5 key lessons learned from BrandZ
Re-post from last Thursday:
Tonight we were invited to the meeting from BrandZ, the world's
largest brand equity database.
1. More
Chinese brands are seen as innovative
Perception is more important than be seen. Momentum to grow
The product might not so innovative, but how to spread the words
change the game.
Making the existing product better is considered as being innovative.
In India for example, nobody cares about the new model of the iPhone, because
the top 5 brands in the smart phone market and 4 of them are from China, have
done a good job of getting loyalty so far. It's challenging for Apple to get
into the Indian market compared to the Chinese market which consumers are more
for the popular brand.
Another example is Oppo, which is well known by Indians as the best
selfie taker ever created.
The traditional business model called asset business model is now
changing to the flat model, which everyone in the company is directly involved
in the company's next move. These moves
are creating strong brands in the Asian market.
2.
Premiumization
Coca-Cola used to be the premium brand during the early 20s. But now
it has changed to the average brand. To be considered as a premium, how to
differentiate yourself is another critical factor to survive in today's
competitive market in China.
3. Chinese
dream
Jack Ma is the person of purposeful. In order to catch millenniums
hearts, the company needs to find out what matters to them. They buy their
product not because of how great the company is doing on a stock market, but
how the product is helping and solving the problem that bothers the world.
4. Multiple
mixes of media are the best option for reaching
the Chinese people
In the U.S., artificial intelligence is a hot topic. Many concepts are
implementing in various industries. In China, however, AI is more like already
exists in a reality now. For example, many office buildings are using facial
recognition for visitors. If you happen to be a heavy-taste in cosmetics, you might
need to bring your photo ID for a second scanning.
5. From the
silk way to the belt road
According to the speaker, BrandZ did an interesting survey while
partnering with Google. After 2 months of data collecting and analysis, they
are able to figure out the top 50 Chinese brands builders in 2018, including
Lenovo, Haier, and UnionPay. Most of them are either in tec or in the gaming
industry.
The interesting part is how super-communicative these brands are.
Huawei, for example, made themselves a nickname called "Wow way" in
their advertisement for English speakers. This simple strategy serves well in
both brand awareness and most importantly, be remembered by people.