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| Sunday, 15 August 2004 |
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Business |  |
| News Business Features Editorial
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Lessons for Sri Lanka in Interbrand's brand league Colombo, August 14, 2004-The eagerly looked-for ranking of The 100 Best Global Brands by dollar value for 2004 is just out. Interbrand, the leading global branding consultancy whose rankings have become a benchmark for brand valuation, have in this year's rankings rewarded companies that build communities around their products and services creating "cult brands" that enable customers to feel as if they own the brand. Cutting-edge technology companies did well as four of the top five biggest gainers in brand value are from the tech sector, while long-established brands such as Coca Cola, Microsoft and Ford actually lost brand value. Vijith Kannangara, Chairman of Smart Media who introduced the concept of Brand Valuation to Sri Lanka along with Interbrand - the pioneer in 1999 says, 'Today many Sri Lankan businesses and entrepreneurs are aspiring to build global or at least regional brands. And the Annual Interbrand Brand League Table provides valuable insights to them. Many successful global brands of yesteryear are increasingly becoming colossal failures today. A classic case in point is Coca Cola who have been consistently losing brand value over the past 5-years. Coke has today become a case study of how not to run a business. Unfortunately being a third world country, the experiences available to Sri Lankan businesses are still largely those of the Cokes of this world. Instead, we should focus on brands such as Apple, Samsung, HSBC, Yahoo and Amazon who have recorded the biggest gains in brand value. What is even more important is to appreciate the emerging global trends in consumer behaviour and connect them with the subtle nuances of the successful global brands of today. Their lessons can be applied across many diverse products or services from apparel to tea to tourism, porcelain tableware, jewellery, exotic vegetables, software and even telecommunications from Sri Lanka'. |
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