LMD’S READERSHIP HAS ITS SAY!
Readers of LMD pick their most loved brands in a first of its kind survey
Having navigated a period of uncertainty and adversity, businesses are seemingly emerging more resilient and determined than ever. Despite facing a multitude of challenges, their spirit and refusal to succumb to adversity have fortified what can best be described as a steely resolve to survive – and in some cases, even prosper.
But while they exude a renewed sense of purpose, circumstances under which they operate remain testing to say the least.
Against such a backdrop, let’s just say that it’s been a case of adjusting or fine-tuning to overcome the hurdles.
What’s more, amid systemic macroeconomic and geopolitical shifts, the global business environment is growing more volatile by the day. Governments’ pursuit of economic and fiscal policies exacerbates trade disruptions and distortions, adding to the complexities of the modern world of business.
The recent Political Risk Report by Marsh underscores the heightened state of political risks, emphasising the unprecedented volatility in operational planning for multinational corporations in particular.
Lengthy and unpredictable conflicts amplify these challenges. As the New Year dawned, businesses enhanced their capacity to anticipate, strategise and mitigate the impacts of unforeseeable obstacles – a skill honed by Sri Lanka over the years by navigating turbulent waters.
The Marsh report notes that 2024 will witness the most significant election year in recorded history with over 60 nations, constituting at least 40 percent of the global population and GDP, slated to hold elections.
These elections are likely to exert considerable influence on international dynamics, creating policy uncertainty and causing market disruptions.
In Sri Lanka, recent trends in the LMD-PEPPERCUBE Business Confidence Index suggest that businesses are treading cautiously, apprehensive about the forthcoming elections here at home and the uncertainties they bring.
Despite the stabilisation of interest rates and a stronger currency, the high cost of living remains a cause for concern for marketers and brand guardians in the wake of the squeeze on consumer spending.
Additionally, the imposition of a mandatory tax regime that came into effect in January dims any prospect of there being a turnaround in depleted disposable incomes anytime soon.
Amid the chaos and flickering optimism, businesses that have diligently built on their reputations and garnered steadfast consumer support through the strength of their brands are better positioned to navigate the turbulence.
This is because despite the prevailing hardships, consumers are inclined to favour familiar brands, seeking reassurance and stability in their everyday purchases rather than venturing into unfamiliar territory – except of course, when they’re driven by cost cutting measures.
In the midst of this upheaval therefore, only the most resilient and innovative brands have stood the test of time and thrived.
This year’s most loved brands study was conducted against the backdrop of a tumultuous period to say the least, as the nation grappled with untold economic hardships. And as for the immediate future, impending elections and the weight of high taxes are likely to prolong the agony.
In a wide-ranging survey conducted across various categories with a primary focus on three main segments (i.e. corporate, product and service brands), PepperCube Consultants curated local brands under 34 sectors ranging from automobiles (motorbikes and motor), aviation and banks, to beverages (alcohol, and cold and hot beverages), building materials (electric and general) and pharmacies.
The sectors under the pollsters’ radar also included e-commerce (ride hailing), finance and leasing, home care, home electronics, home finishing, hotels and resorts, insurance (general and life), oil, lubricants and gas, packaged foods (dairy, desserts, pantry items and ready to eat) and personal care (adult and baby). Quick service restaurants, retail lifestyle, shopping malls, stationery, supermarkets and telecommunications round off the list.
CORPORATE BRANDS Securing first place on the podium of most loved corporate brands is John Keells Holdings (JKH). JKH has for many years been lauded as Sri Lanka’s Most Respected entity – another pioneering initiative by LMD, which is also based on a survey of businesspeople in this country.
Following closely behind, multinational Unilever Sri Lanka claims the second spot on the most loved corporate brands podium with MAS Holdings, Hayleys and Dialog Axiata taking the third, fourth and fifth positions respectively.
Additionally, the list features eight prominent banks.
PRODUCT BRANDS Munchee claims the coveted first place among the most loved product brands with Coca-Cola securing second position and Elephant House coming in third. Tech giant Apple and Maliban – a leading manufacturer, distributor and marketer of bakery products – share fourth place.
The product brands category includes a diverse range including automobiles, clothing, food items and personal care products.
SERVICE BRANDS Telecom service provider Dialog secures first place on the list of most loved service brands. Commercial Bank (ComBank) – which was LMD’s Most Awarded organisation in 2022/23 – assumes the No. 2 position, followed by Sampath Bank, SLT-MOBITEL and HNB, in third, fourth and fifth respectively.
SECTOR LEADERS The automobile category is divided into two segments. In the motor vehicles segment, TOYOTA dominates with Mercedes-Benz securing second place and HONDA coming in at No. 3.
For motorcycles, HONDA claims the top spot, followed by YAMAHA and BAJAJ in third.
In the sphere of aviation, Emirates is favoured over the national carrier SriLankan Airlines, which claims second place. They are followed by Singapore Airlines in third with Qatar Airways and Cathay Pacific rounding off the top five.
Financial institutions are pivotal to the country’s economic growth strategy and according to LMD’s readers, ComBank emerges as the most loved banking institution. It is followed by Sampath Bank, HNB, HSBC and Nations Trust Bank. Other banks featured on the sector leaders list include Seylan Bank, Standard Chartered Sri Lanka, NDB, BOC and DFCC Bank.
The beverages category takes the form of three subcategories: alcohol, cold and hot. In the alcohol category, JOHNNIE WALKER claims the No. 1 spot, followed by LION and ROCKLAND. In the cold beverages category, Coca-Cola, Elephant House and KIST are the three most loved brands. As for hot beverages, Dilmah leads the pack, followed by NESCAFÉ and Lipton.
The building materials category is subdivided into electric and general brands. In the electric brands category, ORANGE ELECTRIC, ACL Cables and KEVILTON emerge as the most loved brands. Meanwhile, in the general category TOKYO SUPER, INSEE Cement and LANWA Cement take the honours.
At the forefront of the finance and leasing category stands LOLC Finance, followed by LB Finance and People’s Leasing (PLC).
The insurance sector is highly relevant to the public in times such as these. Sri Lanka Insurance General, Ceylinco General Insurance and Allianz claim the top three spots in the general insurance segment. And Sri Lanka Insurance Life, AIA and Ceylinco Life take the lead in the life insurance
category.
Within the packaged foods sector, which consists of four categories – viz. dairy, desserts, pantry items and ready to eat – Highland leads the pack in the dairy category, followed by Kotmale and AMBEWELA. Highland also claims the top position in the desserts category with Elephant House and Motha following.
Harischandra, Prima and Maggi emerge as the top contenders for pantry items while Maliban leads in the ready to eat segment, trailed by Munchee and Kandos in second and third place respectively.
Ranked as the most loved supermarket brands in the country, Keells assumes pole position; it is followed by Cargills Food City (No. 2) and SPAR (in third place). Softlogic GLOMARK claims the fourth spot with ARPICO SUPERCENTRE and LAUGFS Super in fifth and sixth place.
Colombo’s largest shopping complex ONE GALLE FACE MALL is the top choice among readers of LMD with Colombo City Centre (CCC) securing second position and the recently opened Havelock City Mall in third place.
There were only four contenders for top billing in the telecommunications service provider category with Dialog securing the prime position, and SLT-MOBITEL, HUTCH and Airtel in second, third and fourth place respectively.
In the pharmacies category, Healthguard occupies the top position as the most loved brand while in the e-commerce (ride hailing) segment, local service operator PickMe secures the No. 1 spot. Surf excel leads the home care category while SAMSUNG dominates in home electronics.
In the meantime, Dulux emerges as the most loved brand in home finishing while Cinnamon Hotels & Resorts heads the hotels and resorts segment.
And LITRO GAS is the most loved for oil, lubricants and gas brands while Signal is the preferred personal care brand for adults with Baby Cheramy leading in the baby care stakes. Pizza Hut is ranked No. 1 among quick service restaurants and Hameedia stands out in the retail lifestyle sector. Atlas is the most loved brand in the stationery category.
THE BIG PICTURE Navigating the competitive landscape of today’s marketplace is no mean feat for brands across the sectors. From economic uncertainties and geopolitical shifts, to changing consumer behaviours and technological advancements, businesses are facing untold challenges.
Amid these obstacles however, the ability of brands to remain authentic and true to their core values is crucial to survive and succeed.
Therefore, brands that remain genuine and steadfast in their commitment to delivering value to consumers are better equipped to weather the storms of volatility and uncertainty – and be loved!