Banking sector dominates branding sphere

Prasanna PERERA

Marketing and Management Consultant, Chartered Marketeer, CIM U.K.

Based on the latest rankings the banking sector dominates Sri Lanka's brand sphere. Out of the top 20 brands (see tables below), 10 brands are from the banking sector i.e. 50%.

Well Established Brands - All the top 20 brands are well established and household names in the country. Some have a strong heritage and can even be termed as "heritage brands."

Trust is Key - Sri Lankan consumers are very loyal to brands that are trustworthy, specially in the case of banking, insurance etc., Hence, brands that win the trust of Sri Lankans, tend to remain firmly entrenched.

Regular Usage - Brands that Sri Lankans patronize regularly are the brands that they are loyal to. "Close at heart makes the heart grow fonder" is probably what works in Sri Lanka.

Mindspace- The brand positioning of these top 20 brands are quite strong. This is mainly due to top-of-the-mind recall and strong brand awareness levels. Hence, regular marketing communication activitieshave paid dividends for these brands. This will include WOM (word-of-mouth) and viral marketing.

Perceived as Sri Lankan Brands - Although some brands are not of Sri Lankan origin, they are perceived as such. Hence, the "Sri Lankan" identity has a strong influence on the brands rankings.

Regular Mass Media Advertising - The majority of the brands engage in substantial marketing and corporate communication activities. This has no doubt made these brands popular and household names in the country.

Brand Champions - Most of these brands have brand champions behind them.

It could be a combination of the Chairman/CEO Marketing Head etc., These brand champions are visible to the public through different mediums.

Hence, there is a "voice and face" behind these brands.

Listed Brands- Since these 20 brands are all listed in the stock market, their financial performance, together with aspects of corporate governance would have contributed towards the rankings. By message to Sri Lankan brand builders is to continue to invest in brands, irrespective of short term hiccups. Don't cut down marketing communication budgets arbitrarily, since these decisions will destroy brand equity.

Sri Lankan consumers are very change averse, hence, once they get used to a brand they are hard to change. Keep the trust of your customers as they will remain largely loyal.

Regular corporate and marketing communications is important, to maintain brand awareness and top-of-the-mind recall levels. All the top 20 brands are in sectors that are highly competitive. Don't be afraid to project a Sri Lankan heritage and identity. If the brand is operational globally, it is a plus point to the Sri Lankan identity.

Safeguard the brands Intellectual Property (IP) assets at all times. This includes brand names, logos, signage, colours etc., together with patents, copyrights.

Internalize the brands amongst employees and carry out "internal" branding. Encourage employees to project themselves as "brand ambassadors", specially in predominant services industries such as banking, retail, insurance and telecom. Investing in internal branding is not an option, it is a must, going forward.