The Business Bytes
TBB BUREAU
BHUBANESWAR; JANUARY 18, 2024
In a testament to its meteoric ascent, Jio, a relatively new entrant, has once again been hailed as India’s strongest brand for the year 2024, according to the recently published ‘Global 500 – 2024’ report by Brand Finance. This accolade places Jio ahead of longstanding Indian giants such as LIC and SBI. Notably, Jio had secured the top spot in Brand Finance’s 2023 rankings as well.
The brand ‘Jio’ has secured the 17th position among the world’s strongest brands, boasting an impressive Brand Strength Index of 88.9. This positions Jio just behind global stalwarts like WeChat, Google, YouTube, Deloitte, Coca Cola, and Netflix, but ahead of renowned brands such as EY, LIC, SBI, and Instagram.
The report highlights Jio’s exceptional performance, noting a remarkable 14 per cent surge in brand value, reaching USD 6.1 billion. This success is attributed to Jio’s strategic position in the telecommunications sector, characterized by robust brand strength with a score of 89.0 and an associated AAA brand rating. The report emphasizes that Jio’s rapid growth in both customer base and revenue is a direct result of substantial brand investments by the Reliance Industries conglomerate.
Explaining the methodology employed by Brand Finance to calculate the Brand Strength Index, the report outlines a comprehensive structure consisting of three pillars: Brand Inputs, Brand Equity, and Brand Performance. The attributes considered vary across sectors, with each attribute weighted based on its perceived significance in driving the respective pillar. Specifically, Brand Investment is measured to gauge its impact on driving Brand Equity, while Brand Equity is assessed in relation to Brand-Related Business Performance measures. Finally, the relevance of Brand-Related Business Performance measures is evaluated for its role in driving overall business value.
In essence, Jio’s continued dominance in the brand landscape is attributed to its strategic investments, rapid customer base expansion, innovative market initiatives, and a robust brand perception, all contributing to its elevated Brand Strength Index and AAA rating.
