Local Brands Win in Emerging Markets
It's not easy to go up against an established brand, but in emerging markets, consumers are looking for more than just a well-known name; they're looking for the best bang for their buck (or yen or peso...). Young & Rubicam's BrandAsset Valuator survey looked at 10 emerging markets and identified their most respected local brands -- not necessarily the biggest or most valuable, but the highest esteemed. And in some cases, the little guys command even higher ratings than the giants.
Belle Frank, Y&R executive vice president and director of strategy and applied research, explains:
"In developing markets, it's easier for a brand to get established and make its presence felt and get consumer commitment. The simplest explanation is there's less choice."Some of the most respected local brands in emerging markets:
- Turkey: Istanbul soccer club Galatasaray
- Argentina: dairy company La Serenisima (commands a higher rating than Coke)
- Saudi Arabia: STC wireless subsidiary Al Jawwal (despite a host of complaints about service quality aimed at its parent company, Saudi Telecommunications.)