NEW YORK, Sept. 22, 2020 /PRNewswire/ -- The Asia Brand Summit was organized in Shanghai on Sept. 22 by the World Brand Lab. The "Asia's Most Influential Brands 2020" list was released at the summit. Elie Ofek, professor at Harvard Business School, and Ravi Dhar, professor at Yale School of Management, attended the summit and delivered keynote speeches. This is the 15th time that the World Brand Lab has evaluated the influence of Asian brands. A total of 500 brands from 21 countries and regions have been selected. Toyota, State Grid and Tencent are listed as the top three. Haier, Industrial and Commercial Bank of China, Samsung, Honda, Huawei, China Life and Sony follow them in the list of top 10. China, Japan and South Korea have emerged as the countries with the most selected brands.
The selection criterion is the brand's Asian influence, i.e., the brand's ability to explore and occupy the market to make profits. The basic indicators used by the World Brand Lab to evaluate the influence of Asian brands include Market Share, Brand Loyalty and Asian Leadership. Based on this, brands from 21 countries and regions have been chosen. China (including Hong Kong, Macao and Taiwan) with 210 brands (158 of which are in mainland China) ranks first among all countries. Japan occupies the second ranking with 136 brands. Third is South Korea with 49 brands.
Consumer loyalty in the Asian market varies in different countries. Japanese consumers still display the highest national brand loyalty — as high as 81%; South Korea ranks second, with 69% national brand loyalty. Compared with the past, brand loyalty in China has increased to 56%, putting it third on the list. In order to help British, American and other Western brands to enter the Asian (especially Chinese) market, as a strategic partner, World Brand Lab will participate in the construction of the "iTrust" brand review platform. iTrust.com is an SNS marketplace with customer reviews and an actual rewards system. As a digital bridge designed to connect businesses and their overseas customers, iTrust creates a friendly ecosystem for content creators to showcase their talent and provides businesses with timely consumer feedback to increase brand engagement.
The motto for this year's "Asia Brand Summit" is "Innovation Drives Brand Value and Corporate Growth." Ravi Dhar, professor at the Yale School of Management, who participated in the conference, pointed out: "In the last five to 10 years, there has been a steep rise in purpose-driven brands. The new belief-driven consumers care not only about the functional and emotional benefits that a company provides but also how that company's values align with their own. Consumers now care about many stakeholders and consider how companies treat the environment, their community, and also their employees." Elie Ofek, professor at Harvard Business School, believes that technological innovation can help companies succeed and achieve growth by building strong brands. For example, Apple and Tesla are the most prominent examples of technology brands. These are brands that are not just known to consumers but also have meanings that matter to them. More importantly, these brands also represent who they are or who they aspire to be.
Haisen Ding, CEO of the World Executive Group and member of the World Brand Lab expert panel, believes that a brand is a warehouse of trust. As choices increase, this becomes hugely important. In the past, everyone had realized that brands can affect consumer decisions. Now, brands affect not only consumption but also investment. Intangible assets represented by brands are even changing the structure of global capital markets. From all components of the S&P 500 index, the proportion of intangible assets has risen from 17% of total assets in 1975 to 84% today, exceeding $20 trillion — a record high. The World Brand Lab, owned by the leading strategic consulting firm World Executive Group, is an international brand value research institution. Professor Robert Mundell, the winner of the 1999 Nobel Prize in Economics, serves as the chairman of World Brand Lab.
Table 1: Top 10 of the 'Asia's 500 Most Influential Brands 2020'
Table 2: Top 10 Countries/Regions with Most Brands Selected
SOURCE World Brand Lab