China’s Belief in the Power of Brands
I recently returned from a trip to China where I had the privilege of speaking at the Economist Conferences’ Fourth China Branding Roundtable. The visit coincided with the translation of my book, BrandSimple, into Chinese. On my last day in Beijing, I was having breakfast and perusing China Daily, an English-language newspaper, when I came upon a full-page ad that captured succinctly – better than any economist’s speech could – two of the most powerful signs of China’s emerging economic growth. The photo in the ad was one of the many spectacular skyscrapers rising up across Beijing as far as the eye can see. The copy, brilliant in its simplicity, read, “Believe in the power of brands.”
That China is building buildings is a very visible sign of its emergence as a major player in the global marketplace. More noteworthy to a brand guy like me, however, is that China is starting to emerge as a major player in the building of brands. Chinese companies are beginning to understand that only by doing so will they be able to compete on the world’s economic stage. In fact, I believe that Chinese companies have reached and are ready to jump over – way over - a brand tipping point. In just a few short years the growth of branded Chinese products and services has grown exponentially. From Lenovo to Haier appliances, companies across every category are following world-class, best-in-class branding practices in order to become the formidable competitors they want to be. Yes, international brand presence, Starbucks to BMW, is everywhere you look, a powerful economic dynamic in any language. The logos of familiar global brands dotting the city landscape are as ubiquitous as the new construction projects. However, although not quite as high a percentage as the imported names, the number of Chinese companies represented in this branded mix it is a powerful statement especially given how new the idea of brand competition is to this country. “Believe in the power of brands?” The Chinese do. And they’re beginning to build them almost as quickly as they’re building their cities. From what I’ve seen so far, the power of these brands will be monumental.