HAS THE SLOWING PERUVIAN ECONOMY IMPACTED BRAND VALUE?
The Peruvian economy saw important growth in recent years, generating changes in consumers: they are now more informed, more demanding, more connected, accessing more and more modern purchasing channels, and seeking new forms of entertainment.
However, in the past two years economic growth has not been as expected, which poses a question for brands: How can they keep generating value in an economic context less favorable than that of the country’s recent “golden age”?
A lot of brands, the most valuable ones, have the answer to this question. These are the brands that achieved a value increase against 2014 despite the situation described.
So, what is it that these brands did in order to grow?
In the face of the huge change in consumer behaviors, some brands have understood the way to be present in the new digital world.
Although there is still a long way to go, there are brands – like BCP and Interbank – daring to be the first to increase their digital campaigns and create more salience, while favoring the use of the internet and mobile devices to make transactions.
With highly relevant insights and consistent communication, Pilsen Callao has managed to be a meaningful but, above all, different brand by generating a great brand experience, for instance, by celebrating Friend’s Day, or creating “the beer bouquet”.
The presence of the retail sector in the most valuable brands ranking of last year shows that the modern channel is becoming stronger in the country.
A good example of this is Real Plaza, the shopping mall chain that has expanded all over the country, generating clear differentiation in terms of leadership. Real Plaza has managed to break paradigms by bringing shopping malls close to different regions and socio-economic levels, as well as understanding consumers’ changing purchasing habits. It is focused on providing a great brand experience through meaningfulness – for instance, there are family entertainment areas inside its malls.
However, there is still a long way to go in terms of innovation. Although there are brands with successful launches, there is another question to be answered: Is the work on innovation in Peru sufficient? Are we taking the calculated risks necessary to be more innovative?
Innovation not only relates to products, but also to brands, communication, contact points... We must all open our minds to innovation.