India’s brand strength has increased by 10% to the score of 63.8 in 2022, according to the International Advertising Association (IAA) Nations as Brands report.
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As per the report, India recorded a strong performance across the core KPIs, with growth in nation brand familiarity, influence and reputation in 2022.
The report states that India ranks high globally on familiarity and influence, in comparison to other leading nations in Asia. India’s nation brand value consists of the Corporate Brand Effect, which contributes 87% of the total, and the Place Brand Effect accounting for the remaining 13%.
About 120 nation brands have been researched in the study in 100+ markets, with over 100,000 respondents surveyed and about 40 metrics covered. Whilst retaining its rank, India stands 7th in the Brand Finance Nation Brands 2022 study and as per the report, it is the fastest growing nation in the top 10, both in terms of value and strength.
Speaking at the summit, Ajimon Francis, Managing Director, Brand Finance India, highlighted that India has $2.6 trillion of brand value currently. The country’s GDP growth is amongst the strongest among the largest economies of the world and it is also forecasted that it will run the best over a decade as pent-up demand is unleashed and this reflects in the nation's brand value growth of 19%.
India’s digital diplomacy also has played a key role in how the nation is perceived globally, which is proven by the nation’s impressive presence on social media across all platforms. The global desire to look for resilient and cost-effective export destinations results in India reporting an increased perception across all its business and trade metrics.
Francis also pointed out that education and science continue to be one of the driving factors in economic growth for all nations.
Adding to that, India ranks third globally for the ‘Future growth potential’ which has increased from the score of 5.4 in 2021 to 5.7 in 2022 and has seen an impressive growth when it comes to ‘Easy to do business in and with’ which has seen an increase in score from 3.7 in 2021 to 4.4 in 2022. While the score of Indian products and brands that the world loves has increased from 2.8 in 2021 to 3.6 in 2022.
The report further discusses that identifying strengths and weaknesses, through target setting and effective marketing, setting budgets and ROI measurements, communicating with stakeholders and educating people about the importance of the nation as a brand can help a nation strengthen their nation brand value.
The IAA Summit focuses on how many brands are synonymous with nations and how there is a symbiotic relationship between their growth and prominence.