In the past five years, a variety of innovation has sprung up like mushrooms in China. From livestreaming to location-based services to cashless payments to new retail, the market is more dynamic than ever.
Among China's top 100 brands, 28 of them dropped out and 17 brands among the global top 100 brands disappeared due to the innovation disruption in China over the past five years, according to Doreen Wang, global head of BrandZ on Monday.
Consumers are not loyal anymore. They just need to remember the better experience from all brands that are making efforts for more touch points.
China is the touchstone for innovative products and all efforts in branding are not costs but investment, Wang stressed at an event in Beijing.
For brands that are keen on thriving, Wang gave five suggestions generated from market insights.
(File photo: VCG)
Innovation capability is a must. All branding campaigns require innovation, as Chinese consumers are willing to try something novel.
Branding means differentiation, and only when consumers find the value in the differentiated service or products would they pay a premium.
In the pursuit of the Chinese dream, the country adds opportunities for brands. China's brand leaders are playing their role in the revival of the Chinese nation and in making the Chinese Dream come true. The strength of China's brands in terms of their brand power can be considered a proxy for the successful development of Brand China itself.
It is also important to create the synergy among multi-media campaigns, to maximize the brand's touch points to their consumers.
Chinese brands are "going global" and their influence is beyond Belt and Road initiative countries. Overseas acceptance of Chinese brands is also increasing, although it varies by country and age, according to BrandZ™ research. While elder people are more likely to retain their impressions of Chinese products as cost effective and possibly unsafe, younger people tend to view Chinese brands positively and associate Chinese brands with innovation.
The Chinese innovation and technology giants, Baidu, Alibaba, Tencent, and JD.com continue to enable consumers to do more and manage their daily lives through a single integrated mobile platform. These internet giants are disrupting categories and crossing into others, including investment funds, insurance, travel and logistics.