Interbrand has completed its first ever analysis of brands in Japan, China, India and South Korea, while also analysing how brands are growing within Australia and the markets of Southeast Asia.
The comprehensive study points to the growth of each major Asian market, as determined by Interbrand data conducted over the last five years. Analysis and research highlights that the region has entered a period of accelerating change.
A common theme that has emerged from the study centers around changing consumer behavior, digitisation and how brands are responding, or are not responding, to these changes.
Stuart Green, chief executive officer, Interbrand Asia Pacific, revealed to The Drum that Japanese brands like Subaru and Mazda are the biggest growers because they consistently focus on authentic quality, engaging customers and bringing brand in its core of management.
He added that being open to new business models and being adaptable were also key for other companies who made the biggest jump up the list.
“In China for example, brands that are performing best are those that are embracing, activating new business models (such as ecommerce, mobile-centric engagement, convenience and sharing) and adapting their positioning to serve the needs of the rapidly growing middle-class consumer (health and fitness, leisure, cultural- and self-exploration, and premiumisation),” explained Green.
“They’re doing this extremely quickly, with an ‘always in beta-testing’ mentality.”
When asked what can brands who perform their marketing at a regional level learn from the study, Green says it is key that brands offer products that appeal to local markets and must not be afraid to fail.
“Regionally directed brands can learn a lot from the leading brands in China. First, they must recognize the need for localization and adaptation of their offer to suit the local market – both in terms of business model and consumer preferences,” he said.
“Second, they should recognise the overwhelming need for lightning fast responsiveness to changes to these market factors. Speed and responsiveness is everything in China.
“Last, they should empower the China team to try new models and offers – to stay in beta and not be afraid to fail just because they’re a large regional brand.”