Three prominent Indian companies, Reliance JIO,Life Insurance Corporation of India (LIC), and State Bank of India (SBI), have secured positions among the Top 25 Strongest Brands globally for 2024, as revealed by the Brand Finance Annual Report on the world’s most valuable and strongest Brands – Global 500 2024.
Brand Finance, established in 1996, is a renowned brand valuation consultancy that aims to bridge the gap between marketing and finance. It evaluates thousands of the world’s largest brands annually and releases more than 100 reports each year.
The list of The World’s 25 Most Valuable Brands 2024 features Apple, Microsoft, Google, Amazon, and Samsung as the Top 5 Brands in descending order.
Brand Finance also evaluates the comparative power of brands. As per The World’s 25 Strongest Brands 2024 report, WeChat holds the top position as the strongest brand globally, with YouTube, Google, Marina Bay Sands, Wuliangye, and others following closely behind.
JIO, the primary telecom operator in India, is placed at 17th position, with Life Insurance Corporation of India (LIC), the foremost insurance company in India, following at 23rd position, and State Bank of India (SBI), the largest public bank in India, at 24th position on this list. The Brand Strength Index Score for JIO is 88.9, while LIC and SBI have a score of 88.3 out of 100. LIC holds an associated brand strength rating of AAA.
This ranking highlights the strong presence and reputation of these Indian companies in their respective industries. JIO's high Brand Strength Index Score reflects its dominance in the telecom sector, while LIC's AAA brand strength rating signifies its trustworthiness and reliability in the insurance market. SBI's position as the top public bank in India further solidifies its standing as a key player in the financial sector. Overall, these companies have established themselves as leaders in their fields, with strong brand recognition and customer loyalty.
Brand Finance assesses the comparative power of brands by utilizing a comprehensive scorecard of criteria that evaluates various aspects of a brand's performance. This scorecard takes into account three key factors: marketing investment, stakeholder equity, and business performance.
Marketing investment refers to the resources and efforts that a brand puts into establishing brand loyalty and market presence. This includes activities such as advertising, promotions, sponsorships, and other marketing initiatives. By assessing the level of investment in these areas, Brand Finance can gauge the brand's commitment to building a strong and recognizable presence in the market.
Stakeholder equity is another important aspect considered in the assessment. This refers to the perceptions and views of the brand held by different stakeholder groups, including customers, employees, investors, and the general public. However, customers hold the utmost significance in this evaluation, as their perception of the brand directly impacts its success. By understanding how customers perceive the brand, Brand Finance can determine the level of trust, loyalty, and overall equity that the brand holds in the market.
Finally, business performance is evaluated through objective market and financial indicators. This includes factors such as market share, revenue growth, profitability, and other financial metrics. By analyzing these indicators, Brand Finance can assess the brand's ability to achieve premium pricing and volume in the market. This reflects the brand's overall success in delivering value to customers and generating sustainable business growth.
By considering these three dimensions - marketing investment, stakeholder equity, and business performance - Brand Finance provides a well-rounded assessment of a brand's comparative power. This assessment helps businesses understand their brand's strengths and weaknesses, identify areas for improvement, and make informed decisions to enhance their brand's performance and value in the market.
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Data Source
- Brand Finance - Global 500 2024 Annual Report
- Company's website
Disclaimer
The content or analysis presented in the Blog is exclusively intended for educational purposes. It is important to note that this should not be considered as a suggestion for investing in stocks or as legal or medical advice. It is highly recommended to seek guidance from an expert before making any decisions.