This week the world turned to the United Kingdom for the loss of its monarch. This historical event allows us to review a concept from Market Research. The countr-brand is an element that involves many variables and changes over time. Depending on its nature, it can affect or benefit the people and companies that reside in a specific place. Therefore, it is an issue that should not go unnoticed by brands and organizations.
Despite the implications of the reigning house in different controversial cases, there is no doubt that it is a badge that maintains the unity of his country. The royal family is also an asset that generates not a little income. It is not a minor thing that thousands of people go to the most emblematic royal sites in order to experience part of the history and hallmarks of an area that produces mixed emotions up close.
UK is a place that many of us can describe with some common adjectives. These features help people make purchasing decisions with brands and companies native to such a space. This situation can be extrapolated to other countries. Without leaving Europe, we can talk about the cases of Germany, Italy and Switzerland to cite just a few examples. Almost without having to ask, the reader will be able to make a mental list of distinctive aspects of each country and that it will not be unreasonable to extend to the products and services offered from each State.
Like the dilemma that tries to figure out which came first, the chicken or the egg, the dichotomy between the country-brand and the country is more of an indissoluble duo. What happens in the State ends up affecting their companies and vice versa. Some countries are very aware of this situation and have actively invested in changing the perception of their country brand. At the moment, a very obvious example is that of Qatar. In the near past we have other successful examples; we refer to the cases of Japan and South Korea.
In the case of the Middle Eastern country, we know that it is a State with large oil revenues and that it is governed by rigid laws that the Western world does not accept due to its implications. Like other countries in its region, its leaders know that oil production will not last forever. That is why, with the venue of the 2022 World Cup, the objective is to put the country in the conversation on the international stage as a benchmark of coexistence and modernity. You’ll make it? Only time will tell.
In Latin America, we have several cases of country-brands that we can study. We will focus on the case of Mexico. This North American country is an international actor that usually arouses sympathy and praise in almost everyone. However, when it is described in economic terms, the compliments tend to be rather mixed. It is also interesting to understand the relationship of Mexicans themselves with their own country-brand. In general terms, if a product or service bears the «Made in Mexico» label, it usually inspires confidence in national consumers.
When a market study is carried out and it is known that the country brand will weigh on the perception of what is sought to be known in detail, it will be worth addressing this parameter rigorously. Ignoring this factor can make people lose sight of a decision-making motive that, in the long run, can be the determining factor between the success and failure of a marketing strategy.
At Acertiva we know that reducing uncertainty is a need for our clients. Thanks to our almost twenty years of experience in the region, we can help you develop your knowledge projects of the Latin American market. Write us now to tell you how we can be your regional allies in Market Research.