After profusely pontificating and posting about need to interpret brands across cultures over the past few weeks, I must say that I was very pleased to across this summary of findings from a briefing paper just released by The Economist Intelligence Unit – Guarding the Brand.
These statistics caught my eye,
Strong brands are increasingly recognised as a competitive asset, according to a new survey of 145 senior executives around the world by the Economist Intelligence Unit.
However, managing brands effectively across multiple markets is proving to be a significant challenge, with half of executives stating that brand consistency is becoming harder to maintain as their firms enter new markets.
Executives also reveal that cultural barriers (63%) and language and translation issues (44%) have become the two primary challenges in brand management. Localisation of the brand does pay off though: two-thirds of survey respondents agreed that efforts such as translation and cultural adaptation had a positive impact on sales in those regions.
While these findings certainly validate my suppositions, I realize that I need to go back to my original barely cohesive thoughts and see if I can come up with a concise articulation of how brands can effectively adapt across cultures.