian brands need to dig deeper into the market and identify potential gaps to position the brands properly.
Haisen Ding, founder of World Executive Group and CEO of the World Brand Lab, believes that although Asian brands such as Toyota, Samsung, and Sony have enjoyed long-term global influence, there is still room for improvement in Asian brand leadership compared to American super brands. Companies such as Goldman Sachs, Disney, and Boeing not only provide excellent goods and services, they export leaders. Their executives have the ability to independently run other companies. Leadership is a form of reputation created by the company, which also can meet the expectations of consumers and investors. Companies with a reputation for leadership brands make people believe that each of their employees and managers will indeed fulfill the company’s promises.
World Brand Lab, wholly owned by the leading strategic consulting and business communication company World Executive Group, is an international brand value research institution, founded on the initiative of and first chaired by Professor Robert Mundell, winner of the 1999 Nobel Prize in Economics. The current chair is Professor Steve Woolgar from the University of Oxford.
World Brand Lab
Source: World Brand Lab