In the three years, since WPP and Kantar Millward Brown launched the BrandZ™ Top 50 Most Valuable Indian Brands, locally-grown Indian brands increased 32% in value during that period, while global brands with local presence grew by 19%. India is experiencing a resurgence of national identity that perhaps hasn't been as fervent since before the country won its independence from Great Britain in 1947. In the past, talented people educated abroad often remained overseas after university because the opportunity was greater in the UK, US or elsewhere. A reverse migration is now taking place, because the opportunity to create wealth is greater at home, in India’s rapidly developing economy.
So, post-Brexit, what can British brands learn from BrandZ™ India 2016?
In India, being different makes the difference
As part of BrandZ™, Kantar Millward Brown measures how different a brand is, and in India, brands that score highly in ‘difference’ also increase faster in brand value. Across all Indian brands, the importance of ‘difference’ has increased 31% over the past nine years.
Know the market
Local India brands have an advantage of insider knowledge and insights to help them grow, which means that brands entering India from the UK may have to work harder. ‘Foreign-ness’ no longer confers special status and ‘Indian-ness’ has new appeal. But ultimately, purchasing decisions are determined by quality, affordability and desirability.
India is changing so rapidly that assumptions quickly become dated. Actions based on old assumptions can lead to expensive mistakes. Demographics no longer tell the full story, a few years ago, the terms ‘rural India’ and ‘urban India’ described a vast gap in wealth, education, health and access to information. Differences remain, but due to access to the internet and mobile communications the aspirational gap and purchasing patterns are narrowing.
Help build the nation and celebrate India
Brands that help India become more prosperous and equitable will also help themselves. Indians feel great national pride; consider not only what can be sold in India, but also what can be learned from one of the world’s oldest civilizations.
Following Brexit, India was one of the first countries that then Business Secretary, Sajid Javid, visited to discuss how a future trading relationship might work. There are a few brands in the BrandZ™ India Top50 with European or British heritage, such as Horlicks and Maggi. But it’ll be interesting to see what a post-Brexit relationship with India might look like, and whether British brands can seize the opportunities that the country presents.
Source : Kantar Millward Brown