BrandZ 2015 LATAM Top50 Report

2
10
11
12
13
50
49
# 37
US $1,479 Mil.
# 42
US $1,118 Mil.
Banks
Banks
# 38
US $1,411 Mil.
# 41
US $1,197 Mil.
Retail
# 46
US $1,069 Mil.
Beer
#7
US $4,315 Mil.
Communication
Providers
Brand Value
Change
2014-2015
+28%
Banks
+28%
Banks
TOP 10 MOST VALUABLE LATIN AMERICAN BRANDS
+25%
Banks
Banks
Retail
Communication Providers
US $8,500 Mil.
US $8,476 Mil.
US $6,174 Mil.
US $5,202 Mil.
US $4,709 Mil.
+20%
+6%
+16%
+25%
-23%
Banks
Beer
Beer
Beer
US $4,423 Mil.
US $4,315 Mil.
US $4,185 Mil.
US $3,672 Mil.
US $3,604 Mil.
+22%
+28%
+17%
+3%
+4%
#4
US $5,202 Mil.
46
21
Beer
20
# 40
US $1,236 Mil.
Beer
19
2015
+43%
Banks
Banks
# 49
US $997 Mil.
# 30
US $1,859 Mil.
18
48
# 36
US $1,533 Mil.
NEWCOMERS
+62%
Beer
17
+2%
15
% - Brand Value Change

2014-2015
# - Ranking Position
$ - Brand Value
il.
B
9
.
1
3
1
US$
2014
14
HIGHEST
RISERS
TOTAL VALUE OF LATIN

AMERICAN TOP 50 BRANDS
il.
B
9
2
1
$
US
47
16
TOP 1
50
Communication
Providers
#6
US $4,423 Mil.
CHILE
COLOMBIA
MEXICO
PERU
2 brands in the Top 50
US$ 2,644 Mil.
US$ 32,017 Mil.
US$ 19,398 Mil.
US$ 19,339 Mil.
US$ 49,385 Mil.
US$ 6,073 Mil.
(2% of Total LatAm Value)
#1
US $8,500 Mil.
+20%
Beer
# 39
US $1,309 Mil.
+71%
+5%
-23%
-4%
+15%
Top 3 Argentinian Brands
Top 3 Brazilian Brands
Top 3 Chilean Brands
Top 3 Colombian Brands
Top 3 Mexican Brands
Top 3 Peruvian Brands
Banks
US $1,575 Mil.
US $8,500 Mil.
US $4,709 Mil.
US $3,672 Mil.
US $8,476 Mil.
US $1,808 Mil.
# 34
US $1,636 Mil.
US $1,069 Mil.
US $5,202 Mil.
US $3,107 Mil.
US $3,476 Mil.
US $6,174 Mil.
US $1,678 Mil.
US $729 Mil.
US $4,315 Mil.
US $2,845 Mil.
US $2,436 Mil.
US $4,423 Mil.
US $1,479 Mil.
% Brand Value Change 2014-2015
+15%
+19%
24
43
+20%
Beer
23
44
MOST VALUABLE COUNTRY BRANDS

BRAZIL
ARGENTINA
+17%
Banks
Download the Mobile app www.brandz.com/mobile
41
Source: Millward Brown and BrandZ
39
38
37
36
35
34
33
32
31
30
29
28
27
26
25
# 31
US $1,808 Mil.
www.brandz.com
40
22
45
42
+22%
LATIN AMERICA
CONTENTS
Colombia............................. 81
Brazil .............................. 37
Overview
Introduction.........................9

Thought Leadership
The Macroeconomic Environment
LatAm vs. Emerging Markets

Gonzalo Fuentes, CEO, .Millward Brown Latin America

Doreen Wang, Global Head of BrandZ, Millward Brown
Overview

Latin American Economic Context
Headline News
Key Findings and Future Trends
Brand Value Distribution by Country
Performance by Indsutry Sector
Comparison With Other BrandZTM

Brand Valuation Rankings
Top 50 Brands
Key Market Facts
Brand Stories
Thought Leadership
How are Brands Adapting to the

Economic Shift?

Roberto De Napoli, Director of Operations,

Millward Brown Vermeer, South America
Challenges for Brands in the Brazilian Market

Valkiria Garr, Managing Director, Millward Brown Brazil
Crisis or Opportunity?
Chile ...............................65

Key Market Facts
Brand Stories
Thought Leadership
Opportunities for Peace
Brands in an Ever-Changing Environment:

Time To Be Meaningfully. Distinct!
People Hate Our Job

Gabriel Enrique Castellanos, Managing Director,

Millward Brown, Andean Region
Thought Leadership
Making Progress on a Slower Road

Alvaro Melndez Ortiz, Planning Director,

Ogilvy & Mather, Colombia

The Top 30 Brands Chart

Key Market Facts
Brand Stories
Thought Leadership
A Kaleidoscope of Challenges
and Opportunities
Evolving Paradigms in an
Unpredictable Market

Ricardo Barrueta, Managing Director, M
. illward Brown

Mexico, Central America and the Caribbean

Jorge Alagn, Chief Client Solutions Officer Latam,

Millward Brown
Constancy Amidst Chaos
Chile Amidst The Perfect Storm

Claudio Apablaza, Business Development Director,

Millward Brown, Chile
The Battle of the Table

Sebastin Corzo, CS Senior Consultant

Millward Brown, Argentina
"New Media, Old Fashioned Values"

Annetta Cembrano Perasso, CEO, MEC Chile
Key Market Facts
Brand Stories
Thought Leadership
Exporting Peruvian Brands
Has The Slowing Peruvian Economy

Impacted Brand Value?
Building Meaningfully Differentiated

Brands in Peru

Catalina Bonnet Montoya, Managing Director,

Millward Brown, Peru

Olivia Hernndez, Client Service Director,


Jeanette Yaez Pajuelo, Account Group Director

What's New in Peru's Local Market?

Fidel La Riva Cruz, Country Manager,

Kantar Worldpanel, Peru
From Analytical to 'Curiosytical'

Eduardo Velasco Maximiliano, Managing Director,

MEC Peru
A Story of David and Goliath in

The Digital Media Era
Methodology
Brand Stories

Pedro Egea, President & CEO, Grey Mxico
Change Is Inevitable; Development is Optional

Resources..........................141

Mariana Fresno Aparicio, Client Service Director

Overview
How to Grow Great Brands in a

Fast Changing Scenario

Marcela Prez De Arce, Client Service Director,

Millward Brown, Chile and Mauricio Yuraszeck,

Client Service Director, Firefly Millward Brown

Fernando Alvarez Kuri, Vice President<

Millward Brown Vermeer
Three New Influences on Chilean Consumers
Peru .............................125

Oscar Ladino, Group Account Director,

Millward Brown, Colombia

Mauricio Martnez Vzquez, Managing Director,

Thought Leadership
Brand Stories
'Dear Brand, I Recall You.

But I Don't Want To Buy You'

Renato Duo, Strategic Planning Manager

J. Walter Thompson, So Paulo
Overview
Key Market Facts
Overview

Argentina Keeps Building its Own Labyrinth
Key Market Facts
Mexico ...............................97

Francisco Bayeux, Global Innovations, Millward Brown, Brazil

Julio Fresno Aparicio, Managing Director,

Neuroscience: Helping Brands

Make The Connection
Overview
Thought Leadership


Aurora Yasuda, Knowledge Management,

Millward Brown, Brazil
Argentina............................ 25

Overview

Lilia Barroso, CEO, GroupM Mxico
BrandZTM Publications
TM
The Role of PR in Building Strong Brands BrandZ Mobile
WPP Company Contributors

Daniel Karam, President & Managing Director,

H+K Strategies Mexico

The BrandZTM Brand Valuation Contact Details

Gabriela Lijo, General Manager, Lambie-Nairn, Mxico
WPP in Latin America
Creating Great Brands in an

Extreme Market
LATIN AMERICA
TOP 50 MOST VALUABLE LATIN AMERICAN BRANDS 2015
WELCOME
A DECADE OF
DEVELOPMENT, A
YEAR OF CHANGE
2015 marks ten years since the first BrandZ
Top 100 Most Valuable Global Brands study was
conducted. In the intervening decade, Millward
Brown has researched and valued over 100,000
brands across 50 country markets, to identify
the drivers of long-term brand value growth.
With each year and each BrandZ Ranking
report published, new insights emerge that
help equip brands especially the aspiring
newcomers from the fast-growing markets to
learn from the present and build for the future.
GROWING BRANDS
IN ALTERED
CIRCUMSTANCES
For most of the countries featured in the
BrandZ Top 50 Most Valuable Latin
American Brands 2015, the past year
has seen a continuation of the economic
challenges that began to emerge in
2013/14. For the past two years, the
Latin American region has presented
relatively low GDP growth rates of
around 2%. Chinas slowing economy and
turbulence in the global oil industry have
been contributory factors, but political
unrest and uncertainty have also played
their part.
However, even in these testing times,
companies that have strong brands
remain more valuable than the average
of the market. This is illustrated by the

fact that the Top 50 LatAm portfolio
increased 2% in USD, while almost all
economic indices such as GDP, Country
risk and Companys market value showed
a substantial decrease.
So, whats the secret to the strong
performance of these brands? There is no
single secret, but what is clear from this
report is that many of them are applying
some or all of the following principles in
order to create differentiation and value:
Be close to consumers
Successful brands are not limiting
themselves to promoting just their
features and benefits but instead are
aiming to reflect the same values as their
consumers. In looking at life through their
customers eyes, they are better able to
innovate in ways that will really resonate
with them. This may translate into the
development of new formats, new sales
channels and service centers, or new
sizes or varieties that can maintain the
loyalty ties that the brand has been
building over time.
The success of this approach is clearly

demonstrated by the brand in the
number one spot of the BrandZ Top 50
Most Valuable Latin American Brands
2015, Skol. Investment by Skol has been
heavily focused on relationship building
through the interests of the brands
target audience, in particular through
sponsorship of music festivals.
Faced with household budget
constraints, consumers need good
reasons to validate their purchasing
decisions. A clearly communicated
brand proposition that reflects its
understanding of the consumers needs,
and respect for their freedom to choose,
go a long way towards delivering the
reassurance these consumers are looking
for.
ABOUT BRANDZTM
Create a dialogue through digital
This report is collaboration by leading

brand experts from WPP companies
around the LatAm region. Their insights
and thought leadership essays provide
strategic understanding and tactical
advice for brands seeking to grow their
presence and improve their brand value.
The voice of the consumer is now

clearly heard and amplified through
multiple channels: where once brand
communications were one-way, now
social media gives each individual the
power to praise or reproach. This shift
from monologue to dialogue creates new
possibilities but also pitfalls. The most
successful brands are embracing the
transparency that these open channels of
communications provide and using it to
build stronger, longer-term relationships
with their customers.
WPP companies have been working

in Latin America for nearly 100 years.
Within these companies are specialists
in advertising; insight; branding and
identity; direct, digital, promotion
and relationship marketing; media
investment management and data
investment management; and public
relations and public affairs. All share a
passion and determination to use their
creativity and resources to establish and
build strong, differentiated brands that
deliver lasting shareholder value.
Experience counts
Collectively our experts bring global

knowledge based on our WPP presence
in 112 countries. By connecting all this
talent and wisdom, we explore global
trends and insights that help our clients
in useful and unique ways.
Creating or supporting shared

experiences that unite people and make
them feel happy build brand equity
and encourage consumers loyalty.
The backbone of all this intelligence

remains the WPP proprietary
BrandZ database, the worlds
largest, customer-focused source of
brand equity knowledge and insight,
and the BrandZ brand valuation
methodology of Millward Brown, a
WPP company.
Other titles in our industry leading
BrandZ resource library include:
the BrandZ Top 100 Most Valuable
Global Brands 2015, the BrandZ Top
100 Most Valuable Chinese Brands
2015; the BrandZ Top 50 Most
Valuable Indonesian Brands 2015.To
download these and other BrandZ
reports, please visit www.brandz.com.
For the interactive BrandZ mobile
apps go to www.brandz.com/mobile.
To learn more, please contact any of
the WPP companies that contributed
expertise to this report. Turn to
the resource section at the end of
this report for summaries of each
company and the contact details of
key executives. Or feel free to contact
me directly.
DAVID ROTH
CEO The Store WPP, EMEA
David.Roth@wpp.com
Twitter: davidrothlondon
Blog: www.davidroth.com
INTRODUCTION
LATIN AMERICA
THOUGHT LEADERSHIP
THE MACROECONOMIC
ENVIRONMENT:
A CHALLENGE
TO BE OVERCOME
At the beginning of this year, I
had the chance to take part in
an event in Ecuador, attended
by the main entrepreneurs and
celebrities of the country. There,
a famous economist was talking
about the perfect storm:
a decrease in global demand,
the collapse in the price of oil
(on which so many countries in
our region depend), and the US
dollar high appreciation.
12
GONZALO FUENTES
CEO
Millward Brown, Latin America
Gonzalo.Fuentes@millwardbrown.com
In addition to this challenge shared by the whole region,

Mexico and Brazil, the two largest economies in the region,
are facing barely positive scenarios. At the end of July,
Standard & Poors kept Brazils country risk rating at BBB,
but changed its outlook from stable to negative.
In the case of Mexico, the Enrique Pea Nieto administration
was confident that last years structural reforms would
boost the countrys economic growth. However, the impact
of these reforms was strongly affected by a difficult
economic and social environment, which led to a very large
cut in public investment and expenditure.
WITH CHALLENGE
COMES OPPORTUNITY!
Although the social and economic environment is
challenging, investment in the creation of great brands is
needed more than ever. This is evidenced by the fact that in
our ranking BrandZ Top 50 Most Valuable Latin American
Brands, the joint value of the 50 main brands in the region
had a 2% increase against last year. The Brazilian beer brand
Skol had a 20% growth, which made it the most valuable
brand in our region.
How can brands continue to grow in such adverse scenarios?
Brands that grow do so because they adapt to the new rules
of the game, they understand how these impact consumers,
and based on this they look for solutions considered
innovative and relevant by their market. Thus, the secret is
simple, but it is the details that count.
A good example of adaptation to a new scenario is the
Mexican brand Bodega Aurrer. Seeking to respond to the
evolution of demand (consumers with less time to do the
shopping, but still looking for inexpensive and local options),
in 2008 it created a format called Bodega Aurrer Express.
This has helped it to gain share in the informal market, due
to its value proposal: low prices and convenience. In 2014,
Bodega Aurrer continued this expansion, adding 45 stores
in that format. The success is clear: in a sector with brands
facing important challenges brand value in the retail
sector as a whole decreased 15% Bodega Aurrer had a 10%
value increase.
The new challenge for the retail sector will be related to
the development of e-commerce in our region. In 2014, 110
million Latin Americans made at least one purchase online,
almost 13 million more people than in 2013. This constitutes
a challenge not only for this sector for brands from other
categories such as Alibaba already present in Brazil but
also for brands, since the purchase process and the context
are clearly different.
BRANDS AS 'EXPERIENCES'
ACTIVATORS
The digital development allows acceleration of this

process and going from brand image building to creating
experiences with brand content. The trick is doing this
without the brand seeming too intrusive.
Skol is a brand that understands its role is not that of the
main character at the party, so to speak, but a vehicle for
its consumers to have a great time: it takes advantage of
important social events to join the party.
Last years events provided an amazing stage to become
this companion: from being the main sponsor of Rock in
Rio, to taking part in the traditional Festas Juninas and the
Brazilian Carnival, and all the way to the Football World Cup,
Skol made great efforts to become part of these playful and
high-engagement moments.
For example:
This brand invests in more than 2,000 events so as to
stay close to customers.
For the World Cup it created Albergues-Consulados
( Embassy Shelters), where consumers were invited to
become Skol ambassadors and receive foreigners in the
different host cities.
It also used a digital platform to create what was called
Gringo your selfie. In this activity Skol asked Brazilian
consumers to take selfies with fans from all the countries
competing in the Cup in less than 24 hours. The prize? A
trip around the world!
To sum up, the changes and challenges our region is facing
constitute opportunities to grow by means of the elements
that have always worked: innovation and relevance. My
advice is that, now that we are tempted by too much
information and all kinds of data, we should not forget the
basics: to be close to our consumers. This book and the
BrandZ Latin American ranking present 50 brands that
seem to understand this quite clearly. Enjoy!
There is no doubt that consumers are human beings first,

and that some countries in our region are going through a
difficult situation. Brands have the opportunity here to offer
playful experiences that unite consumers and allow them to
enjoy small pleasures, while building equity and encouraging
consumers loyalty.
13
LATIN AMERICA
LATAM VS. EMERGING MARKETS
TIPS FOR FUTURE

SUCCESS FOR
BRANDS IN FASTGROWING MARKETS
Its getting harder to enter and
remain in the BrandZ Global Top
100 Most Valuable Brands. A total of
58 of the brands ranked in 2006 are
still there, while 42 have been replaced.
DOREEN WANG
Global Head of BrandZ
Millward Brown
Doreen.Wang@millwardbrown.com
Many of the new brands within the ranking are from fastgrowing markets. The number of Chinese brands in the
BrandZ Global Top 100 has risen from just one in 2006
to 14 in 2015, and their total Brand Power has increased
1,004%. Latin American brand Natura appears in the
personal care sector rankings, and Skol and Brahma rank
in the beer category. The majority of these local brands are
not yet truly globalized, but theyre ambitious and growing
in value extremely fast and they will change the global
competitive landscape.
In the past 10 years Millward Brown has researched and
valued over 100,000 brands across 50 country markets,
to identify the drivers of long-term brand value growth.
It is these lessons that will equip brands especially the
aspiring newcomers from the fast-growing markets to be
the winners over the next 10 years.
14
BEING DIFFERENT
MAKES A DIFFERENCE
INNOVATION
DRIVES SUCCESS
In a world of so much product sameness,

brands which consumers view as
different achieve higher value. Those
that have remained in the top half of the
BrandZ ranking over the last 10 years
are scored very highly on difference
by consumers, and have grown 124% in
brand value. In contrast, brands in the
bottom half of the ranking score lower
and have increased only 24% in value.
Consumers see brands that set trends

as different and as leaders, and these
perceptions pay dividends. Over 10 years,
the brands that scored highest against
the BrandZ trend-setting metric
increased an average of 161% in brand
value, while those that scored lowest
increased only 13%. Many of these brands
are from the technology sector, but we
also see Chipotle, Nike, UPS and PayPal
scoring highly.
Difference can enable a brand to

command a higher price and yield a
higher profit. It isnt just about the
product; differentiation can also be found
through purpose, personality, values, and
design. Category leaders like Coca-Cola
and BMW need to guard leadership and
keep refreshing their brand messages
to be always unique. Compared to the
established multinational brands, the
local brands from fast-growing markets
are relatively weak on difference, how to
develop a differentiating proposition that
is meaningful to the consumers would be
the key question to answer.
CLEAR PURPOSE FASTTRACKS BRAND EQUITY

Its not enough to be different for the
sake of it. To be meaningful, brands
must have a strong purpose that goes
beyond making money, and is inspiring
and relevant to consumers. This means
striving to improve peoples lives in some
way making them easier, healthier or
more interesting and if its a higher
purpose that contributes to making the
world a better place, all the better.
In the digital era in which difference is
harder to achieve, for many brands with
comparable functionality and emotional
appeals, purpose can become a true
differentiator and accelerate brand equity
growth.
To be a trendsetter means anticipating

the directions consumers will want to
go in, identifying the gaps where needs
are unmet, and getting there first. This
is a risky strategy, which a brand can
mitigate by knowing their consumers
well.
To remain competitive through the

next decade, brands from fast-growing
markets, and those aspiring to join
their ranks, should stop seeing brand
building as a cost and view it as an
investment in future financial success.
They need a holistic brand building
system that focuses on every aspect
from communications to CRM to
creating the whole experience to
make consumers lives better, build
meaningful difference and embrace
disruptive technologies. Brands are a
fabulous investment, and need to be
nurtured and cared for accordingly.
LOVE ISN'T ALL

YOU NEED - BUT
IT'S POWERFUL
Love has a multiplier effect. Over the
past decade, the rise in value for brands
scoring high in the BrandZ love
metric was 10 times greater than that
of their low-scoring rivals. Love usually
follows great performance and a great
experience and its amplified by social
media. Brands from across categories
score highly on love, from Visa to KFC.
They have one thing in common: they
try to understand the world from the
customers point of view.
Innovation and love form a virtuous circle.
A true innovation that makes peoples
lives easier can quickly generate love,
but even the most trendsetting brands
swing between periods of intensive
innovation and iterative progress, when
love provides a cushion until the next
wave of creative development. Microsoft,
a trendsetter now, could do with a dose
of love to balance this out.
15
LATIN AMERICA
OVERVIEW
THE LATIN AMERICAN

ECONOMIC CONTEXT
In the last two
years the Latin
American region
presented relatively
low GDP growth
rates, around 2%.
Latin American GDP growth

It was the first time that Latin America grew less than the average of the 34
countries of The Organization for Economic Cooperation and Development (OECD).
5.7%
5.3%
3.5%
4.2%
0%
6.1%
5.3%
5%
4.6%
3.1%
2.6%
1.8%
2003
1.3%
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
-1.8%
Source: CEPAL
This is far removed from the prosperous

scenario seen from 2004 to 2012, when
the rates reached over 5% in many
years, according to CEPAL Economic
Commission for Latin America and
the Caribbean. In 2014, the region had
a 1.3% GDP growth, the second worst
performance in the last 10 years (in
2009 the region showed a -1.8% GDP
growth, a reflection of the world financial
crisis).
The countries that most contributed
to the slowdown in the economy
performance of the region in 2014 were
Brazil, Argentina and Venezuela. Brazil,
the largest country with around 50% of
participation in the regions GDP, had
almost a zero growth of 0.1%, Argentina
grew only 0.5% and Venezuela dropped
4.0%. Other important countries in the
region such as Colombia achieved a GDP
growth rate in 2014 of 4.6%, 2.4% for
Peru, while Mexico and Chile registered
2.1% and 1.9% respectively. However,
almost all of these countries, with
the exception of Mexico, have shown
decreasing GDPs in the last two years.
GDP growth
5.8%
4.9%
4.6%
2.9%
2.4%
2.1%
1.9%
1.4%
1.3%
0.5%
0.1%
0%
Brazil
Argentina
Colombia
Mexico
Peru
Chile
The deceleration of the economy in the

region decreasing steadily since 2010,
when it reached a high 6.1% GDP growth,
can be explained by the following factors:
1. In the most important countries,
much of the growth in 2010 was
due to the increase in middle class
purchase power and relative stability
of public accounts. Also, prices of
commodities were high and China
grew 2-digits per year China is a
huge market for Latin American
companies.
2. For the domestic market, factors like
the ascension of middle class and
stability of public policies failed from
2011-2014 and generated a very small
growth in the period. For 2015, the
World Bank is forecasting a worse
scenario, with a GDP growth for Latin
America of merely 0.4%. According to
the bank, the region is practically in
recession.
4.2%
2.7%
Brazil is in bad shape, with political

and economic problems in addition to
inflation. Argentina also faces political
and economic problems, and Venezuela
has had serious problems with internal
supply, high inflation and political issues.
Venezuela
3. During the same period, prices of

commodities like iron, steel and oil,
decreased substantially. Part of
the problem is the slowing Chinese
economy, but also, in the case of oil,
it was strongly influenced by the
industry context.
In addition to this unfavorable scenario,

Moodys Investors Service has
downgraded Brazils government bond
rating from Baa2 to Baa3, a clear signal
that the country has delivered less
than expected in terms of economic
performance.
Another important index that reflects
the economic instability in Latin
America is the Emerging Markets
Bonding Index EMBI+, produced by
JP Morgan, which tracks emerging
markets, government debt and
corporate debt asset classes.
As a consequence of all these factors,

market capitalization of Latin American
public traded companies in the region
suffered a substantial decrease, as
shown in the chart below
The region has to learn how to deal with
the new external context: lower growth
of emerging economies, less dynamism
of developed economies and lower
prices of raw materials. All these factors
greatly affect the economic growth and
development of the region, which require
significant changes to aspects such
as investment levels and productivity
growth with a long-term perspective.
Country risk - EMBI +
Companies Market Value
Almost all the main countries in the

region have risen in terms of risk
(except Chile).
Market capitalization of Latin American

public traded companies in the region
suffered a substantial decrease.
3%
10%
2%
0%
1%
-10%
0%
2013
Brazil
Mexico
2014
Chile
Peru
Source: JP Morgan
July 2015
-20%
Colombia
-30%
2013
Brazil Ibovespa
Mexico IPC
2014
Chile IGPA
Peru BVL
July 2015
Colombia IGBC
Source: Bloomberg
2013
2014
Source: CEPAL
16
-4.0%
17
LATIN AMERICA
HEADLINE NEWS
HEADLINE
NEWS
BRAND VALUE
Total Value of Latin American Top 50 Brands
US$ 131.9 BILLION

Brand Value Change 2014-2015
+2%
The total value of the BrandZ Top 50

Most Valuable Latin American Brands
2015 increased 2% in comparison to
2014 (US$ 129.2b in 2014 vs. USD
131.9b in 2015), despite the low
economic activity in the region since
2014. This demonstrates that strong
brands can better face difficult periods,
with less damage to the shareholder
value.
If we consider the Top 10 BrandZ
LatAm, the variation was +10% in US$
from 2014 to 2015.
Brands from the Financial Institutions,
Services and Beer, Food & Personal
Care segments performed rather well,
with growth rates of 18%, 11% and 9%,
respectively.
On the other hand, brands from the B2B
and Retail segments performed poorly:
they decreased by 34% and 15% in 2015,
respectively.
THE TOP FIVE BRANDS BEER MAKES THE

NEW ENTRIES
For the first time, the most valuable
TOP 10 FOR THE THIRD The BrandZ Top 50 LatAm
Latin American brand was Skol, the
saw six new entrants in 2015:
CONSECUTIVE YEAR
Brazilian beer brand that belongs to
Ambev, an AB Inbev company. This
performance reflects the consistency
in brand positioning of Skol, targeting
its products to younger audiences
more willing to adopt a brand for a
lifetime and supporting its strategy
with sponsorships of music festivals,
which has strengthened the brand
relationship with this audience.
Once again Beer, Retail,
Communication Providers and Banks
categories took the top 5 positions:
Skol (Beer Brazil), Corona (Beer
Mexico), Telcel (Communication
Providers Mexico), Bradesco (Banks
Brazil) and Falabella (Retail Chile).
The beer category dominated the

ranking again in 2015, conquering five
of the top ten positions four of the
brands belonging to AB Inbev: Skol,
Corona, Brahma and Modelo.
MEXICO
36
Banks
38
Retail
41
Beer
Skol, the most valuable Brazilian

brand, had a 20% growth to US$ 8,500
million, followed by Corona, the most
valuable Mexican brand, with a value of
US$ 8,476 million, a 6% growth.
BRAZIL
US $8,500 Million
42
US $8,476 Million
US $4,185 Million
ARGENTINA
46
US $3,672 Million
10
US $3,604 Million
COLOMBIA
49
18
Banks
Banks
19
LATIN AMERICA
KEY FINDINGS AND FUTURE TRENDS
1
2
3
4
Even in a crisis context, companies that have strong brands

were more valuable than the average of the market: BrandZ
Top 50 LatAm portfolio increased 2% in USD, while almost all
economic indices such as GDP, Country risk and Companys
Market capitalization showed a substantial decrease.
Most popular brands and local icons in the Latin American
region like Skol (Brazilian Beer), Telcel (Mexican Communication
Provider), Bradesco (Brazilian Bank), Bancolombia (Colombian
Bank), Falabella (Chilean Retail) and Televisa (Mexican
Communication Provider) are examples of brand strategies
focused on the massive middle class and low-end population,
exploring emotional attributes that are heavily associated with
local needs.
According to The Economist magazine, in Europe the foreign
commerce flow inside the European bloc is almost 72%, while
in the Latin American region it is less than 30%. This is one
reason why the BrandZ Top 50 Most Valuable Latin American
Brands 2015 has predominantly local brands. However, this
situation represents a great opportunity for local brands to
expand their operations overseas, breaking geographical and
cultural barriers. Corona (Mexican Beer), Falabella (Chilean
Retail), Claro (Latin American Communication Provider) and
Ita (Brazilian Bank) are good examples of this movement.
The Financial Institution category had the most impressive
performance in the ranking, growing 18% from 2014 to 2015.
The Brazilian financial market showed a significant recovery
with the M&A operations, which favored the perception of the
current players, together with the reduction in the credit costs
of the Stated-Owned Enterprises (SOE) banks, mainly Banco
do Brasil and Caixa Econmica Federal. Another outstanding
performance was Bancolombia, which increased its value by
16% in the period. The bad news in the category came from the
Chilean banks, due to the economic instability of the country.
BRAND VALUE
DISTRIBUTION
BY COUNTRY
The value distribution by country in the BrandZ Top 50
Most Valuable Latin American Brands 2015 was a repeat
of what happened in 2014: Mexico dominated the ranking,
growing from 33% to 37% share. Brazil remained in second
position, with a steady contribution of 24%.
1. Mexico grew its contribution to the
BrandZ Top 50 Most Valuable
Latin American Brands 2015 for the
third consecutive year, from 33% to
37%. The categories Beer, Food &
Personal Care, Financial Institutions
and Services which combined
value grew 15%, led this growth. It
is a combination of solid financial
performance with an increase in
the perception of consumers in that
market.
2. Brazil maintained its contribution
to the BrandZ Top 50 LatAm at
24%. The country performed well in
the categories Beer, Food & Personal
Care and Financial Institutions, but
this was neutralized by the weak
performance in the B2B category
that is mainly represented by the oil
company Petrobras (decreased in
75%), which suffered with corruption
and operational problems in 2014.
3. Chile, with a portfolio of BrandZ

Top 50 LatAm based in Retail,
decreased from 20% to 15% from
2014 to 2015. This industry, which
comprises 9 brands in the Top 15
Chilean ranking and represents
almost 60% of the Chilean
ranking, dropped 17%. A more
detailed analysis of this variation
showed that Financial Market
Capitalization decreased 22.8%.
Apparently, a strong brand helps
companies to reduce the impact of
financial valuations within the crisis
context.
4. Colombia, the fourth on the list,
dropped from 16% to 15% due
to a decrease in value from an
important brand, Ecopetrol. On the
other hand, Financial Institutions,
the main category in the country,
increased by 3%.
3%
1%
4%
33%
16%
2014
20%
24%
2%
2%
5%
37%
15%
2015
15%
24%
Mexico
Brazil
Chile
Colombia
Peru
LatAm
Argentina
20
21
LATIN AMERICA
PERFORMANCE BY INDUSTRY SECTOR
RETAIL
Performance by industry sector

11%
7%
33%
15%
35%
16%
2014
Chile, one of most mature retail

markets in the region, showed a weak
performance in its brands Falabella
and Sodimac the Top 2 most
valuable brands in the country. These
decreased 23% and 24%, respectively.
2015
16%
19%
Beer, Food & Personal Care
22%
Financial Institutions
25%
Retail
Services
B2B
BEER, FOOD &

PERSONAL CARE
FINANCIAL
INSTITUTIONS
The category has been the main

contributor to the BrandZ Top 50
LatAm for the third consecutive year,
representing 35% of the total value in
2015 (against 33% in 2014). Beer, the
main sub-category, represented 82%
of the category in 2015, against 78%
in the previous year. Brazil, the main
contributor in the sub-category Beer
with participation of 42%, grew 25% in
brand value, followed by Mexico, with
participation of 35% and 15% growth.
This good performance is once again
justified by the capital markets
financial performance of the owners
of the beer brands of these countries
(Anheuser Busch, Grupo Modelo and
Heineken). The segment has benefited
from the boost in consumption
of popular brands in the region.
According to Euromonitor, since 2008
the consumption of beer in Latin
America has increased by 6% per year.
(BANKS AND INSURANCE)

The Financial Institutions category
enhanced its contribution to the
BrandZ Top 50 LatAm, from 22% in
2014 to 25% in 2015. In terms of brand
value, the category had the largest
growth in the ranking (18%). All the
countries that make up the category
showed growth in brand value.
Brazil became the leader of the
Financial Institutions category, with
a participation of 34% (30% in 2014),
a 41% growth in terms of brand value.
Part of this increase is because this
is the first time that BTG Pactual
is on the list. Also, we could see the
results from a consolidation in this
market (mergers that happened in
2010-2013) and also some recovery
of spreads caused by SOE (StatedOwned Enterprises) banks (Banco do
Brasil and Caixa) in 2012/2013.
Colombia, the second largest in
the category, saw its participation
decreasing from 39% in 2014 to 33%
in 2015. However, the brand value
of Financial Institutions in Colombia
increased 3% in the period.
Both Mexico and Peru had a growth
in share in the category (from 20% to
21% and from 10% to 11%, respectively).
Mexico grew 32% and Peru 28% in
brand value.
22
This category, which showed the

highest growth in 2014 (14%),
decreased 15% in 2015.
In Brazil the retail segment as a whole

had in 2014 the worst performance
in the last 11 years: it increased
2.2% in 2014 in comparison to 2013
as a reflection of the crisis and a
complete review of the hypermarket
model. Cash&Carry model retailers
like Atacado and Assai have gained
substantial market share compared
to hypermarkets format.
SERVICES
(COMMUNICATION PROVIDERS
AND AIRLINES)
The Service category (which had
a 4% fall in 2014) increased 11%
in 2015, despite the decrease of
Claro (LatAm communication
Provider, -12%) and LAN (Chilean
Airline, -22%). It benefited mainly
from the Mexican Communication
Provider brands Telcel, Televisa and
Telmex the Top 3 of the category
which grew 16%, 22% and 15%,
respectively. The good performance
of these three Mexican brands was
mainly due to financial reasons.
B2B
(ENERGY / OIL AND INDUSTRIAL)
B2B showed again the worst
performance in 2015, a 34% fall
(-19% in 2014), mainly dominated
by the subcategory Energy/Oil,
which decreased 44% due to the fall
in the commoditys price, exchange
rate depreciation and problems in
terms of corporate governance.
The Mexican cement company
Cemex had an 11% growth, which
compensated for part of this fall.
COMPARISON WITH OTHER

BRANDZTM BRAND VALUATION RANKINGS
The distribution of the Latin American rankings by category is very distinct in comparison to
the Chinese and the Global rankings, due to the economic specificity of each region. While in
the Latin America rankings generally the most important category is Beer, Food & Personal
Care mainly explained by the growth of the consumption of popular brands, in both China
and Global rankings, Technology appears as one of the most important categories.
their operations in the country. In the Global
ranking, Technology, the most important
category, grew 15% (from 27% to 31%). Even
in Brazil, the Technology category is starting
to appear in the ranking the search engine
Buscap makes its debut here this year.
Looking at the evolution from 2014 to 2015,

we can see that Technology has gained
importance in both Chinese and Global
rankings. In China the category grew 50%
(from 16% to 24%), due to important portal
and media companies that have enhanced
2015 Brand Valuation Summary

Category
Latam*
Brazil*
Mexico*
Chile*
Colombia*
Peru*
Argentina*
7%
3%
6%
12%
9%
3%
34%
35%
47%
37%
2%
33%
48%
25%
25%
12%
15%
44%
Retail
16%
11%
19%
61%
3%
Services
16%
12%
26%
10%
10%
Technology
B2B
China**
Global***
24%
31%
6%
8%
16%
6%
11%
42%
14%
28%
16%
5%
0%
14%
8%
2%
36%
19%
13%
3%
12%
China**
Global***
16%
27%
7%
10%
2%
Others
* BrandZ Top 50 Most Valuable Latin American Brands 2015
** BrandZ Top 100 Most Valuable Chinese Brands 2015 (considering the Top 50)
*** BrandZ Top 100 Most Valuable Global Brands 2015 (considering the Top 50)
2014 Brand Valuation Summary

Category
Latam*
Brazil*
Mexico*
Chile*
Colombia*
Peru*
Argentina*
B2B
11%
12%
6%
11%
15%
2%
43%
33%
41%
38%
2%
33%
56%
18%
8%
12%
22%
21%
10%
15%
41%
39%
6%
40%
17%
Retail
19%
12%
21%
61%
3%
2%
0%
1%
7%
Services
15%
13%
24%
11%
9%
2%
33%
24%
13%
3%
15%
Technology
Others
Cars, Motor Cycles, Motor Fuels, Lubricants, Detergents, Jewelry, Paints, Mosquito Repellents, Real State, Home Appliances, Tobacco, Apparel.
23
LATIN AMERICA
BRANDZ TOP 50 MOST VALUABLE

LATIN AMERICAN BRANDS 2015
TM
#
1
2
3
4
5
6
7
8
9
10
11
12
13
24
Brand
Brand Value
(US$ Mil.)
2015
2014
Brand
Contribution
Index
8,500
7,055
Brand
Value
Change
2014-2015
20%
Beer
8,476
8,025
6%
Beer
6,174
5,308
16%
5,202
4,177
25%
Banks
4,709 6,084
-23%
Retail
4,423
3,625
22%
4,315
3,376
28%
Banks
4,185
3,585
17%
Beer
3,672
3,565
3%
Beer
3,604
3,477
4%
Beer
3,554
3,097
15%
3,476
3,006
16%
Banks
3,107
Retail
4,107
-24%
#
14
15
16
17
18
19
20
21
22
23
24
25
26
Brand
Brand Value
(US$ Mil.)
2015
2014
Brand
Contribution
Index
3,091
2,804
Brand
Value
Change
2014-2015
10%
Retail
3,039
2,748
11%
Industry
3,008 3,426
-12%
2,845
2,486
14%
Retail
2,795
2,608
7%
Food & Dairy
2,758
3,181
-13%
Oil & Gas
2,757
2,466
12%
Food & Dairy
2,595
3,175
-18%
Banks
2,557
2,687
-5%
Retail
2,436
2,365
3%
Beer
2,398 3,058
-22%
Airlines
2,207
2,494
-12%
Banks
2,198
Banks
2,457
-11%
Argentina
#
27
28
29
30
31
32
33
34
35
36
37
38
39
Brand
Brand Value
(US$ Mil.)
2015
2014
Brand
Contribution
Index
2,017
3,446
Brand
Value
Change
2014-2015
-41%
Oil & Gas
1,940
1,759
10%
Banks
1,867
2,084
-10%
Banks
1,859
1,145
62%
Beer
1,808
1,540
17%
Banks
1,700
2,236
-24%
Personal Care
1,678
1,630
3%
Beer
1,636
1,379
19%
Banks
1,575
1,545
2%
Oil & Gas
1,533
NEW
ENTRY
Banks
1,479
1,037
43%
Banks
1,411
NEW
ENTRY
1,094
20%
#
40
41
42
43
44
45
46
47
48
49
50
Brand
Brazil
Chile
Brand Value
(US$ Mil.)
Colombia
Mexico
Peru
Brand
Value
Change
2014-2015
2015
2014
Brand
Contribution
Index
1,236
969
28%
NEW
ENTRY
NEW
ENTRY
1,076
3%
1,058
5%
1,103
-3%
NEW
ENTRY
Banks
1,197
Beer
1,118
Banks
1,108
Beer
1,107
Retail
1,072
Retail
1,069
1,042
1,182
-12%
12%
Food & Dairy
1,039
931
997
NEW
ENTRY
1,262
-22%
Banks
985
Retail
Retail
1,309
Beer
25
ARGENTINA
ARGENTINA
THOUGHT LEADERSHIP
ARGENTINA
KEEPS BUILDING ITS
OWN LABYRINTH
We are sure about one thing:
after twelve years managing the
country from the Pink House,
the Kirchner family is leaving
the government in December,
after the general elections that
will be held in October. But are
they going to give up power?
Capital City
Buenos Aires
Currency

ARGENTINE
NEW PESO
Area
US$ 540 million (2014)
2.78 million km2
GDP per capita (annual dollars):
US$ 12,922 (2014)
Population (THOUSAND)
418,000 (2014)
Growth rate:
0.5% (2014)
Population growth rate (ANNUAL)
0.8% (2010-2015)
Countrys share in regional GDP:
11.3% (2014)
Life expectancy
76 years (2013)
Literacy rate of 15-24 year olds
99.2% (2012)
Net foreign direct investment:

US$7.9 billion (2014)

US$4.5 billion (2015)
JULIO FRESNO APARICIO

Managing Director
Julio.Aparicio@millwardbrown.com
Either Buenos Aires Province Governor Daniel Scioli, a follower

of Kirchner policies, or Buenos Aires City Mayor Mauricio
Macri the main representative of the opposition to the
government will assume the Presidency of the Republic in
a few months. And even though the main question should be
whether they will change the current policies or not, the real
issue is whether they will have the capacity to get rid of the
inherited way of doing politics in Argentina.
Consumers have been struggling with high inflation rates

since 2008, continuously adapting their consumption
patterns and habits. Nonetheless, the defensive techniques
have evolved and behaviors have become even more
unpredictable.
ANNUAL GDP AT CURRENT PRICES

Total at current prices:
Unemployment rate
7.1% (2013)
7.4% (2014)
The main macroeconomic indicators (GDP, employment,

exports/imports) are not showing a clear reaction. The
industrial activity has been declining for several periods in
a row, and the private sector is not creating many new jobs.
The monetary expansion is not followed by an increase in
the level of reserves at Central Bank, so the currency price is
slowly trickling day by day. On top of that, tax pressure and
the growth in raw material and conversion costs are shrinking
the margins. In spite of the stagnation of consumption,
inflation rates remain amongst the highest in the world,
forcing consumers to boost creativity in order to protect their
purchasing power.
28
KEY FACTS
CONSUMERS ARE SAVING,

NOT SPENDING
Under this political and economic uncertainty, consumers
are much more selective in their spending, and they look for
special prices and promotions before deciding on a purchase.
In 2012 and 2013 there was an impressive demand for
cars, electronic devices and big-ticket items in general as a
defensive strategy for fighting inflation, the devaluation of
the local currency and the reduced financing options. But in
2014 and during the first half of 2015, consumers have been
choosing to save more. In other words, they have turned from
spendthrift to thrifty.
Actually, we are observing two apparently contradictory
trends: more shoppers buying only what they need for the
next few days (careful consumers) and at the same time,
more shoppers buying a large amount of items in wholesalers,
since they recognize that they can save up to 30% by buying
in bulk compared to supermarkets and hypermarkets.
As a consequence of these changes, we are starting to
naturalize peculiar behaviors: a consumer, even from a high
socioeconomic level, might buy a pack of frozen hamburgers
in a hard discount shop, a bottle of Malbec wine in a Chinesearound-the-corner store, and a six-pack of Coke in a
wholesaler or another supermarket just to save a few pesos.
Sources: CEPAL, Comisin Econmica ONU

CEPASTAT Database and Statistical Publications

Financial Times Latin America & Caribbean

World Bank
Unesco
QUALITY STILL COUNTS

However, looking for the best deal does not necessarily mean
that quality is less relevant. Argentinian consumers want
no substitutes for self-indulgence and reward; they want to
enjoy the money now, but in a clever and convenient way.
And tourism is a great example of this: many people are
spending money on expensive trips to exotic or glamorous
destinations, but they wait for the right moment to buy the
tickets, in general, after an exhaustive search for promotions
(and of course, paying in twelve installments in local currency,
expecting a devaluation of the peso after the elections.)
In conclusion, despite the negative context you can never
be pessimistic about the long term development of this
market. Regardless of the current difficulties, there are signs
of a great hidden potential: Argentina holds the highest
broadband and smartphone penetration levels in Latin
America, and it ranks third globally in the use of social media
networks, according to ComScore. There are forces merely
sleeping out there, and islands of underdeveloped talent that
only need an initial spark and predictable game rules to get
connected and expand.
29
ARGENTINA
KEY FACTS AND TOP 5 MOST VALUABLE ARGENTINIAN BRANDS 2015
BRANDZ TOP 5
MOST VALUABLE
ARGENTINIAN
BRANDS 2015
TM
BRAND VALUE
Total Value of Argentinian Brands
US$ 4.6 BILLION

+29%
Source: Millward Brown Vermeer
#
1
Brand
Brand Value
(US$ Mil.)
2015
2014
Brand
Contribution
Index
1,575
1,545
Brand
Value
Change
2014-2015
2%
Oil & Gas
1,069
729
656
613
766
40%
649
12%
Beer
NEW
ENTRY
Banks
439
40%
30
PARENT COMPANY YPF

HEADQUARTERS Buenos Aires
INDUSTRY Oil & Gas
YEAR OF FOUNDATION 1922
WEBSITE www.ypf.com
BRAND VALUE US $1,575 million
PARENT COMPANY The Telecom Group

INDUSTRY Communication Providers
WEBSITE www.telecom.com.ar
YPF is Argentinas leading energy company and largest

fuel producer.
Personal is the mobile brand of The Telecom Group.
It operates a fully integrated oil and gas business with

leading market positions across the domestic upstream
and downstream segments. Upstream operations include
the exploration, development and production of crude
oil, natural gas and propane. Downstream operations
are focused on refining, marketing, transportation
and distribution of oil and a wide range of petroleum
products, petroleum derivatives, petrochemicals, propane
and bio-fuels. YPF operates a network of more than 1,600
filling stations and has the ability to produce 530,000
barrels of oil daily from 91 production areas transported
by 2,700 kilometers (1,677 miles) of pipeline. The
company was founded in 1922 and operated as a state
run enterprise until 1993 when a public offering reduced
the governments ownership stake to a minority position.
In 1999, Spains Repsol acquired majority ownership
of YPF, but early in 2012 the government reasserted
ownership with a presidential decree to nationalize YPF.
Personal has 18.2 million customers in Argentina and

nearly 70% of those rely on the companys prepaid service.
Personal drives brand awareness through sponsorship
of signature events, such as the annual Personal Fest
musical festival that draws roughly 70,000 attendees
over two days. The company offers products for different
segments of the market, from the high end Personal
Black handset to the more value priced Personal Touch
smartphone offering. The brand also seeks to drive
loyalty through its Club Personal program. Personals
parent company The Telecom Group was created in 1990
when the government allowed public ownership of the
previously state run enterprise. Its shares are traded on
the New York Stock Exchange under the symbol TEO
31
ARGENTINA
KEY FACTS AND TOP 5 MOST VALUABLE ARGENTINIAN BRANDS 2015
PARENT COMPANY Cervecera y Maltera Quilmes

INDUSTRY Beer
WEBSITE www.cerveceriaymalteriaquilmes.com
BRAND VALUE US $729 million
PARENT COMPANY Macro Group

INDUSTRY Banks
WEBSITE www.macro.com.ar
PARENT COMPANY The Telecom Group

WEBSITE www.telecom.com.ar
Quilmes is Argentinas best-known beer brand.
Macro is a private bank that has undergone

enormous growth in the last ten years.
Telecom Argentina is one of the main national

telecommunication companies in Argentina.
Founded in 1988 as a commercial bank, Macro

acquired capital stock in numerous privatized
provincial banks such as Banco Misiones, Banco Salta,
Banco Jujuy, Banco Bansud. It also acquired some
branches of Scotiabank Quilmes, Nuevo Banco Suqua,
Banco Nuevo Bisel, and Banco Privado de Inversiones
Banco Tucumn. This ambitious acquisition program
has resulted in its becoming the third-ranking private
Argentine bank in terms of net assets, the fourth
in terms of deposits and the fifth in terms of credit
outstanding to the private sector. Macro Bank was
listed in the New York Stock Exchange (NYSE) in
2006, becoming the first Argentine company to be
listed abroad since the end of the 1990s.
Telecom Argentina offers local and long distance fixedline telephony, cellular, data transmission and Internet
services. The company offers mobile service through
its Personal brand and Internet broadband services
through its Arnet brand, which in 2013 launched a video
streaming service called Arnet Play. The increased
bundling of services, coupled with new products and
service introductions, has helped the company achieve
a record low level of customer turnover. Telecom
Argentina is one of the largest employers in the country
with over 15,600 employees nationwide. It began
operations in 1990 after the Argentinian government
completed a transaction allowing for public ownership
of the company, which now trades on the New York
Stock Exchange under the symbol TEO.
Cervecera y Maltera Quilmes is the top brewer in

Argentina and part of the Anheuser-Busch InBev
groups extensive portfolio of more than 200 brands.
Within the Anheuser-Busch InBev brand hierarchy,
Quilmes is regarded as a local champion due to its
leadership position within Argentina. The company
has 4,850 employees and operates five plants
and eight distribution centers. The brand is active
in promoting social initiatives such as Vivamos
Responsablemente, focused on encouraging
responsible drinking and the Futuro Posible
campaign which provides student scholarships and
donations to hospitals and educational institutions.
32
33
ARGENTINA
THOUGHT LEADERSHIP
CHANGE IS
INEVITABLE;
DEVELOPMENT
IS OPTIONAL
MARIANA FRESNO APARICIO
Client Service Director
Mariana.Aparicio@millwardbrown.com
We are living in a liquid age, since nothing

seems to be stable, nothing lasts forever.
Suddenly, those things that were safe turned
into something unstable, while some new trends
arose and changed the rules. We all live and
work in the same environment, and in the jungle
of business, those who best adapt to the current
context are the ones who thrive and survive.
The political and economic context poses

short-term challenges and mid-term
uncertainties. But all-level management
is used to facing changes, and brands
in Argentina have mastered the skills
of elasticity. As a result, we see a lot of
examples of brands that look ahead,
despite the success of their past.
CREATING
EVER CLOSER
RELATIONSHIPS
Technological development and its
cascade to a larger population have
enabled a dramatic change, since the new
media environment is shaping the way
we communicate with our friends and
family. By using different applications
and platforms, we are able to talk with
someone who is in China, at no cost, while
sharing files and videos. In this context,
the notion of distance and closeness has
to be redefined. And this also applies to
the relationship between brands and
consumers: What does it mean for a
brand to be close to its consumers? How
can we foster the technical advancement
to get closer? What does it take to
remain meaningful?
Lets consider some concrete examples

of brands that are surfing the new trends
while tackling specific consumers issues:
In Argentina, Unilever is the
undisputed leader in the personal
care market in general, and in
antiperspirant deodorants for women
in particular, is managing two wellknown brands: Rexona and Dove.
While taking care of the environment
is an established trend, consumers are
not so willing to spend more money in
favor of eco-friendly products, since
many of them could not meet the
basic functional needs of the category.
But Unilever is challenging this
pattern, because they are launching
smaller packaging which saves raw
materials (less aluminum and others)
but keeps the protective power of the
product, promising to last the same as
the original pack. This bold initiative
requires a clear communication using
a wide range of touchpoints in order
to convey the message in a believable
way. We are confident that with this
Unilever will reaffirm its leadership by
offering a technical solution that keeps
protecting you against perspiration
while setting new trends in the
category.
Ford Argentina is another illustration
of a brand clearly focused on using
technology as a way to differentiate
from competitors and to command a
premium price. All the recent launches
have endorsed the idea of Kinetic
Design, which allowed the parent
brand to leverage all the efforts made
by each model in each segment. The
last campaign successfully introduced
34
specific features (automatic opening,

push-bottom star, active park assist,
lane-keeping system, automatic brake
at low speed) using an impactful
and synergetic communication that
promoted both the vehicles and the
brand. As a result, Ford remain close
to their customers and challenges
the status quo of the category by
implementing high-end technology.
There is a preconception that
traditional media such as newspapers
or TV channels are the most
concerned about the development of
new platforms. However, successful
companies are able to see the
opportunity in every crisis, and TV
channel Telef is proof of that. Instead
of fighting the alternative screens,
they look for ways of integrating
them into their content, thus they
can create a new experience for the
audience. They have launched a mobile
app (Mi Telef) that allows people to
see exclusive content that enriches
the experience of watching a TV show,
by giving the chance to participate
and to follow behind the scenes.
TV Series Aliados was a hit among
teenagers, because they could interact
with the story wherever and whenever
they wanted, and they could watch
webisodes before aired.
In conclusion, the key to success is to
embrace technological change in a way
that creates value for the consumers,
making their lives easier and more
enjoyable. Following Socrates principle,
the secret of change is to focus all the
energy not on fighting the old, but on
building the new.
35
ARGENTINA
THOUGHT LEADERSHIP
THE BATTLE
OF THE TABLE
Try to visualize this for a moment: an independent teenager,
aiming to give the impression of being irreverent and
careless, walks down the street listening to music with
an icy can of a soft drink in his hand. This could be the
stereotyped key visual of an ad for Coke or Pepsi, couldnt it?
Well, back to the current reality of the Argentinian market,
I bet you wont easily find any ad like this for Coke nor for
any other soft drink in the frenetic, hectic and multiscreen
media environment.
SIZE MATTERS
The numbers speak for themselves: offtrade channels account for 93% of soft
drinks volume, and that explains why
the companies are focusing their efforts
on in-home consumption. In order
to increase revenues by selling more
liters, major players have developed
complex price-pack architectures, and
launched bigger bottles. This is the case
with Danones Villa del Sur Levit, that
pushed 2.25 liters bottles instead of
the traditional 1.5lt pack. This is great
news for a savvy consumer who looks
for the best deal, because this change
in the bottle size means a higher out of
pocket, but a lower price per liter.
From the communication perspective,
its one thing to develop formats
targeted to social occasions, but
creating advertising platforms to win
the battle of everyday lunches and
dinners is a totally different story.
Forget about the celebrities, forget
about the epic music and the majestic
scenery! Now is the time of ordinary
people, sharing an ordinary meal in a
middle-class living room, with a large
bottle of something colorful and tasty
on the table.
Sounds dull? Definitely not! The
resource that most of the companies
have chosen to stand out and gain
differentiation is humor: a wide variety
of jokes and funny situations that
everyone can relate to.
EARNING
THEIR PLACE
I could give you lots of different
examples, but Id like to highlight the
ones that best identify a distinctive
insight:
We by Ser, a non-sugar flavored

water brand managed by Danone,
launched the campaign The angel
of the tables under the claim
tables have changed. The idea is
that in every group of young-adult
friends, you can find someone
with very special preferences, so
disagreements become a special
ingredient of each meeting. H2Oh!,
Pepsicos flagship in the flavored
water market is adopting a similar
strategy: they developed a campaign
(Silver Effie Award in 2014) in which
a very particular member of a
conservative family causes trouble
in his attempt to bring new flavors of
H2oh! to the table.
has been working hard

2 Coca-Cola
with a Meals platform for a couple

of years. The last campaign shows a

rebel rocker girl sitting at the table
complaining about her family. Then
her mom brings her an electric-guitar
shaped fried egg and changes her
mood, helping her to recognize that
in the end family is really important
to her, but in a witty way.
the leader of powder juices,

3 Tang,
was challenged by the presence

of new players and substitutes on

the table. With La mesa de Lucas
(Lucas table) campaign, Mondelezs
brand tried to reinstate the role
of the kids during lunch or dinner,
since they are the ones who bring
joy to the table. Thanks to a creative
game, Lucas turns a dull moment
into an interactive and dynamic one,
changing the mood of the family.
Tangs main competitor, the local
brand Arcor, is also attacking the
table but a with more edgy approach,
using an acid humor that focuses on
the conflicts that arise between the
father and his mother-in-law every
time they sit at the table.
To sum up, although many players
may look for ways to increase their
presence during meals so they can gain
market share, not all of them will be
victorious in the battle of the table. It is
necessary to convey relevant messages
to meet the needs of a more demanding
consumer, while commanding a fast
pace of innovation in order to maintain
differentiation. And, as everyone knows,
winning a battle doesnt guarantee that
youll win the war
SEBASTIN CORZO
CS Senior Consultant
Sebastian.Corzo@millwardbrown.com
36
37
BRAZIL
BRAZIL
TOP 50 MOST VALUABLE BRAZILIAN BRANDS 2015

BRAZILIAN BRANDS 2015
TM
2015
2014
8,500
7,055
5,202
4,315
4,185
2,757
1,859
1,700
1,309
1,118
10
1,072
11
941
12
843
13
821
40
Brand Value
(US$ Mil.)
Brand
Contribution
Index
Brand
Brand
Value
Change
2014-2015
20%
Beer
4,177
25%
Banks
3,376
28%
Banks
3,585
17%
Beer
2,466
12%
Food & Dairy
1,145
62%
Beer
2,236
-24%
Personal Care
1,094
20%
Beer
896
25%
Banks
1,103
-3%
Retail
791
19%
Payments
845
0%
Retail
3,252
-75%
Oil & Gas
Brand Value
(US$ Mil.)
2015
2014
Brand
Contribution
Index
14
779
665
15
709
16
607
17
605
18
558
19
541
20
540
21
493
22
472
23
472
24
467
25
457
26
439
Brand
Brand
Value
Change
2014-2015
17%
Insurance
422
68%
Banks
NEW
ENTRY
Beer
915
-34%
Retail
702
-21%
Retail
555
-3%
1,005
-46%
Food & Dairy
278
78%
Loyalty Programs
509
-7%
Health Care
449
5%
Retail
862
-46%
Mining
326
40%
Education
434
1%
Technology
Brand Value
(US$ Mil.)
2015
2014
Brand
Contribution
Index
27
436
287
28
401
29
395
30
381
31
374
32
369
33
320
34
312
35
310
36
301
37
268
38
256
39
254
Brand
Brand
Value
Change
2014-2015
52%
Food & Dairy
345
16%
Loyalty Programs
NEW
ENTRY
Technology
609
-37%
Retail
328
14%
Airlines
360
3%
Car Rental
275
16%
Retail
320
-2%
Health Care
329
-6%
Retail
260
16%
Education
NEW
ENTRY
134
91%
Brand Value
(US$ Mil.)
2015
2014
Brand
Contribution
Index
40
244
41
224
42
219
43
218
44
210
45
205
46
198
47
198
48
193
49
188
50
176
Brand
Brand
Value
Change
2014-2015
NEW
ENTRY
Retail
231
-3%
Travel Agencies
278
-21%
Stock Market
343
-36%
Apparel
245
-14%
Food & Dairy
227
-10%
Airlines
NEW
ENTRY
Retail
NEW
ENTRY
Food & Dairy
235
-18%
Apparel
NEW
ENTRY
Retail
199
-12%
Airlines
Retail
NEW
ENTRY
Food & Dairy
41
BRAZIL
KEY FACTS AND BRAND STORIES
PARENT COMPANY Companhia de Bebidas das Amricas AmBev

HEADQUARTERS So Paulo
INDUSTRY Beer
WEBSITE www.skol.com.br
PARENT COMPANY Banco Bradesco SA

HEADQUARTERS Osasco
INDUSTRY Banks
WEBSITE www.bradesco.com.br
Skol is Brazils most popular beer. Its marketing

emphasizes enjoyment of life and appeals especially
to young people.
With the acquisition of HSBC operations in Brazil,

Bradesco became the second largest private bank in
terms of total assets. The bank is the worlds thirtysecond largest in market capitalization in 2014.
The brand was launched in 1964 in Europe and in 1967

in Brazil. By 1988, it had risen to become the market
leader for beer in Brazil, a position it still retains.
A pioneer of innovation, in 1971 Skol was the first
canned beer in the market, in 1989 it launched the first
aluminum can and in 1993 the long necked bottle.
BRAND VALUE
Its brand positioning is focused on young people: Skol

has promoted various music festivals throughout Brazil,
which has strengthened the brand with this audience.
Total Value of Brazilian Brands
Bradesco offers online banking, insurance, pension

plans, credit card services, savings bonds, and
personal and commercial loans. The bank continues
with its strategy to become Brazils most accessible
bank, mainly by having its own branches around
the country. It also intends to reach potential new
customers among the countrys rising middle class.
Bradesco pioneered the sale of insurance and pension
plans through its subsidiary Bradesco Seguros.
US$ 48.4 BILLION
+6%
PARENT COMPANY Ita Unibanco Holding

INDUSTRY Banks
WEBSITE www.itau.com.br

INDUSTRY Beer
WEBSITE www.brahma.com.br
Ita is the largest Brazilian private bank in terms of

total assets, the largest financial conglomerate in
Latin America and the worlds twenty-third largest
bank in terms of market value in 2014.
Brahma is well known for its innovative and witty

advertising that relies heavily on sex appeal.
KEY FACTS
Capital City
Braslia
Currency
REAL
Area
8.51 million km2
202,000 (2014)
0.8% (2010-2015)
Life expectancy
74 years (2013)
98.6% (2012)
Unemployment rate
5.4% (2013)
4.9% (2014)
42

US$ 2.3 trillion (2014)
US$ 11,612 (2014)
Growth rate:
0.1% (2014)
49.2% (2014)

US$ 67.5 billion (2013)

US$ 66 billion (2014)



World Bank
Unesco
Established 70 years ago, Ita evolved to its current

size as a result of the 2008 merger of Banco Ita and
Unibanco. The bank, which operates in South America,
Europe, Asia and the United States, has almost 4,200
branches and almost 28,000 ATMs in Latin America.
Following the merger, Ita is building on its reputation
for innovation and efficiency, emphasizing personal
service with the tagline Feito para Voc (Made for You).
Like its competitor Bradesco, Ita is also aiming to
attract new customers from Brazils rising middle class,
by offering credit cards to individuals who, until now,
lacked access to bank credit.
Brazils second-largest beer in market share (after

Skol), Brahma is marketed in a total of 31 countries.
Founded in 1888 by Companhia Cervejaria Brahma,
the brand is owned by AB InBev, the worlds largest
brewer.
In 2007, Brahma launched the Brahma Fresh in the
Northeast region, in order to compete with low-price
beers.
43
BRAZIL
BRAND STORIES
10
PARENT COMPANY BRF Brasil Foods SA

HEADQUARTERS Itaja
INDUSTRY Food & Dairy
WEBSITE www.sadia.com.br

INDUSTRY Beer
WEBSITE www.antarctica.com.br
PARENT COMPANY BTG Pactual SA

INDUSTRY Banks
WEBSITE www.btgpactual.com
PARENT COMPANY Ultrapar Participaes SA

INDUSTRY Retail
WEBSITE www.ipiranga.com.br
Sadia is a leading producer of processed and

frozen foods such as hamburger patties and pizza.
It exports to more than 65 countries.
Antarctica is a leading Brazilian beer and soft drink.
BTG Pactual is the leading investment bank in Latin

America.
Ipiranga is Brazils largest private fuel distribution

company, with a network of approximately 7,100
service stations.
Founded in 1944 and listed on the stock market in

1971 as Sadia Concrdia SA Indstria e Comrcio,
Sadia also produces dairy products and serves
both consumers and commercial customers,
including fast-food chains. Sadia is part of BRF, a
public company formed in 2009 by the merger of
Sadia with another food giant, Perdigo. Exporting
activities began in the 1970s with the sale of frozen
halal-certified chicken to the Middle East.
In 1999, Antarctica combined with Brazils other

large beer brand, Brahma, to form AmBev, which
subsequently joined with Belgiums Interbrew to
become the worlds largest beer marketer, now
called AB InBev.
It was established in 1983 as a brokerage in Rio de

Janeiro. In May 2006, UBS AG purchased Pactual,
creating UBS Pactual, the division of UBS in Latin
American countries. In October 2008, a group of
partners left UBS Pactualand joined with Persio
Arida to create BTG, a global investment company
with offices in So Paulo, Rio de Janeiro, London, New
York and Hong Kong. In 2009, BTG acquired UBS
Pactual, resulting in the creation of BTG Pactual. BTG
Pactual specializes in investment banking, wealth
management and asset management.
After expanding in rural Brazil during the 1960s and

70s, Ipiranga became a national brand through its
acquisition of Atlantic in 1993. In 2008, Grupo Ultra
bought both Ipiranga (in most regions), and Texaco,
as Chevron was known in Brazil. The collection of gas
stations began to consolidate under the Ipiranga name.
The brand, with its slogan Passionate about cars, like
every Brazilian (Apaixonados por carro, como todo
brasileiro) is well known by Brazilians. This strong
equity plays a role in swaying consumer decisions in a
highly commoditized category where convenience is
often the key driver.
11
12
PARENT COMPANY Natura Cosmticos SA

HEADQUARTERS Itapecerica da Serra
INDUSTRY Personal Care
WEBSITE www.natura.com.br

INDUSTRY Beer
WEBSITE www.bohemia.com.br
PARENT COMPANY Cielo SA

HEADQUARTERS Barueri
INDUSTRY Payments
WEBSITE www.cielo.com.br
PARENT COMPANY Lojas Americanas SA

HEADQUARTERS Rio de Janeiro
INDUSTRY Retail
WEBSITE www.lojasamericanas.com.br
Natura is Brazils leading manufacturer and

marketer of cosmetics.
Bohemia is a leading premium beer in Brazil.
Cielo is the leader in persuading merchants to join

a credit card network, and in handling the payment
process.
Lojas Americanas operates a national chain of

discount department stores.
Formed in 1969 and first publicly traded in 2004,

Natura has used a direct sales approach for more
than 30 years, and now has more than 1.6 million
sales representatives (consultants) in Argentina,
Australia, Brazil, Chile, Colombia, United States,
France, Mexico, Peru and Venezuela.
One of the first cosmetics companies to market
natural and environmentally friendly products,
Natura has a reputation for social responsibility. The
company is also known for its emphasis on research
and development and its use of ordinary people
rather than supermodels in its advertisements.
44
Launched in 1885 in So Paulo, Antarctica adopted

the image of two penguins as its logo in 1935. This
logo continues to symbolize the brand. Antarctica
beer is positioned as the beer for the good moments
of life. The brands most popular soft drink is a soda
called Guaran Antarctica made from the tropical
guaran berry.
Established in 1853, Bohemia enjoys the distinction

of being the oldest beer brand in Brazil as well as the
leader in the premium segment, thanks to a strategy of
limiting distribution to select locations and introducing
limited edition offers. The Bohemia brand is available in
four variations, including wheat and dark beers.
Bohemia was acquired by Brazilian brewer Antarctica
Paulista in 1961. The brand became part of an even
larger brewer in 1999 when Antarctica Paulista and
Brahma brewery merged to created Ambev. Then in
2004, Belgium-based InterBrew acquired a majority
interest in AmBev to form a new global brewing giant
known as InBev. In 2008 Bohemia became part of a still
larger company known as Anheuser-Busch InBev.
Formed in 1995 by several financial organizations,

including Visa International, Bradesco, Banco do Brasil,
Banco Real and the now obsolete Banco Nacional,
Cielo was initially known as Visanet. The company was
renamed in advance of its initial public offering (IPO),
which was one of the largest in Brazils history. In an
industry challenged by deregulation, Cielo surpasses its
competition in profitability thanks to its competitive
pricing and reputation for good customer service.
One of Brazils largest non-food retailers, Lojas

Americanas sells over 60,000 items in categories
including apparel, health and beauty, home
furnishings, and toys. With distribution centers in
So Paulo, Rio de Janeiro, and Recife, the company
has approximately 950 stores in Brazil as well as
an online presence. The brand has a long heritage in
Brazil it was established in 1929 and is popular
with consumers from all income groups.
45
BRAZIL
BRAND STORIES
13
14
17
18
PARENT COMPANY Petrleo Brasileiro SA

INDUSTRY Oil & Gas
WEBSITE www.petrobras.com
PARENT COMPANY Porto Seguro SA

INDUSTRY Insurance
WEBSITE www.portoseguro.com.br
PARENT COMPANY Grupo Po de Acar

INDUSTRY Retail
WEBSITE www.casasbahias.com.br

INDUSTRY Retail
WEBSITE www.paodeacucar.com.br
Petrobras is Latin Americas fourth largest company

in market value and the worlds fourth-largest energy
company in terms of production of oil and gas.
One of Brazils leading insurance companies, Porto

Seguro offers a comprehensive portfolio.
A retail chain specializing in furniture and

home appliances, Casas Bahia was acquired in
2009 by Grupo Po de Acar.
Po de Acar is a neighborhood supermarket with a

focus on the middle class consumer.
Controlled by the Brazilian government, Petrobras

is publicly traded and operates in 28 countries. The
brand is highly regarded for its deep-sea exploration
and is credited with enabling Brazil to achieve
energy self-sufficiency. The company also operates
oil refineries and a network of gas stations. This
national presence contributes to the brands stature
in Brazil, which is also enhanced by its reputation for
social responsibility and high-profile sponsorships of
sporting and cultural events. Since 2014 the company
has suffered problems with falling oil prices, exchange
rate depreciation and corporate governance.
Since its establishment in 1952, Casas Bahia has

appealed to low-income customers by offering
in-store credit and a reputation for quality and
affordability. The acquisition by Grupo Po de
Acar meant the company was then well placed
to benefit from increased consumer spending
by Brazils rising middle class. Since 2010 Casas
Bahia has reached customers throughout Brazil,
with more than 500 stores and a web presence.
Po de Acar is part of the giant retail conglomerate

Group Po de Acar, which began as a pastry shop
in 1948 and now includes more than 180 stores. The
brand is known for quality, innovation, and strong
customer service. The chain enjoys high levels of
shopper loyalty, and was among the first supermarkets
to offer imported products during the 1990s.
15
16
19
20
PARENT COMPANY Banco do Brasil SA

HEADQUARTERS Braslia
INDUSTRY Banks
WEBSITE www.bb.com.br
PARENT COMPANY Brasil Kirin SA

INDUSTRY Beer
WEBSITE www.schin.com.br
PARENT COMPANY Vivo Participaes SA

WEBSITE www.vivo.com.br
PARENT COMPANY BRF Brasil Foods SA

HEADQUARTERS Itaja
WEBSITE www.perdigao.com.br
Banco do Brasil is the oldest active bank in Brazil

and one of the oldest financial institutions in the
world. It is also the largest Latin American bank in
terms of total assets (considering both SOE and
private banks).
The Schin brand is one of the most popular beers in

the country, with a significant presence in So Paulo
State and the northeast region.
Vivo is the largest telecommunications company in

Brazil, with over 106 million users: 82.7 million in
mobile (in which it holds the largest market share
29.3% - June/15), and 23.7 million fixed-line users.
The 2009 merger of Perdigo and Sadia into BRF,

created the worlds largest poultry company.
Banco do Brasil played an important role during

the global financial crisis in 2008-2009, providing
credit at affordable rates to small- and mediumsized companies. Founded in 1808 by Prince Regent
Joo VI to fund the debt of a kingdom that included
Portugal, Brazil, and the Portuguese colonies in
Africa, Banco do Brasil is a publicly traded company
that is controlled by the Brazilian government.
46
With products spanning vehicle, health, accident, life

and personal injury insurance, Porto Seguro offers
policies to individuals, families, companies, and
government agencies in Brazil and Uruguay through
direct and indirect subsidiaries. Since the company
established an alliance with Ita in 2009, Porto Seguro
products have been available at the banks branches.
The story began with a small and simple plant in 1939

in So Paulo. At that time, the production line was
limited to soft drinks; it only started producing its first
Pilsen beer in 1989. Today the brands product line
consists of beer, draft beer, soft drinks and mineral
water. These are distributed throughout Brazil, as well
as several countries of Mercosur, Asia and Europe.
Japanese Kirin Holdings acquired the Schincariol Group
in 2011.
As the result of a joint venture between Telefnica, the

Spanish telecommunications provider, and Portugal
Telecom (PT), Vivo invests heavily in advertising to
deliver its message, Best coverage in Brazil. In 2010,
Telefnica bought PTs shares, and Vivo has since
advanced Telefnicas strategy by building brands
around the convergence of phone, TV, and Internet
communication.
Perdigo is one of Brazils largest food producers,

specializing in frozen and chilled products. Its range
of about 3,000 items is distributed throughout Brazil
and to more than 100 countries. The companys scale
enables it to pursue a low-cost producer strategy.
Established in 1934 as Brandalise, Ponzonie & Cie, the
company changed its name to Perdigo SA in 1958. It
began exporting in 1975 and went public in 1980.
47
BRAZIL
BRAND STORIES
21
22
25
26
PARENT COMPANY Smiles SA

INDUSTRY Loyalty Programs
WEBSITE www.smiles.com.br
PARENT COMPANY UnitedHealth Group

INDUSTRY Health Care
WEBSITE www.amil.com.br
PARENT COMPANY Kroton Educacional

HEADQUARTERS Belo Horizonte
INDUSTRY Education
WEBSITE www.anhanguera.com
PARENT COMPANY TOTVS SA

INDUSTRY Technology
WEBSITE www.totvs.com
Smiles is engaged in loyalty rewards. It was initially

developed in 1994, as a part of Varig (a Brazilian
airline company that went bankrupt in 2010).
Amil is the largest provider of managed health care

in Brazil.
Anhanguera Educacional is one of Brazils largest

private education companies.
From its beginnings in 1972 with the acquisition of

Casa de Sade So Jos (a small maternity clinic in
the city of Duque de Caxias), Amil has expanded both
organically and through strategic acquisitions and
now has about five million members. The company
provides medical plans for both individuals and
businesses, and its network of providers includes
more than 3,300 hospitals, 11,000 clinics and 12,000
laboratories. UnitedHealth Group, the giant Amercian
healthcare company, bought Amil operations in 2012.
Founded in 1994 by a group of professors, Anhanguera

Educacional Participaes provides post-secondary
education to prepare individuals for productive roles
in Brazils fast-developing economy. With more than
73 campuses and hundreds of long-distance learning
centers, Anhanguera serves more than 400,000
students, many of who come from lower income and
rural backgrounds. In 2013 Anhanguera was acquired
by Kroton Educacional, creating the worlds largest
educational group with more than 1.4 million students.
TOTVS is Brazils largest provider of integrated

information technology solutions and the second
largest in Latin America.
23
24
27
28
PARENT COMPANY Iguatemi Empresas de Shopping Centers

INDUSTRY Retail
WEBSITE www.iguatemi.com.br
PARENT COMPANY Vale SA

INDUSTRY Mining
WEBSITE www.vale.com
PARENT COMPANY JBS SA

WEBSITE www.seara.com.br
PARENT COMPANY Multiplus SA

INDUSTRY Loyalty Programs
WEBSITE www.multiplusfidelidade.com.br
Iguatemi is one of the largest shopping mall

operators in Brazil.
Vale is the third-largest mining company in the world

and the largest producer of iron ore and nickel.
Seara is Brazils largest exporter of pork meat.
The company designs, develops and operates

regional centers throughout the country.
Formed in 1979, the company initiated its
shopping center activity with the acquisition of
Construtora Alfredo Matias SA. The transaction
included an ownership interest in Iguatemi So
Paulo, which was constructed in 1966 as the
first shopping center in Brazil. The company
also developed the first shopping center in the
Brazilian countryside Iguatemi Campinas
and the first shopping center in the southern
region of Brazil Iguatemi Porto Alegre.
The company gains more than 50 percent of its

revenue from iron ore. Diverse mining operations
including copper, bauxite, potash and aluminum
generate the balance of revenues. One of Brazils
largest logistics companies with railroads, ports and
fleets of ships, Vale also operates in the electric energy
sector, participating in several consortia and running
nine hydroelectric plants. Originally governmentowned, Vale became a private company in 1997.
Multiplus provides a network of loyalty programs

across diverse business sectors and currently has
almost 13.8 million participants.
Today Smiles is an independent business unit that

administers, manages and operates exclusively The
Smiles Programs GOL Linhas Areas
The company has partnerships with companies and
various branches of the market providing benefits,
products and services institutions, in addition to
rewards for air services. The Smiles Program has over
10 million members and 150 air and non-air partners.
48
The story began in 1956 in the city of Seara City,

in Santa Catarina (a state in Brazil), with the
inauguration of the first large fridge in the region.
The expansion of business and investments in
quality processes and products made the
Seara
brand synonymous with quality in poultry and
pigs, both in natura and processed.
Seara is controlled by JBS Group, a world leader
in processing and exporting of bovine, ovine
meat and poultry.
Known for its innovation and high level of customer

service, TOTVS has been growing rapidly and
delivering strong financial results. The companys
origins date back to a service bureau called SIGA
(Sistemas Integrados de Gerncia Automtica
Ltda, formed in 1969. In 2006, in advance of an
IPO, the company changed its name from Microsiga
Software SA to TOTVS SA. It is currently the leader
in ERP in Brazil, with 50 percent of market share.
The sectors include airlines, hotels, rental cars, retail,

banking and gas stations. Multiplus members enjoy
the flexibility of earning and redeeming points without
restriction within the network. TAM Airlines formed
the company in 2009 to expand and strengthen its
own frequent flyer program. In addition to TAM, the
list of partnerships includes Oi (telecommunications),
Livraria Cultura (bookstore), Accor (hotels), Peugeot
(cars) and Apple (technology). Multiplus also provides
services for managing, interconnecting and operating
customer loyalty programs.
49
BRAZIL
BRAND STORIES
29
30
33
34
PARENT COMPANY Naspers

INDUSTRY Technology
WEBSITE www.buscape.com.br

INDUSTRY Retail
WEBSITE www.extra.com.br
PARENT COMPANY Lojas Renner SA

HEADQUARTERS Porto Alegre
INDUSTRY Retail
WEBSITE www.lojasrenner.com.br
PARENT COMPANY OdontoPrev SA

INDUSTRY Health Care
WEBSITE www.odontoprev.com.br
Buscap is a free search engine for comparing prices

and products and connecting consumers and sellers.
Extra is a multi-sector banner of Brazils largest

retail conglomerate, Grupo Po de Acar.
Lojas Renner is Brazils largest apparel retailer.
It is the largest free search engine in Latin America

with approximately 30 million visits per month and
over 11 million registered products. Buscap establishes
business partnerships with shops, brands and products
and groups and then organizes their goods and services
in an online marketplace, making the purchase process
much quicker and easier for customers. In 2009,
Buscap sold 91% of its shares to South African media
conglomerate Naspers Limited, through its digital
media company MIH Holdings a move which has
contributed to the internationalization of the brand.
Extras retail portfolio includes over 130 hypermarkets

called Extra Hiper; the convenience store Minimercado
Extra and approximately 204 full-line supermarkets
called Extra Supermercado. The brand also includes
pharmacies called Drogarias Extra, (located within
existing Extra outlets) and operates Extra gas
stations at some retail locations. It runs home
appliance stores and is also present online.
Having expanded rapidly following a public offering

in 2005, Lojas Renner now operates around 260
stores all over Brazil. The organization began in 1912
as AJ Renner, a retailer specializing in outdoor gear
for gauchos in rural areas. The style became popular
with city customers. The company transformed into
a department store retailer, with an expanded range,
during the 1940s. It was renamed Lojas Renner in 1965
and became publicly traded in 1967.
OdontoPrev is the largest dental benefits company in

Brazil, with over five million members.
31
32
35
36
PARENT COMPANY Embraer SA

INDUSTRY Airlines
WEBSITE www.embraer.com.br
PARENT COMPANY Localiza SA

HEADQUARTERS Belo Horizonte
INDUSTRY Car Rental
WEBSITE www.localiza.com
PARENT COMPANY Magazine Luiza SA

INDUSTRY Retail
WEBSITE www.magazineluiza.com.br
PARENT COMPANY Estcio Participaes SA

INDUSTRY Education
WEBSITE www.portal.estacio.br
Embraer is the third largest commercial aviation

company in the world.
Localiza operates the largest car rental network in

Brazil.
Magazine Luiza is one of Brazils largest appliance

retailers.
Estcio is one of Brazils largest private-sector postsecondary groups, in terms of student numbers.
Embraer was created in 1969 as an initiative of the

Brazilian government in a strategic project to establish
the aviation industry in the country. Privatized in 1994,
the company designs, develops, manufactures and
markets systems and aircrafts. Its core business is the
business segment of Commercial Aviation, Executive
Aviation, and Defense & Security Systems.
Localiza began its rental operations in 1973, with six

used and financed Volkswagen Beetles in the city
of Belo Horizonte. Today it has 560 branches in 243
cities throughout Brazil and eight other countries in
Latin America. The expansion beyond Brazil was made
possible by the franchising of Localizas branches. Its
total fleet is over 118,000 cars. Localiza also offers
commercial leasing and used car sales.
The chain focuses on serving the nations low-to-middle

income consumers. It employs more than 24,000
people and operates a network of 736 stores. These
stores are located in 16 Brazilian states and supported
by a network of eight distribution centers.
With a strong presence across most of Brazil, Estacio

has more than 500,000 students distributed in
university centers and colleges. There are more than
5,000 teachers offering post-graduate courses,
undergraduate and other educational courses. It is also
well known for offering Summer Courses open to the
community in the months of July and January.
It has factories and offices in various parts of the

world and more than 5,000 aircraft delivered on all
continents. Today it is one of the leading aerospace
exporters in the world.
50
Magazine Luiza was one of the first companies to adopt

the multichannel approach to retail. Brazils second
largest online retailer, it is also an innovator in the use
of social media to drive online sales, which grew 40
percent last year and now account for 11 percent of
total company sales.
The organization develops dental plans for corporate,

institutional and not-for-profit clients. The OdontoPrev
network includes approximately 25,000 certified
dentists of which approximately 16,000 are specialists
and post-graduates, located in more than 2,000 cities
throughout Brazil. To reach people in the underserved
rising middle class, OdontoPrev recently launched an
initiative to sell dental plans directly to consumers.
51
BRAZIL
BRAND STORIES
37
38
41
42
PARENT COMPANY Global Village Telecom SA

HEADQUARTERS Curitiba
WEBSITE www.gvt.com.br
PARENT COMPANY Raia Drogasil SA

INDUSTRY Retail
WEBSITE www.drogasil.com.br
PARENT COMPANY CVC Turismo

HEADQUARTERS Santo Andr
INDUSTRY Travel Agencies
WEBSITE www.cvc.com.br
PARENT COMPANY BM&F BOVESPA SA

INDUSTRY Stock Market
WEBSITE www.bmfbovespa.com.br
GVT is one of the countrys three most recognized

brands in the segment of fixed line and pay TV.
Drogasil is the fourth largest retail drugstore by sales

revenue in Brazil and has 578 stores throughout
northeast, southeast and midwest regions.
CVC is the largest tourism operator in Brazil and

Americas.
BM&F BOVESPA is the leading stock exchange in Latin

America and the second largest in the Americas.
CVC was founded in 1972 by Guilherme Paulus and

Carlos Vicente Cerchiari (the CVC brand comes from
the initials of this name). It is based in the city of Santo
Andr (near capital of So Paulo State).
BM&F BOVESPA was created in 2008 through the

integration of the Brazilian Mercantile & Futures
Exchange (BM&F) with the So Paulo Stock Exchange.
BM&F BOVESPA introduced stock investment to
a wider audience while at the same time gaining
credibility in the corporate segment with its record of
successful IPOs.
Present in Brazil since 2000, Global Village Telecom

(GVT) was originally a subsidiary of a Dutch company
with the same name and the American companies
ComTech Communications Technologies and RSL. In
2009 GVT was sold to Vivendi, a French media group.
Three years ago GVT was sold to Telefnica.
GVTs offering spans high speed internet, pay TV, fixed
line and telecom solutions for corporate enterprise.
52
The company has been a retailer of pharmaceutical

healthcare, skin care and personal care products
for the past 75 years. Today it operates more than
280 stores in five Brazilian states and more than 75
cities. In 2011, DrogaRaia and Drogasil merged to
become Raia Drogasil S.A., the largest company in the
pharmaceutical retail segment in Brazil.
Over the decades, CVC has expanded its business

into selling tourism packages with air transportation,
and exclusive chartering of transatlantic vessels and
aircraft. It has also opened stores in malls and today
has 936 outlets across the country, as well as a virtual
presence. In 2009, the private equity fund The Carlyle
Group bought a 63.6% stake from Paulus.
39
40
43
44

WEBSITE www.taeq.com.br
PARENT COMPANY Walmart do Brasil SA

INDUSTRY Retail
WEBSITE www.bompreco.com.br
PARENT COMPANY So Paulo Alpargatas SA

INDUSTRY Apparel
WEBSITE www.havaianas.com
PARENT COMPANY M Dias Branco

HEADQUARTERS Porto Alegre
WEBSITE www.adria.com.br
Taeq offers a varied range of healthy products.

Currently, the TAEQ brand is divided into segments
covering nutrition, organic, sports and beauty.
BomPreo, a Walmart Brasil brand, is a traditional

supermarket chain known for quality, convenience
and low prices.
Havaianas produces flip-flop sandals, selling around

360 million pairs annually in over 107 countries.
Adria produces and distributes crackers, cookies,

biscuits, and pasta products.
Created in 2006, Taeq is an own-brand of the

supermarket network Po de Acar Group.
Research commissioned by the Group identified a
type of consumer looking to lead a healthier life.
These findings prompted the creation of a brand
focused on wellbeing, health and quality of life: Taeq.
(The name comes from the Eastern words TAO
(path, balance) and EKI (vital energy).
The first BomPreo supermarket began in 1966 in a

small warehouse within the Brazilian northeast. It has
since grown to become one of the largest supermarket
chains in that region.
The company introduced the sandals in the early 1960s,

adopting a Japanese design made from rice straw and
producing it in rubber. With an emphasis on color and
design, starting in early 1990, Havaianas transformed
the shoes from inexpensive and utilitarian to fashion
statements. Havaianas has expanded its operations
through brand franchise stores; currently there are 374
stores across the country.
The brand was established in 1951 in Porto Alegre,

southern Brazil, by a family of Italian immigrants.
In 2001, four companies within the sector (Adria,
Basilar, Isabela and Zabet) integrated to centralize
strategic planning, streamline operational processes
and maximize market opportunities. In 2003, Adria
was acquired by Group M. Dias, a national leader in
the manufacture and sale of biscuits and other food
products.
The input of its parent company, the major North

American retail chain WalMart, has enabled the
technological modernization and the expansion of the
BomPreco network to 61 stores.
53
BRAZIL
BRAND STORIES
45
46
49
PARENT COMPANY Gol SA

INDUSTRY Airlines
WEBSITE www.gol.com.br
PARENT COMPANY Raia Drogasil SA

INDUSTRY Retail
WEBSITE www.drogaraia.com.br
PARENT COMPANY Walmart do Brasil SA

INDUSTRY Retail
WEBSITE www.mercadotododia.com.br
GOL is the second largest airline company for

domestic fights in Brazil.
Droga Raia is Brazils fifth largest retail drugstore (by

sales revenue), with a strong presence in southeast,
midwest and southern regions throughout 544 stores.
Todo Dias neighborhood store format focuses on

providing low-price every day goods to the consumers.
With its low cost, low fare business model, Gol has
democratized air travel in Brazil and South America.
GOL has a route network in South America and
the Caribbean, with almost 900 flights a day to
62 destinations, domestic and international, in 13
countries. The company has several partnerships
with key international airlines, such as Delta Airlines,
AeroMexico and Air France.
Todo Dia opened in 2006 in the northeast region of

Brazil. Today it is a network of supermarkets and
hypermarkets of approximately 180 stores throughout
the country. A strong sense of corporate social
responsibility means the company gives priority to
hiring people from the communities where it operates.
47
48
50
PARENT COMPANY JBS SA

WEBSITE www.friboi.com.br
PARENT COMPANY Arezzo Indstria e Comrcio SA

HEADQUARTERS Campo Bom
INDUSTRY Retail
WEBSITE www.arezzo.com.br
PARENT COMPANY TAM SA

INDUSTRY Airlines
WEBSITE www.tam.com.br
Friboi is the beef brand of JBS Group, the largest

meat processing company in Brazil.
Arezzo is a leading retailer of womens fashion

footwear and accessories.
TAM is the largest airline of Brazil and Latin America.
Friboi began in 1953 in Anpolis city in the state of

Gois, where Jos Batista Sobrinho started selling
beef in his local neighborhood. Later he moved the
business to Brasilia, then the new capital of Brazil.
Within a decade his company had a presence in
many cities in the central-west region and by the
1980s he was selling beef to supermarkets all over
the country.
Two brothers, Anderson and Jefferson Birman, created

the Arezzo brand in 1972. Today the brand focuses on
high quality and contemporary designs, introducing
around eight new collections annually. Currently Arezzo
operates 455 brand franchise stores and 53 own
stores. The Arezzo Company also markets under three
other brands: Schutz, Anacapri and Alexandre Birman.
With the inclusion of these brands, the company is
present at more than 2,700 points of sale.
Friboi became part of JBS Group in 2007.
54
The story began in 1905 with the opening of Pharmacia

Raia in Araraquara City in the So Paulo state. At that
time, the pharmacist prepared his customers medical
prescriptions entirely by hand. The name DrogaRaia
was adopted in 1982 and in 2011, DrogaRaia and
Drogasil merged, becoming Raia Drogasil S.A., the
largest company in Brazils pharmaceutical sector.
Although TAM is now known for its domestic and

international passenger service, the airline began in
1961 as an airfreight company, operating small oneengine planes from its base in Marlia in the state of
So Paulo. As the company grew, it acquired regional
carriers and developed a reputation for good customer
service. In 2010, the company signed an agreement
with LAN, the Chilean airline, to form the LATAM Airline
Group.
55
BRAZIL
THOUGHT LEADERSHIP
HOW ARE BRANDS

ADAPTING TO THE
ECONOMIC SHIFT?
ROBERTO DE NAPOLI
Director of Operations
Roberto.Napoli@millwardbrown.com
Brazil the largest economy

in Latin America has seen an
economic decline since 2010 that
has been reflected in the steady
decrease of GDP, according to
Cepal Economic Commission for
Latin America and the Caribbean.
In 2014 the GDP closed with almost zero growth,

a mere 0.1%. In addition to this low economic
performance scenario, other important events marked
the year such as the presidential elections, the worlds
biggest sporting event the World Cup FIFA and the
discovery of the corruption scheme involving the main
oil company in the country, Petrobras.
The Brazilian economic slowdown in 2014 was
mainly caused by the decrease in investments due
to falling domestic production, lower capital goods
importation of machinery and equipment and negative
performance of civil construction. Overall, there was
poor industry performance - a drop of 1.2%, and high
inflation of 6.41%, which reduced consumer purchasing
power. Furthermore, the slowdown in the Chinese
economy affected some industries, as China is an
important market for Brazil.
56
2014 was a year marked by one of

the toughest electoral disputes in
the countrys history. The elections
occurred in the middle of public
demonstrations where the Brazilians
fought against issues such as
corruption and lack of investments
in health, safety and infrastructure.
The final result was the re-election of
President Dilma Rousseff (Workers
Party - PT) with the tightest vote
margin since the return of direct
elections in 1989, with only 3
percentage points compared to the
opponent Acio Neves (Brazilian Social
Democratic Party - PSDB).
In the pre-World Cup period, the
government made strong efforts to
convince everyone that the event
would help boost the local economy,
and bring new opportunities such as
job creation through investment and
the attracting of a large number of
tourists to the country. However, after
the event it was confirmed that the
tournaments overall effect on GDP was
only negligible.
This environment of political and
economic uncertainties was reflected
in 2014 in the decline in confidence of
the business sector and the constraint
on public finances in Brazil. In the
coming years the real economic growth
is expected to remain low: World Bank
is forecasting a 1.3% GDP growth in
2015 and 1.1% in 2016.
How are the brands dealing with this

economic scenario? It depends on
the category we are referring to.
The good news came from the Beer,

Food & Personal Care and Financial
Institutions categories.
Brands from the B2B segment like

Petrobras (oil) and Vale (steel) with
less dependency on the role played
by the brands in the purchasing
decision process when compared to
consumer goods brands suffered
with the slowing Chinese economy,
which affected the commodities
prices. In addition, Petrobras had
problems related to corruption and
corporate governance. Petrobras
and Vale decreased 75% and 46% in
brand value, respectively, and the
segment as a whole dropped 71%.
Beer, Food & Personal Care showed a

19% growth in 2015, mainly driven by
the AB Inbevs beer brands Skol the
most valuable Brazilian brand, Brahma,
Antarctica and Bohemia, which
combined value grew 23%. On the other
hand, Natura, the cosmetic company,
saw its brand value drop 26%: the
company has seen competitors
increase their sales channels very
quickly.
The Retail macroeconomic segment

in Brazil experienced its weakest
performance in the last eleven years:
the sales grew only 2.2% in 2014. As
a consequence, the segment showed
a decrease of 2% in comparison to
the previous ranking.
Service was another category that
observed a drop in brand value in
2015, decreasing 5%. The segment
saw the number of brands dropping
from 18 in the previous ranking to 14
in 2015. Moreover, the sub-segments
Health Care, Communication
Providers and Airlines also had a
weak performance in the year.
The recovery in the banking spreads

and the consolidation of M&A
benefited the brands from the
Financial Institutions category, which
grew 26% in terms of value in 2015.
Bradesco and Ita, which account for
almost 80% of the segment, increased
25% and 28%, respectively.
These two categories Beer and
Finance also observed a significant
movement in 2014: some important
brands sought ways to keep their
growth and profitability, such as Skol
and Bradesco, which have focused
their brand strategy on attracting
middle class consumers. This strategy
seems to be paying-off: these two
brands the top two most valuable
Brazilian brands raised their brand
values by 20% and 25%, respectively impressive performances.
57
BRAZIL
THOUGHT LEADERSHIP
CHALLENGES FOR
BRANDS IN THE
BRAZILIAN MARKET
The BrandZ ranking for the most valuable brands in Brazil
consolidates Skol as a three-time winning brand. Consistent
communication investment by Skol and relationship building
aimed at the brand targets interests, especially music (music
festivals), are the basis for this success. The ranking also shows
Ambevs expertise in the proper management of its brand portfolio,
positioning four brands among the ten most valuable in Brazil.
Even in challenging times, the brands in this segment

can still grow in value, and Bradesco and Ita are
positioned as second and third respectively.
VALKIRIA GARR
Managing Director
Valkiria.Garre@millwardbrown.com
58
Petrobrs is the brand most significantly affected by

the economic crisis, mainly due to the lack of brand
value. In 2015, it was the brand most impacted by
political issues. In the past the most valuable brand
in Brazil, it has lost 75% of its value, falling back 8
positions in the ranking for 2015. The political issues
and allegations of corruption at the company have also
significantly affected the economy of some Brazilian
regions and cities that were closely linked to the oil
exploration industry.
The slowdown and disruption or freezing

of contracts in the construction
area of major infrastructure projects
have added to the current level of
unemployment.
In a scenario of problems and
challenges, a positive indicator stands
out. Reaping the results of Bolsa
Familia the federal program for
income distribution the HDI (human
development index) rose one position,
according to UNDP (United Nations
Development Program). It ranks 79th
in the world surpassing the average for
Latin America and the Caribbean.
CONSCIOUS
CONSUMPTION
The governments social programs
(and specifically the Bolsa Familia),
combined with easy access to credit and
the economic stability, helped realize
the dreams of many people, giving them
access to aspirational items.
However, the 2015 global economic
crisis coupled with the disruptive
scenario of the local political arena has
created quite a challenging environment
for the economy and for brands.
Affected by the crisis, people had their
earlier dreams shattered. Credit has
become more rare and more expensive,
the level of debt is significant and
the population is under pressure to
practice conscious consumption. This
means buying only what is necessary,
significantly changing purchasing
patterns.
The trading-down process permeates

behaviors in every social class: trading
a trip to Disney for a Brazilian beach;
instead of eating out in restaurants
a shared lunch at familys or friends
home; young people crowding the streets
drinking beer kept in coolers; cars
replaced at longer intervals, often for
less aspirational brands or used cars
there are many more such examples.
This prevailing attitude has also seen the
informal economy grow, with the sale
of homemade products and handmade
items sold by street vendors.
CONCERNS FOR
THE FUTURE
The major change in the economy a
return to very high interest rates and
inflation, which had been under control
for almost two decades.
The economic instability requires
government intervention in the exchange
rate, significantly devaluing the Real
(local currency). This devaluation
positively meets the expectations of the
export market, especially in agricultural
and mineral raw commodities, making
it more competitive. On the other hand,
the devaluation creates challenges in
the investment field especially when it
comes to expanding production capacity.
Brazil still depends on importing
technology and equipment developed
abroad.
With the growth and stability of two
decades slowing down, 2015 is a year of
change. In this landscape, brands may
need to dig deep in order to grow back.
59
BRAZIL
THOUGHT LEADERSHIP
CRISIS OR
OPPORTUNITY?
Ancient Chinese wisdom shows that the words opportunity and crisis
are complementary concepts, or two sides of the same coin. In the brand
scenario, where major changes take place, this duality represents a
critical moment that requires short-term, effective action without losing
its focus on relationship-building strategy and the brand background.
AURORA YASUDA
Knowledge Management
Aurora.Yasuda@millwardbrown.com
After two decades of economic

stability, the 2015 financial crisis,
combined with the disruptive scenario
of the local political environment, puts
brands at a crossroads never before
experienced. More than ever, flexibility,
creativity, optimism, resilience and
many other adjectives attributed to
Brazilians are the tools that brands
will need too.
60
Facing new levels of unemployment

and debt, the key words have become
conscious consumption i.e. buying what
one can currently afford and meeting the
basic needs. This is a significant change
in Brazilians buying patterns. A plentiful
table has always meant wealth, power
and happiness.
The most important thing is to
understand consumer needs in this
situation and offer alternatives that can
maintain the loyalty ties that brands
have been building over time. In the
categories without actual differentiation
between brands, it becomes an
interesting trade-off for cheaper brands
and a choice of promotions and sale.
Its worth nothing that learnings
and historical monitoring of brand
performance by BrandZ show that
promotional and pricing strategies can
undermine brand value, despite being
effective at returning a more immediate
result. And it shows that strong
brands, after a critical situation, more
quickly bounce back to previous levels
as consumers return to their earlier
patterns of consumption and purchase.
ALL TOGETHER NOW

Another seismic shift is being created by
the sharing economy, which emerges as
a great opportunity. Sharing is the new
trend that requires a breaking away from
the traditional business models.
In the sharing economy there is no capital

ownership nor is it subject to government
regulation. Examples of shared
businesses that have challenged the
status quo are AIRBNB and UBER, in the
accommodation and urban transportation
(taxis) businesses respectively.
In these two examples, despite
movements against them, the trend
appears to be permanent. AIRBNB
has even been nominated as a
recognized accommodation source and
recommended for the 2016 Olympic
Games in Rio de Janeiro.
Shared home offices emerge; food items
and cleaning products are collectively
purchased by condominiums, buildings,
family and friends. Sharing is the new
buzzword: share talents in cooking, arts,
crafts and also in professional projects.
Changing the mindset has created new
businesses opportunities.
Will the brands that participate in
the sharing economy be the strongest
brands in the future, following in Googles
and Facebooks footsteps? How about
conscious consumption? How can brands
include in their scope and in their offering
something that plays to this perspective?
The 2015 economic and political situation
bring innovation opportunities for brands.
The key is to find a way to both be part of
the sharing economy and meet the need
for conscious consumption without losing
sight of what the brand stands for.
61
BRAZIL
THOUGHT LEADERSHIP
NEUROSCIENCE:
HELPING BRANDS
MAKE THE
CONNECTION
FRANCISCO BAYEUX
Global Innovations
Francisco.Bayeux@millwardbrown.com
2015 has been a challenging year for Brazil

so far. Inflation is increasing faster than
predicted, and its not clear when the
economic downturn will pass.
Maybe this is all a reflection of the

current political crisis in the country
as many expert analysts point to, but
whatever the cause, one thing is a
certainty: brands will need to work hard
to make consumers pay a premium for
them.
And what is the key thing to take into
account to maintain a strong brand in
a scenario like this? Before answering
this question, lets take one step back
and get some context for the consumer
response to this, which is to understand
how a purchase decision is made.
Neuroscience has taught us that both
the intuitive and reflexive parts of our
brain play a role in decision making,
but that we pay more attention to the
intuitive/automatic portion of our brain.
The reason for this is very clear, it is
because it takes more energy to access
the reflexive portion of our brain.
However, its fairly obvious that in
difficult economic periods, people
will think more about the things they
need to buy, be it by questioning the
importance of making that particular
purchase or wondering if they need to
spend less money on certain categories
that they are used to buying.
But this doesnt mean that in this
scenario brands will need to work
harder on their rational justifications of
why they are a good purchase, because
as explained before, people will continue
62
to initially react instinctively to a brand

before reflecting on the reasons to buy
it. The one thing that gains importance
in this period is making the bridge
between the intuitive associations a
certain brand may have and the rational
arguments of why to buy it.
A WELL
CONNECTED BRAND
The Brazilian beer brand Skol is a great
example to help understand this (once
again, its top of this countrys brand
ranking with a positive variation of
20% in its brand value). If you ask any
Brazilian what they think of Skol, they
will probably instantaneously mention
things like fun, playful, happiness,
friends. These associations have been
built over the years that the brand has
been communicating under the Desce
redondo big idea (something that
can be translated as easy to drink).
Making the connection between these
emotional/positioning aspects with
the product functional benefit of being
a light beer to drink really cold is quite
natural. It is in just this kind of situation,
when people are having fun, that
they want to drink a beer with these
characteristics therefore, the rational
arguments to buy the brand come

even more easily to mind because
of the intuitive, automatic footprint
that it has built, mainly through its
communication efforts.
It is these clear connections
between the brand proposition and
the positive functional benefits
that will help brands maintain a
strong relationship with consumers
as they seek more justification for
their purchasing decisions. And this
may mean an even more important
role for the brand communication
efforts, as it is the best way you can
reinforce or build these associations.
63
BRAZIL
THOUGHT LEADERSHIP
'DEAR BRAND,
I RECALL YOU.
BUT I DON'T
WANT TO BUY YOU'
RENATO DUO
Strategic Planning Manager
Renato.Duo@jwt.com
Emotional promises made by

brands are no longer merely passive
messages received by the consumer.
Brand equity is built on relevance of
purpose that is meaningful to the
empowered consumers point of view.
You know those awesome emotional

benefits your brand has? The ones that
were generated after a meticulous
decision-making process? Decisions
that included a very complex process
with many costly and timely steps
like: thousands of hours of analysis,
form-filling, an infinite number
of emails, pre-trials, discussions,
rejections, approvals, brainstorming
and what-ifs, inside marketing and
communication departments or
agencies communication and branding
rooms.
Is this picture familiar?
Well, its better to forget it.
Or, being less apocalyptic: you need to
rethink it.
The new game requires more extensive
perspective and a deeper dive. The
building of positive equity in this
postmillennial, post comments, post
everything era requires more complex
thinking.
In this new world, the borders around
emotional promises are wider. And
easier to breach.
AS A CONSUMER,
I NEED TO BELIEVE
Its no longer an issue of advertising in
itself. Its something much bigger, that
goes beyond equity building. Nowadays,
any movement made by the brand
counts. Even the more prosaic decisions
in a production line help to define this
emotional bonding. Building equity is
becoming more and more complex.
Everything brands do in their daily
routines to sustain business has an
enormous influence on the consumers
64
when they are at the point of sale,

deciding whether to choose the box
on the top or bottom shelf. Nothing
escapes the consumers radar.
THE 'BUT' SYNDROME:

A NEW TENSION
IN THE BRANDCONSUMER
RELATIONSHIP
My bank is constantly telling me that
it is there when I need it. But they raise
fees every year and I keep reading
how they have been breaking revenue
records.
My mobile phone carrier had very good
reception. But I heard someone in
customer services added an abuse to
the system and that was printed on the
clients bill.
Theres a delicious yogurt brand. But I
read a blogger talking about the amount
of preservatives used to make it creamy
and that scared me.
There is always a but. Thats one of the
results of this hyper-information era.
This tiny little word has damaged many
relationships, especially between brands
and consumers. We are all looking for
relationships that we can hold on to in
the long term to support us, introduce
to our parents and take out to dinner
unashamedly. You wouldnt do any of
that if you were in doubt, would you?
Relationships between brands, people
and channels are becoming more and
more liquid. Its up to the brands to pick
up on this fluidity and truly embrace
transparency. After all, perceptions
change at every turn.
J. Walter Thompson Worldwide,

the worlds best-known marketing
communications brand, has been
creating pioneering solutions that build
enduring brands and business for more
than 150 years. Headquartered in New
York, J. Walter Thompson is a true
global network with more than 200
offices in over 90 countries, employing
nearly 10,000 marketing professionals.
The agency consistently ranks among
the top networks in the world and
continues to hold a dominant presence
in the industry by staying on the
leading edgefrom hiring the industrys
first female copywriter to developing
award-winning branded content today.
For more information, follow us @JWT_
Worldwide.
www.jwt.com
65
CHILE
CHILE
KEY FACTS AND TOP 15 MOST VALUABLE CHILEAN BRANDS 2015
BRANDZ TOP 15
MOST VALUABLE
CHILEAN BRANDS 2015
TM
BRAND VALUE
Total Value of Chilean Brands
US$ 23.6 MILLION

-17%
Brand
Brand Value
(US$ Mil.)
2015
2014
4,709 6,084
3,107
Brand
Contribution
Index
Brand
Value
Change
2014-2015
-23%
Retail
4,107
-24%
Retail
2,845
2,486
14%
Retail
2,758
2,595
3,181
-13%
Oil & Gas
3,175
-18%
Banks
Brand
Brand Value
(US$ Mil.)
2015
2,398 3,058
Brand
Value
Change
2014-2015
-22%
Airlines
985
921
729
10
536
11
459
12
446
13
2014
Brand
Contribution
Index
1,262
-22%
Retail
987
-7%
Retail
932
-22%
Retail
550
-2%
Banks
414
11%
KEY FACTS
Retail
557
-20%
Beer
427
763
-44%
Retail
14
387
15
328
406
-5%
Banks
348
-6%
Capital City
Santiago
Currency
CHILEAN PESO
Area
756 thousand km2
17,770 (2014)
0.8% (2010-2015)
Life expectancy
80 years (2013)
98.9% (2012)
Unemployment rate
5.9% (2013)
6.4% (2014)

US$ 14,520 (2014)
Growth rate:
1.9% (2014)
5.4% (2014)

US$ 9.3 billion (2013)




World Bank
Unesco
Retail
68
69
CHILE
BRAND STORIES
PARENT COMPANY S.A.C.I. Falabella

HEADQUARTERS Santiago
INDUSTRY Retail
WEBSITE www.falabella.com
PARENT COMPANY Sodimac SA

INDUSTRY Retail
WEBSITE www.sodimac.cl
PARENT COMPANY Banco de Chile SA

INDUSTRY Banks
WEBSITE www.bancochile.cl
PARENT COMPANY Latam Airlines Group SA

INDUSTRY Airlines
WEBSITE www.lan.com
Falabella is the leading department store retailer in Chile.
Homecenter Sodimac is Chiles Leading Home Improvement

brand.
Banco de Chile is one of the nations largest full service

financial institutions.
LAN is Chiles top airline.
The Homecenter brand appears on 67 stores throughout

Chile that are focused on serving consumer needs for home
improvement products. The brand is the most prevalent of
the three formats its parent company Sodimac uses to serve
the home improvement, building and construction materials
a market it has segmented by homeowners, contractors
and medium-to-large construction companies. The origins of
the Homecenter brand date back to the 1940s, when a small
company known as Sogeco began providing construction
companies in Valparaso with building materials. In 1952, the
company became known as Sodimac. It entered the home
improvement retail space in 1988, with the introduction of
the Homecenter brand. In 2003, Sodimac became part of
the Falabella retail conglomerate, which just two years earlier
had bought out Home Depots ownership interest in a joint
venture established in 1997. The Homecenter brand now enjoys
a regional presence beyond Chile, with 52 stores located in
Argentina, Colombia and Peru.
Banco de Chile is a commercial bank focused on serving

individuals and corporations with traditional banking products
and services. It ranks among Chiles leading consumer lenders
and originators of mortgage loans. The banks branch network
has 441 locations. As part of a plan adopted in 2010, Banco
de Chile is focused on expanding its branch network in areas
outside of Santiago.
PARENT COMPANY Walmart Chile SA

INDUSTRY Retail
WEBSITE www.lider.cl
PARENT COMPANY Compaa de Petrleos de Chile Copec SA

INDUSTRY Oil & Gas
WEBSITE www.copec.cl
PARENT COMPANY Cencosud SA

INDUSTRY Retail
WEBSITE www.paris.cl
PARENT COMPANY S.A.C.I. Falabella

INDUSTRY Retail
WEBSITE www.tottus.cl
The Lider supermarket brand is owned by Walmart.
Copec is Chiles leading fuel brand.
Paris is the second largest department store brand in Chile.
Lider operates 69 supermarkets and 57 smaller format Express

Lider stores. In early 2009, Wal-Mart Stores, Inc. acquired
a controlling interest in the Lider brands parent company,
Distribucin y Servicios D&S SA. The following year D&S
changed its name to Walmart Chile SA. Under Walmarts
ownership, the Lider brand has placed an increased emphasis
on everyday low prices in keeping with the longstanding
strategy of its parent company. In addition, growth of the Lider
brand has taken a backseat to Walmart Chiles other food
formats, Ekono and SuperBodega aCuenta, which serve the
market in a no frills and limited assortment fashion.
Copec has been in existence for 78 years and is Chiles best-known

brand of fuel, with an estimated market share of 62 percent.
The company leveraged its petrochemical expertise to enter the
market for lubricants in 1996. To enhance the Copec network of
620 fuel stations, the company created a complementary brand
called Pronto. Pronto describes three convenience store formats
where expanded assortments of general merchandise and food
are offered at Copec branded service stations under the banners
of Ciudado, Pronto or Barra. Copec also operates a chain of 200
small format non-fuel convenience stores under the Punto Copec
brand, introduced in 2000.
Spanish entrepreneur Jos Mara Couso established the Paris

brand in 1900 with the opening of the Paris Furniture store. In
1950, the name changed to Almacenes Paris and in 2005 the
companys name reverted to Paris following an acquisition by
retail conglomerate Cencosud.
Tottus, a network of supermarkets and hypermarkets, was first

established in Peru in 2002, as part of the Falabella group. In
2004, Falabella brought the brand to Chile by acquiring a local
supermarket chain and renaming it Tottus. With 41 outlets in
Chile and 34 in Peru, the Tottus chain includes supermarkets that
sell traditional categories of food and personal care product, and
hypermarkets offering durable goods, white goods, electronics
and homeware.
Falabella operates 40 large department stores throughout Chile

and is the leading brand in the retail channel. The brand appeals
to Chiles more affluent shoppers with a consistently executed
fashion forward merchandising strategy that enables it to remain
the industry leader. The brands first store opened in 1958.
Following several decades of expansion throughout Chile, its
presence was extended regionally in the 1990s.
There are now 39 Falabella stores in Peru, Argentina and
Colombia. The origins of the brand date back to 1889 when
Italian immigrant Salvatore Falabella opened a tailor shop.
Today, the brand he created is synonymous with department
store retailing and also serves as the corporate identity of
parent company SACI Falabella. This major conglomerate has
extensive interests across the retail industry including the Mall
Plaza shopping center brand, the Sodimac home improvement
brand, the Tottus supermarket brand as well as financial services
offered under the Banco de Falabella brand created in 1998.
70
Founded in 1893, with the merger of Banco Nacional de

Chile, Banco Agricola and Banco de Valpariso, Banco de Chile
became the nations largest privately held bank. The bank
remained privately controlled through the 1970s when the
Chilean government asserted ownership of other Chilean
financial institutions. The banks long history and record of
independence have enabled the brand to associate itself with
stability and reliability, attributes that were reinforced in 2002
with the merger of Banco de A. Edwards and again in 2008 with
the Banco de Chile and Citibank Chile merger.
Paris is the second largest department store brand in Chile

where it operates 36 stores in leading shopping centers. It
appeals to shoppers with a differentiated product assortment
that includes brands from well-known designers complemented
by a range of well-established proprietary brands available in
key categories such as apparel, home and electronics.
The LAN brand is instantly recognizable throughout Latin

America due to the companys extensive aircraft fleet,
which features a distinctive blue and white color scheme
and the signature LAN logo in large letters. LAN provides
passenger service to 15 cities in Chile as well as to hundreds of
destinations throughout the Americas and overseas with direct
service and through code share agreements with other carriers
and participation in the Oneworld alliance since 2000. LAN also
operates a cargo business that generates nearly 30 percent
of its revenue. The Chilean government established the airline
in 1929 as Lan Chile SA. In 1989, LAN began a privatization
process that was concluded in 1994. LAN is finalizing a merger
with top Brazilian airline TAM SA that has created a company
known as LATAM Airlines Group SA. With a combined fleet of
more than 300 aircraft, the new companys aspiration is to
become the 3rd largest carrier in the world.
71
CHILE
BRAND STORIES
10
13

INDUSTRY Retail
WEBSITE www.jumbo.cl
PARENT COMPANY BBVA Group

INDUSTRY Banks
WEBSITE www.provida.cl
PARENT COMPANY Ripley Corp SA Y Subsidiarias

INDUSTRY Retail
WEBSITE www.ripley.cl
Jumbo was Chiles first hypermarket chain.
The Pension Fund Administrator Provida (Provida

AFP) is the leading manager of pension funds in
Chile, with 59 branches nationwide.
Ripley is a major brand within the retail sector in Chile,

operating 39 department stores that sell apparel and
household products.
Founded in 1981, the main business of Provida AFP is

the management of individual capitalization accounts
and the provision of life and disability benefits, such
as senior retirement pensions. In October 2013, the
company was acquired by MetLife Inc., from Banco
Bilbao Vizcaya Argentaria S.A. (BBVA).
The company also has a financial services arm that offers credit
cards and other financial services. Brothers Lazaro and Marcelo
Caldern founded Ripley in Santiago in 1956. The brand began
expanding outside of Santiago in 1986. Originally focused on
serving low-to-middle income customers, Ripley has broadened
its appeal to more affluent shoppers during the past 15 years. In
1997, Ripley expanded its presence to Peru.
11
12
14
15
PARENT COMPANY Parque Arauco

INDUSTRY Retail
WEBSITE www.parquearauco.cl
PARENT COMPANY Compaa de Cerveceras Unidas

INDUSTRY Beer
WEBSITE www.ccu.cl
PARENT COMPANY Banco de Crdito e Inversiones

INDUSTRY Banks
WEBSITE www.bci.cl

INDUSTRY Retail
WEBSITE www.easy.cl
Parque Arauco was founded 32 years ago and it is the third

largest shopping mall company in Chile. The company has
ambitious plans for international expansion; currently its
portfolio includes 27 shopping centers that operate in Chile,
Peru and Colombia.
Cristal is the leading brand from Chiles largest brewer.
Bci specializes in savings & deposits, securities brokerage,

asset management and insurance.
Easy is Chiles second largest home improvement retailer.
Jumbo opened its first hypermarket in Santiago in 1976. Founded

by German Horst Paulmann, he used Jumbo as a stepping
stone to build parent company Cencosud into what today is
one of Latin Americas dominant retail holding companies.
Currently, there are Jumbo 32 stores in Chile, including 13 in the
Santiago area. The company operates large format stores that
average 8,250 square meters. Cencosud uses the Jumbo brand
for some of its hypermarkets outside of Chile, particularly in
Argentina. The brand offers a broad assortment of merchandise
at low prices. It also offers private brands, backed by a double
guarantee that allows dissatisfied customers a choice of a refund
or double the quantity of a comparable item.
72
The Cristal brand has been a market share leader in Chile for
the past 20 years thanks to strong and consistent advertising
support. It is regarded as the flagship brand of Compaa de
Cerveceras Unidas (CCU). The origins of the brand date back
to 1850 when Chiles first brewery was opened in Valparaso by
don Joaqun Plagemann. It later merged with other brewers and
in 1902 became Compaa Cerveceras Unidas SA. In 1992, the
companys shares began trading on the New York Stock Exchange
under the symbol CCU.
The bank enjoys the distinction of being one of the few

financial institutions that remained private during Chiles
period of nationalization. Since 1984, Bci has promoted its
positioning statement, We are different. The bank reinforces
that brand identity with a distinctive and colorful logo. The
bank was founded in 1937 in Santiago and opened its first
branch, in Valparaso, in 1956. In 1987 it created its first
subsidiary, Bancrdito Securities SA Agent and in 1999, the
first international branch opened in Miami. Bcis range of service
offerings, and presence throughout Chile with 300 offices, has
enabled it to remain one of the nations most important banks.
The Easy brand was founded in Argentina in 1993 with the

opening of its first home improvement store. The following
year saw the brand enter Chile where it now operates 29 stores
(compared with 39 Easy stores in Argentina). Easy stores
stock roughly 35,000 items and a core aspect of the brands
value proposition is low prices. Easy offers a never pay more,
guarantee that provides shoppers a 10 percent discount on
comparable items if they find a lower price elsewhere. Easy is
among the leading retail brands owned by Cencosud, Chiles
largest retail conglomerate.
73
CHILE
THOUGHT LEADERSHIP
MAKING
PROGRESS ON A
SLOWER ROAD
MAURICIO MARTNEZ VZQUEZ

Managing Director
Mauricio.Martinez@millwardbrown.com
The economic slowdown experienced

by Chile from mid-2014 has resulted
in more cautious consumers. In an
environment full of turbulence and
mistrust, they are more concerned than
ever about making the best decisions.
The question that arises is: What do
the most valuable brands in Chile do to
ride out this atmosphere of distrust and
extreme caution and thus remain leaders
in the market where they compete?
The information we collect from BrandZ

provides interesting answers as to the
elements these brands share and what
they represent to consumers, allowing us to
see their implications for the participating
businesses.
STAYING IN VIEW
First, it is clear that their marketing teams
focus on achieving excellent visibility for
brands and a high level of engagement with
consumers, which enable them to stand
out. This is especially important because,
in times of slowdown and mistrust, people
search for safe options, and these highly
popular and salient brands represent their
best purchase choice.
But that is not all. The most valuable brands
in Chile show a clear balance between
benefits and price. They are brands willing
to keep refining those benefits usually,
key qualities consumers want to receive
so they do not need to reduce prices, for
they are perceived as brands whose value is
justified.
Although the most valuable brands have
a long-lasting history in the market, they
also manage to remain relevant because
they understand consumers dynamics
74
and expectations. Thus, they dare to take

new paths, keeping Chileans attentive and
enthusiastic about the road taken.
Consumers expressed wish to visit, hire
or purchase a product or service is often
diminished in times of economic difficulties.
However, the most valuable brands take the
opportunity to display a more accessible
face to these consumers, in terms of their
portfolio management, the development
of new formats, new sales channels and
service centers, or new sizes or varieties.
Consequently, most of these brands protect
their volume significantly by preserving their
margins. This perspective is contrary to the
one adopted by brands that choose to work
almost exclusively with the price variable, by
either discounts or promotions. In addition
to sacrificing their margin, they will find it
harder to justify any future increase.
Great brands face the challenge of
transcending and consolidating themselves
in new markets, replicating their meaning
but also presenting themselves as different
and avant-garde. With the path to success
in Chile having become slippery and even
dangerous, moving ahead quickly requires
new scenarios if brands are to utilize their
full power.
75
CHILE
THOUGHT LEADERSHIP
THREE NEW
INFLUENCES ON
CHILEAN CONSUMERS
IN CHILE,
EXPERIENCE RULES
Today in Chile, it is experience that
rules. In terms of either services or
mass consumption products and
retail, consumers prefer those things
that make a mark on their purchase
experience, their consumption, or even
their recall of advertising.
MARCELA PREZ DE ARCE

Marcela.PerezdeArce@millwardbrown.com
MAURICIO YURASZECK
Firefly Millward Brown
Mauricia.Yuraszeck@fireflymb.com
It is not news that consumers have undergone profound

changes in recent years. Specifically in Chile, these changes
have deepened noticeably in the past two years and are marked
by three essential phenomena: digitalization, both in terms of
social participation and consumption, consumers growing lack
of confidence in the economy and institutions, and consumption
premiumization, from coffee and yogurt to jewelry. In the context
of an economic slowdown, the landscape looks extremely
challenging: Consumers want it all, together and conveniently...
How are brands responding to this changing environment?
76
While in some countries salience

meaning the establishment of a quick
bond with the specific consumption
need works better, in Chile many
brands have discovered that todays
consumers demand a more enduring
bond.
It is important to remember that
the three brand strategies (salience,
meaningfulness, and differentiation)
are complementary, and that the
preeminence of one over the other
two is closely linked to the particular
category a brand belongs to. For
example, when it comes to cars, brands
in that category will usually tend to
highlight the driving experience or the
aspiration of being seen driving a certain
car model. But when it comes to soft
drinks, in most countries brands will
tend to automatically relate to thirst
and the need for easy enjoyment.
Meanwhile, luxury brands will look for
differentiation wherever they are.
BRANDS' STRATEGIES
So... what have brands done in Chile? A
growing trend is the emergence of the
Chilean Premium. These are initiatives
with a local touch, either Chilean or
Andean, focused on the life in the
neighborhood, trying to relive childhood
memories, or restoring the value of
native cultures, without forgetting
about quality. In other words: mere
experience.
A clear example of success in this line
is Emporio La Rosa: an ice-cream shop
born in a traditional neighborhood in
Santiago that has become a renowned
coffee shop chain. The solidity of the
brand and what it represents has
allowed the presence of its coffee
shops to reach even inside shopping
malls without losing their neighborhood
touch. Food brands such as Tika or
Buka, decoration stores, coffee shops,
beer brewers, and restaurants have
delivered a design of a local quality
experience that does not initially imply
high prices but that can afford to set
prices appropriate to their quality
because they deliver not only a product,
but also an experience connected
with consumers. It seems this trend
will prevail in the future not only
because it has successfully shown its
sustainability, but also because it has
created consumption areas and types of
consumers that previously seemed alien
to those domains. This is a different
commercial attempt, in dialogue with
marketing strategies that are also
different as well, consistently conceived
for all its points of contact with these
neo-consumers. It also relates to the

back to basics concept, since it shows it
can perfectly coexist with high quality
products and services.
Another trend, 100% oriented to
experience is e-shopping, a sphere
where the Dafiti brand has completely
redefined the landscape of clothing
shoppers in Chile. There is no doubt
Dafitis consolidation results from a
great shopping experience, accompanied
by low prices, wide variety at a single
site, an easy purchase method, delivery
to any place consumers want, and the
possibility of returning the product
bought and receiving a complete refund.
All of these make Dafiti an addictive
experience. Online purchasing is not
limited to this brand. There are a
potent and growing percentage of retail
sales particularly large stores and
supermarkets being made through
this platform. The important thing is
that today digital display reflects a
different purchase experience, one that
meets certain needs and allows a kind of
contact with the brand that exists only
in that medium. The digital world has
its own rules, follows its own patterns,
and establishes specific relationship
codes that also constitute purchase
experiences, rather than canceling them.
Both trends have emerged from
successful strategies aimed at building
meaningful brands for consumers. An
essential part of this formula is the
great experience, but both of them have
also made efforts to fight consumers
growing mistrust, in a context where
value must be continuously justified.
77
CHILE
THOUGHT LEADERSHIP
CHILE AMIDST THE

PERFECT STORM
In terms of Chiles sporting performance, 2015 has been the
opposite of 2014. In 2015, the America Football Cup took
place in our country and Chile was the star unlike the 2014
World Cup in which we were knocked out by Brazil.
The countrys economic situation however looks worse than
before. Consumers and entrepreneurs expectations are
pessimistic, and there is an additional element: a massive
unveiling of cases of corruption, something new in Chile.
This has destroyed peoples trust in politics, precisely at a
time of structural reforms that require a high degree of trust
in institutions so that these processes can be legitimized.
The picture could not be more different:

we were proud and happy about our
sporting victory, but once the event was
over our feelings were quite the opposite.
Economic predictions announced a

low growth rate 3.0% in August,
2014 but in fact this growth
is even lower than expected:
2.4% in the first quarter of 2015,
according to Banco Central de Chile. The
future does not look any better: current
expectations anticipate a 2.2% growth.
All of this is taking place in the context
of a significant decrease 25% according
to COCHILCO in the price of copper,
our main export. Due to the slowdown of
Chinas economy, this price is expected
to continue decreasing. There is one
more element: private investment has
already gone into the red.
This situation has had an impact

on consumers: sales growth
is about 1%, due exclusively to
clothing and shoes, but sales
of durable goods and even food
have decreased (source: Chiles National
Chamber of Commerce). Households
have restricted consumption although
their income has not been reduced, and
expectations for them are as low as those
prevailing during the sub-prime crisis.
Concerning institutions, just

as Chile has been undergoing
the most important process
of structural transformations
in the past 50 years, a political
scandal has emerged as a result of cases
of illegal funding of political campaigns
by companies. For the first time in Chiles
history, there are serving legislators,
mayors, members of Congress, heads of
political parties, officials and businessmen
facing judicial proceedings, making us
Chileans question our reputation as a
country without major corruption.
What have brands done in this scenario?

Many of them have substantially
reduced their marketing budgets, merely
communicating promotions and low
prices. But there are also brands that
have somehow taken charge of the
situation, for instance communicating
values of transparency and reliability.
Here is a seeming contradiction: a
number of sources present a sustained
premiumisation of consumption.
However, amidst this perfect storm,
this is not actually a new phenomenon.
Other critical periods have shown that in
times like these, consumers tend to take
refuge in the most solid brands. In this
case, consumers seem to prefer safe
investments, choosing therefore higher
quality products.
In this context of disappointment,
mistrust, and pessimism, those brands
that adapt by making something
different different even to the
strategies employed during the subprime crisis will be the ones riding out
the bad weather.
CLAUDIO APABLAZA
Business Development Director
Claudio.Apablaza@millwardbrown.com
78
79
CHILE
THOUGHT LEADERSHIP
"NEW MEDIA,
OLD FASHIONED
VALUES"
ANNETTA CEMBRANO PERASSO

CEO
MEC, Chile
Annetta.Cembrano@mecgobal.com
In the last decade, digital media has seen

strong growth: multiple platforms such
as e-readers, tablets and smartphones
present many channels for a continuing
flow of messages, content and images.
In this context, do we still consider TV
the main media for brands to connect to
peoples homes and hearts?
In fact, what we see today is that

instead of being undermined by
digital media, TV has retained its place
as the core brand advertising medium in
all market territories, and promises to
remain so for the foreseeable future.
Although TV has kept its relevance, there
is a transformation happening in the media
environment surrounding it. We see a media
ecosystem characterized by multi-screening and
people accessing their favorite stories through
multiple channels. They are watching open and
cable TV, recording programs or listening to their
favorite music via YouTube; reading newspapers
and watching their preferred content (movie, series
or shows) on their computer; but also in the palm
of their hands on their cell phones they are
watching, streaming or downloading video. Social
media travels mouth to mouth in a multi-scale
buzz of instant wonder, novelty and harsh criticism.
Tomorrows newspaper or magazine will comment
on the already old content, and the circuit of
content-exhibition-conversation will start again.
In this scenario, we believe the way for a brand to
get attention lies in its story and in its capability to
deliver messages that identify with the audience
because they are true and authentic, in harmony
with the brand, and with peoples lives.
MEC is committed to growth. Growth for our people, our clients and our industry. MEC
pushes the boundaries of whats possible in order to thrive in Digital / Mobile / Search
/ Social / Performance Marketing / Data / Analytics / Insight / Sponsorship / Branded
Entertainment / Multi-cultural / Content / Retail and Integrated Planning. Our 5,000
highly talented and motivated people work with category-leading advertisers in 93
countries and we are a founding partner of GroupM. #dontjustlivethrive.
www.mecglobal.com
80
A TEST OF CHARACTER
We had an interesting challenge this year as the
media agency of ABASTIBLE, a gas distribution
client. The challenge was intensified because
the rival company is very popular due to a longstanding advertising campaign featuring a funny
dog that represents Chilean character traits in a
very witty way.
In the course of the year, a major TV national

network broadcast the Master Chef talent show,
looking for the best chef. One of the finalists was
a lady in her eighties, who was immediately liked
by all audiences across age and social brackets
because she and her excellent cooking
represented precisely the permanent values and
warmth of a traditional household.
Taking into consideration her charisma and
personal characteristics we chose her as the
main character for our clients ad campaign. This
campaign features Juanito, the company man,
who delivers the gas bottles to the home of the
lady chef, where humorous and idiosyncratic
situations then take place. TV was selected as the
core medium to broadcast the spots. In addition,
the campaign included social media, internet, radio
and outdoor. Popular newspapers interviewed
Sra. Eliana (Nan), our lady chef, broadening the
impact of the campaign by creating conversations
about her and how the brand continues to
supports her talents. In addition to TV the
campaign used digital and traditional media. The
conversation was held across social media with
radio and newspapers capturing that coverage too.
Emotional engagement through identification with
a main relevant character was the key factor.
The result of this campaign was the recognition
of our clients brand by the public, diminishing
the previously existing brand gap with its main
competitor.
We believe that as long as great brands discover
simple, identifiable, and relevant core values that
can remain untouched, new and changing media
will always add value to their growth.
81
COLOMBIA
COLOMBIA
KEY FACTS AND TOP 20 MOST VALUABLE COLOMBIAN BRANDS 2015
BRANDZ TOP 20 MOST

VALUABLE COLOMBIAN BRANDS 2015
TM
Brand Value
(US$ Mil.)
2015
2014
Brand
Contribution
Index
3,672
3,565
3,476
2,436
2,198
2,017
1,867
1,636
8
9
10
Brand
Brand
Value
Change
2014-2015
3%
Beer
3,006
16%
Banks
2,365
3%
Beer
2,457
-11%
Banks
3,446
-41%
Oil & Gas
2,084
-10%
Banks
1,379
19%
Banks
1,039
931
12%
997
824
21%
Banks
905
811
12%
Brand Value
(US$ Mil.)
2015
2014
Brand
Contribution
Index
11
884
988
12
714
13
695
14
688
15
644
16
402
17
377
18
19
20
Brand
Brand
Value
Change
2014-2015
-10%
Banks
794
-10%
Retail
675
3%
Beer
640
7%
Airlines
620
4%
Food & Dairy
387
4%
KEY FACTS
Food & Dairy
362
4%
Food & Dairy
351
400
-12%
Cement
343
330
4%
Food & Dairy
318
NEW
ENTRY
Capital City
Bogot Distrito Federal
Currency
COLOMBIAN PESO
Area
1.14 million km2
48,930 (2014)
1.3% (2010-2015)
Life expectancy
74 years (2013)
98.2% (2012)
Unemployment rate
10.6% (2013)
10.1% (2014)

US$ 7,720 (2014)
Growth rate:
4.6% (2014)
7.9% (2014)


US$ 12.1 billion (2014)



World Bank
Unesco
Banks
84
85
COLOMBIA
BRAND STORIES
BRAND VALUE
Total Value of Colombian Brands
US$ 25.6 BILLION

+10%
PARENT COMPANY Grupo Bavaria (SABMiller)

HEADQUARTERS Bogot
INDUSTRY Beer
WEBSITE www.cervezaaguila.com

HEADQUARTERS Bogot
INDUSTRY Beer
WEBSITE www.cervezapoker.com
PARENT COMPANY Banco de Bogot

HEADQUARTERS Bogot
INDUSTRY Banks
WEBSITE www.bancodebogota.com
One of Colombias best-known products, guila has

over one hundred years of heritage and is a cultural icon.
Pker is the largest selling beer brand in Colombia.
Banco de Bogot is the oldest bank in Colombia, its history

dates back to 1870 when it opened its doors with COP
$500,000.
guila stems from the city of Barranquilla in 1913 and its

origins can be traced to eternal rivalry between the cities
of Cartagena and Barranquilla. Initially guila was brewed
by Bavaria S.A., a Colombian company acquired in 2005
by SABMiller. The brand has sponsored the Colombia
national soccer team in every category for over 17 years.
Recently the brands alcohol-free version has also gained
traction in the market.
In recent years, Pker has been known for its messages

of confidence and positive attitude towards friends, even
creating the Pker friends day, a special day each year to
share with friends and celebrate with a good beer. The brand
is currently working on boosting consumption on other days
with a consumer advertising campaign running on Thursdays.
Since then, the bank has seen steady growth through mergers
and acquisitions. In 2013, the bank expanded its operations
abroad by acquiring Grupo Financiero Reformador from
Guatemala, through its subsidiary Credomatic International
Corporation, as well as BBVA Panam through its subsidiary
Leasing Bogot S.A. Panam . The banks international
operations are run by its own subsidiaries and agencies in
Panama, the Bahamas, Miami and New York. In Colombia
it has around 263 branches. The brand has recently been
investing in enhancing its virtual channels and modernizing its
communications with clients and stakeholders.
PARENT COMPANY Bancolombia SA

HEADQUARTERS Medelln
INDUSTRY Banks
WEBSITE www.grupobancocolombia.com
PARENT COMPANY Ecopetrol SA

HEADQUARTERS Bogot
INDUSTRY Oil & Gas
WEBSITE www.ecopetrol.com.co
PARENT COMPANY Banco Popular SA

HEADQUARTERS Bogot
INDUSTRY Banks
WEBSITE www.bancopopular.com.co
Bancolombia is the largest commercial bank in Colombia and

one of the largest in Latin America.
Formerly known as Empresa Colombiana de Petrleos S.A.,

Ecopetrol is Colombias largest petroleum company; it is
ranked 39 worldwide and in the top four in Latin America.
Banco Popular is a market leader in consumer loans.
The bank was founded in 1945 and is headquartered in

Medelln. It belongs to the group SURA and is part of Grupo
Empresarial Antioqueo. The bank has more than 8.1 million
customers and a branch network of 779 Bancolombia branded
locations and 2,876 ATMs. The bank employs around 27,000
people.
Shares of Bancolombia have traded on the New York Stock
Exchange since 1995 when Bancolombia became the first
Colombian company to enter the US market. The bank is
a Multilatam company with presence in El Salvador, Peru,
Puerto Rico, Panama and the Cayman Islands.
86
It was first brewed in Manizales in 1929 and soon spread to

the Coffee Zone and the Valle del Cauca, becoming the lead
brand in western Colombia. In 2004, Pker began a program
of national expansion, entering Bogot and the center of the
country and achieving rapid growth. A line extension in 2011
saw the launch of Pker Ligera, a beer with less alcohol, aimed
at expanding consumption occasions.
It is a vertically integrated oil company with presence in

Colombia, Peru, Brazil and the US Gulf Coast. The companys
operations include exploration, production, transport,
supply and marketing of its own oil surplus and by-products.
Ecopetrol is a mixed economy company that operates under
the laws of Colombia and is directed and administered by the
Shareholders General Assembly, the Board of Directors and
the companys President, the companys stocks are traded at
the BVC (Bolsa de Valores de Colombia), the New York Stock
Exchange, and the Toronto Stock Exchange. In the last year, it
has lost much of its value due to falling oil prices.
The bank was established in 1950 as a government owned

institution and began the process of privatization in 1996
when entities controlled by Colombian finance magnate Luis
Carlos Sarmiento Angulo acquired the bank.
Today, the bank is the seventh largest in Colombia with a
network of 184 branches and 925 ATMs.
87
COLOMBIA
BRAND STORIES
11
12
PARENT COMPANY Banco Davivienda SA

HEADQUARTERS Bogot
INDUSTRY Banks
WEBSITE www.davivienda.com
PARENT COMPANY UNE Telecomunicaciones

WEBSITE www.une.com.co
PARENT COMPANY Banco de Occidente SA

HEADQUARTERS Santiago de Cali
INDUSTRY Banks
WEBSITE www.bancodeoccidente.com.co
PARENT COMPANY Almacenes xito SA

HEADQUARTERS Envigado
INDUSTRY Retail
WEBSITE www.exito.com
An iconic logo makes Davivienda one of Colombias most

recognizable brands.
UNE provides telecommunication services including fixed,

local and long distance calls, wireless and digital television
services.
Banco de Occidente focuses on businesses and affluent

individuals.
Founded in 1949 by Mr. Gustavo Toro Quintero in Medelln,

Almacenes Exito S.A. is Colombias leading retail brand.
Founded in 2006, UNE is a Colombian public company

headquartered in Medelln. Control of the company lies with
EPM (Unidad de Negocios Estrategicos) with a 51% holding; the
other 49% is held by Swedish company Millicom International
Cellular. UNE strives to get to know its customers in detail,
identifying their consumption practices and then designing
products and services accordingly.
Founded in 1965 in Cali, Banco de Occidente was acquired by

one of Colombias wealthiest individuals and major bankers,
Luis Carlos Sarmiento Angulo, in 1971. The fifth largest bank
in Colombia, it offers comprehensive banking services with a
special focus on serving large and medium sized businesses
along with medium and high income clients. Today, Grupo Aval
and other entities controlled by Sarmiento Angulo own 85.5%
of Banco de Occidente.
The company operates 470 stores in Colombia and 54 in Uruguay,

offering food and non-food products. Some of its stores include
brand names like Surtimax, Home Mart, Disco, Devoto, and Geant.
Besides its core products, the xito brand is leveraged across
a portfolio of businesses that include consumer credit, travel
agency, insurance, textile and food, e-commerce, gas stations,
and shopping center development businesses. In 1998, xito
began online sales. From 1999, Frances Groupe Casno acquired
an increasing stake in xito, gaining majority control in 2007.
xito expanded internationally for the first time in 2011, when
it acquired 52 Casino stores in Uruguay that were operating
under the banners of Disco, Devoto and Gant. In 2013, the brand
launched Movil xito offering mobile phone services including
voice plans, SMS and data. In December 2014, the xito Groups
Colombia store portfolio reached the 100 mark.
10
13
14
PARENT COMPANY Grupo Suramericana

INDUSTRY Banks
WEBSITE www.gruposura.com
PARENT COMPANY Colombia Mvil SA ESP

HEADQUARTERS Bogot
WEBSITE www.tigo.com.co

HEADQUARTERS Bogot
INDUSTRY Beer
WEBSITE www.pilsen.com.co
PARENT COMPANY Avianca-TACA Group

HEADQUARTERS Bogot
INDUSTRY Airlines
WEBSITE www.avianca.com
SURA Business Group is listed on the Stock Exchange of

Colombia (BVC) and is registered in the ADR program
Level I in the United States.
The countrys third largest mobile brand, Tigo has nearly 4.9 mobile
customers in Colombia, 80 percent of whom use prepaid service.
Brewed since 1904, Pilsen is the leading brand in the

Antioquia region.
The brands origins date back to 2004 when UNE

Telecomunicaciones SA ESP and Empresa de Telecomunicaciones
de Bogot ETB SA ESP created Colombia Mvil to offer services
under the Ola brand. The brand name changed from Ola to Tigo, a
condensed version of the Spanish word contigo (with you), following
acquisition of a majority position by Luxembourg-based Millicom
International Cellular SA, in 2006. The company then merged with
UNE EPM Telecomunicaciones S.A., Millicom Spain Cable S.L., EPM
and Millicom to offer an integrated package including fixed and
mobile communication, as well as pay TV and internet.
Pilsen is the official sponsor of the Festival of Flowers in

Medelln and aligned to the customs and traditions of the
region. The brand is promoted as being ideal for sharing with
friends after work.
Avianca is a subsidiary of Synergy Group in Brazil and is the

third largest flight company in South America, with more
than a hundred destinations around America and Europe.
The Davivienda brands presence in the market consists of

a network of 743 bank branch locations in 176 cities, 2,000
ATMs and nearly 15,000 employees serving 6.6 million
customers. The brand was founded in 1972 as the Corporacin
Colombiana de Ahorro y Vivienda and initially operated as a
savings and loan provider under the brand name Coldeahorro.
The brand identity changed to Davivienda in 1973 when it
adopted a distinctive logo known as La Casita Roja (little red
house). Its among the most identifiable corporate logos in
Colombia. In 1997, the Corporacin Colombiana de Ahorro y
Vivienda became a commercial bank and changed its name to
Banco Davivienda SA. Davivienda has operations in Panam,
Costa Rica, Honduras, El Salvador and Miami and is part of the
Sociedades Bolvar holding company.
It is also the only Latin American financial services

organization to be included in the Dow Jones Sustainability
Index. This index recognizes companies that support best
practices in economic, environmental and social issues.
SURA Business Group focuses on two types of investments:
strategic (focused on financial services, insurance, pensions,
savings and investment) and portfolio investments, mainly
in the processed food, cement and energy sectors.
In Colombia, Tigo were among the first mobile operators to offer prepaid cell phones and on demand access to the web
88
Formerly known as AviancaTaca AirHoldings Inc., Avianca

Holdings history started in 1910 under the name Sociedad
Colombo Alemana de Transporte Areo, SCADTA. In 1940, the
company was constituted after the integration of SCADTA and
the Servicio Areo Colombiano SACO. The first international
flights covered routes to Quito, Lima, Panama, Miami, New
York and Europe. In 2009 the company merged with Central
American carrier TACA Airlines, and during 2010 it formalized
a strategic union which includes Avianca, Tampa Cargo and
AeroGal. The company trades at the New York Stock Exchange
as ANH, and in the Colombian Stock Market as AVT_P.
89
COLOMBIA
BRAND STORIES
15
16
19
PARENT COMPANY Nutresa Group

WEBSITE www.pietran.com.co

YEAR OF FOUNDATION around 1950
WEBSITE www.industriadealimentoszenu.com.co

WEBSITE www.chocolates.com.co
Pietrn was launched in 2001 and is owned by Zen.
Zen is a well-known name in meat production and

distribution.
Chocolates Jet is a chocolate bar manufactured by The

National Chocolates Company, part of Grupo Nutresa,
headquartered in Medelln.
The company specializes in the premium segment of the

category of lean meats and is a highly recognized brand in the
sector. A key competitive differentiator is that its products
contain 25% less sodium.
The company started operations in 1920 as the Red

Cross Chocolate Company. The National Chocolates
Company is known for being the first industrial
producer of chocolate confectionery and for offering
the chocolate drink that has been part of Colombian
life since the 1960s. The company produces 27 brands
across chocolate snack treats, hot beverages, milk
modifiers, nuts, cereals and baked-goods. It was the first
company to be certified as a Healthy Organization by the
Colombian Heart Foundation. Recently it has been judged
to be one of Colombias top three best companies to
work for and number one to work for in the food sector.
17
18
20

WEBSITE www.pastasdoria.com
PARENT COMPANY Argos Group

INDUSTRY Cement
WEBSITE www.argos.com.co
PARENT COMPANY Grupo Aval Acciones Y Valores

HEADQUARTERS Bogot
INDUSTRY Banks
WEBSITE www.avvillas.com.co
Doria is the countrys largest pasta brand, with three

product lines: Pasta Comarrico, Pastas Doria and Pasta
Monticello.
Cementos Argos is a major player in the Colombian cement

industry.
Banco AV Villas began in 1972 as Savings and Housing

Corporation Villas, an entity dedicated to financing for the
construction sector.
The original company was founded in 1952 and installed

its pulp mill in the former headquarters of Sweets and
Pastries Papagayo Company in Bogota. Pastas Doria has
long been a well-known brand in Colombia, widely recognized
for its mustache-wearing chef with a catchphrase ofCiao
bambino which has become the staple slogan of the brand.
90
Zen began in Medelln in the 1950s, and today is recognized

for its high technological standards, quality control, unique
flavor, and for innovating several brands in canned meats,
sausage products and frozen fast foods, among others. Today
the company has more than 2,500 employees and continues
to be one of the most reputable companies in the country.
With 51 percent market share, Argos is the fourth largest cement

producer in Latin America, the only white cement producer in
Colombia and the second largest in the South-East of the United
States. The company belongs to Argos Group, founded in Medelln
in 1934. The operation has 388 plants worldwide, with locations
that include Panama, Haiti, Dominican Republic and Suriname.
Recently the company entered the Dow Jones Sustainability
Index, an indicator used to monitor the performance of leading
companies in economic, social and environmental terms.
In 1998, the company joined Grupo Aval Acciones y

Valores SA, making it part of one of the largest financial
conglomerates in Colombia. As well as the AV Villas Bank
the group includes Banco de Occidente, Banco de Bogot,
Pension Management Company, Porvenir and Banco Popular.
In 2002, AV Villas officially became a commercial bank in
order to provide a large portfolio of products and services.
91
COLOMBIA
THOUGHT LEADERSHIP
OPPORTUNITIES
FOR PEACE
Colombia is still one of the countries in Latin America with the
quickest growing GDP an average 4.5% per year in the last 3 years.
In 2014, the Colombian economy enjoyed an overall healthy
development. Aspects worth highlighting include high investment
activity, a favorable macroeconomic environment, a more
competitive exchange rate, a single-digit unemployment rate, and a
controlled level of population in poverty.
GABRIEL ENRIQUE CASTELLANOS

Managing Director
Gabriel.Castellanos@millwardbrown.com
92
However, we should also point out

that this has been a difficult year,
especially because of the uncertainties
of the regional and global context. The
international price collapse of products
such as oil with Ecopetrol the most
affected company the slowdown of
Chinas economy, and the weak recovery
of the United States and Europe, are
all alarming factors. In addition, the
economies of some other countries in
the region, including Brazil, Venezuela
and Argentina, faced a critical situation.
GROWTH FOR SOME

BUT NOT FOR ALL
Although Colombia achieved a positive
growth rate, not all sectors participated
in that growth. For instance, industry is
still lagging behind other activities and
in comparison to the total GDP. In fact,
in the last 3 years industrys average
growth has been almost 4 points below
the total GDP growth. This healthy
GDP makes many of our clients wonder
why their businesses are not going
that well when the country seems to
be thriving. The answer is that, while
there is more money circulating, it has
been used for other purposes, such
as paying off more credit and debts.
Also sometimes even if it means
sacrificing products in the basic market
basket its being spent on luxury
products, entertainment or clothing.
Such goods are being purchased as
a result of the occasions emotion
rather than of the traditional rationale
behind buying necessities like food and
beverages, for example. Thus, household
consumption, leveraged by the financial
sector, is one of the pillars of Colombias
economic growth. Therefore, it is
extremely important to pay attention to
possible signs of household expenditure
restrictions and to the development
of political events, such as the local
elections taking place next October, and
the evolution of the peace process.
Taking all of this into consideration,
Colombias growth for 2015 will
probably be slightly above 3.6%. The
current administration revised this
goal around the end of this years first
quarter on account of, among other
things, the new circumstances resulting
from the collapse of oil prices and
the dollars rise to almost $3,000
pesos, the highest exchange rate in the
countrys history.
Colombias great challenges remain:

to reduce poverty and inequality, to
increase education opportunities and
access to the local public health system,
and to improve and enhance the
countrys infrastructure so as to align
with current productivity levels.
A RISING DIGITAL TIDE

Meanwhile, in 2014 the absolute growth
of advertising investment in Colombia
was about 8%. TV is still the medium
with the largest investment, followed by
radio and print materials. Even though
investment in digital media represents
less than 5% of the total advertising
spending, in 2014 it grew over 18%
against 2013. Furthermore, it keeps
strengthening its position as the most
important medium for some brands
including alcoholic beverages, in
which it plays a more and more decisive
role in media plans. It is also relevant
to note that technologys presence is
spreading to everyday aspects such
as transportation or basic household
needs, and at all socioeconomic levels.
SIGNS OF PEACE?
With an estimated population of 48.2
million people in 2015, Colombia is
still looking forward to the definite
signing of the peace accord. If it
were to happen, there would be more
development opportunities for the
country, for its economy, and for all
the brands in the Colombian market.
It would constitute a major change
after 60 unfortunate years of violence
and doubtless encourage an economic
takeoff within foreign investment,
accelerated household consumption,
and regional leadership. This is what we
Colombians largely hope for in 2016.
93
COLOMBIA
THOUGHT LEADERSHIP
BRANDS IN AN
EVER-CHANGING
ENVIRONMENT: TIME
TO BE MEANINGFULLY
DISTINCT!
What is the secret of the most
valuable brands in Colombia?
During the past year, the most successful brands
in the Colombian market contributed 25% to
the GDP growth. They have shaped the local
economy by offering products and services that
take into account Colombians unique culture,
traditions, and physical, social and economic
aspects. In some cases, these brands have also
paid attention to regional differences within the
country, developing different purchase channels,
customer service models and even products.
94
OSCAR LADINO
Group Account Director
Oscar.Ladino@millwardbrown.com
1.
BRIDGING THE
GENERATION GAP
NEW BRANDS
FROM ABROAD
Most of these brands have been present

in the market for over 50 years, which
forces them to face great challenges:
They must respond distinctively to the
needs of 3 different generations our
parents, us, and our children so they
are forced to innovate constantly without
losing their history, values, or roots.
Today, Colombian customers can access
more information and are therefore
more demanding: in a matter of minutes,
they can compare prices, suppliers
and sales online. Successful brands
have concentrated on always meeting
their purchasers needs, on performing
properly, and also on creating closeness
by triggering emotional responses in their
potential consumers. Such is the case of
brands as guila Beer and Bancolombia,
which in addition to meeting the basic
needs of their categories, resort to
emotional levers such as the guila girls,
the Colombian national football team,
or campaigns like Le estamos poniendo
el alma (Our soul is in this) so as to
remind us that, besides being a delicious
beer or a trustful bank, they exist in order
to entertain us or help us progress in our
daily lives.
When considering that brands face an

ever-changing environment, we can see
the challenge for them is still greater. In
the last few months, we have witnessed
how foreign brands, including beer
brewers and financial institutions, have
entered the Colombian market or
have shown interest in doing so. In fact,
our research in the local sphere has
found that spontaneous brand recall
is lower than three years ago, despite
the fact that advertising investment
has grown faster than inflation during
the same period of time. This means
that, today, there are more brands
addressing consumers but fewer brands
in consumers minds. Colombian
consumers have tried more brands in
the past 3 years than ever before and
have been exposed to a larger number of
purchase channels, both traditional and
new, including direct credit, global-chain,
and even digital formats.
FROM RESEARCHING
ONLINE, TO
PURCHASING ONLINE
Regarding the digital environment, it
has become more and more common
to see consumers finding all kinds of
information in digital channels: they
really get thorough knowledge online
about what is it that brands offer. Little
by little, the need and the opportunity to
use these media as purchase channels
are growing, even among categories we
did not imagine could participate in the
digital environment. They constitute
safe channels that generate trust and
will continue consolidating in the future.
All of this has resulted in customers who

are less loyal and more into the repertoire
market, and they outnumber those
simply searching on price.
BRANDS MUST
BE BOLDER
Taking all of this into account, and in an
effort to be meaningful to Colombian
consumers, brands must seek innovation,
generating trends within their categories
and being bold. This has been the case
with guila Beer, which in the past
months launched an alcohol-free beer:
guila Cero. This beer is targeted at the
niche of non-alcohol consumers, creating
more occasions for consumption,
far from traditional ones, and even
promoting drinking it at home. Initiatives
like this one should not be provisional, but
rather the result of brands permanent
policies of investment in research and
development, keeping always in mind the
purpose of making consumers life easier,
teaching them to use their products, and
searching for new business opportunities.
If companies want to continue being
successful, they must validate their
business basics, be willing to revise their
price and packaging strategies, leverage
what they have built, and be ready to
help in the ever-changing economic
environment all of us will be facing.
95
COLOMBIA
THOUGHT LEADERSHIP
PEOPLE HATE
OUR JOB
It is essential that the brand understands its goal

and really strives to fulfill it. A long time ago, a
conversation between an Amazon customer service
representative and a Thors fan became viral all
over the world. The representative introduced
himself as Thor, and the customer asked if he could
be Odin, during the conversation. The resulting
role-play was a wonderful, fun-to-read chat full of
commitment to provide a top quality service. Im
sure that this chat built a lot more brand value for
Amazon than many of its traditional campaigns,
for many reasons, but mainly because it is real,
credible and special.
SHOW, DON'T TELL

Today, people are so bored by what we do that they are willing to do
anything they can not to receive our advertising messages. They
even pay large sums of money to prevent it, as shown by companies
offering ad-free contents, such as Spotify, Netflix and many others.
I love how the great David Droga puts it, Peoples attention has to
be earned. We cant just assume that we can bombard them [with
messages] into submission anymore, which is how it used to be.
Big companies or big brands with large

budgets dont run the show anymore.
Now, each person has the power, from his
or her house, on the bus or while standing
in line, waiting to order a burger. Likes,
retweets, shares and comments are
the new trophies that the best brands
are striving to collect. They want them
because thats the new way to show
affection, give a reward, and ultimately,
to be relevant.
ALVARO MELNDEZ ORTIZ
Planning Director
Alvaro.Melendez@ogilvy.com
96
Being relevant must be a key goal of any

brand. The art lies in how to achieve it.
People like what they like and they always
like something that provides some value.
It can be a smile, a great experience or
any help to raise their children.
Jeff Rosenblum produced the inspiring

documentary The Naked Brand. In it, Alex
Bogusky says Being a great company is the new
brand. True. People believe in what they see and
not in what advertising says. Modern brands
must know that actions speak louder than words.
Toms or Zappos are clear examples of that. Their
business model claims to offer value to people,
Toms donates a pair of shoes for every pair of
shoes sold and Zappos has built its whole campaign
around an unparalleled customer experience. Close
to home, we can take a look at Andrs Carne de
Res, an iconic Colombian brand that became big
because of the experience it offers to customers,
from its beautiful graphics to the presentation of
each dish and the service provided by each of the
serving staff.
This is why our job as advertisers has become
more exciting now than ever. Now we cannot limit
ourselves to think in terms of the 30 story we
will air. Now we have to have liquid ideas, as David
Ogilvy said, There is no need for advertisements
to look like advertisements. We need ideas that
travel and transform in the hands of people who
make them theirs.
Ogilvy & Mather is a leading

communication network. The
company comprises strong offerings
in: advertising, social media, direct
marketing, data analytics, retail
marketing, rural marketing, activation,
public relations and healthcare.
www.ogilvy.com
These ideas can be audiovisual, or a physical

experience, a service or a product. The important
thing is that they feed great brands, always giving a
clear purpose and offering value to people.
I am convinced that the new challenge of our
profession as advertisers and marketers is to help,
coming up with ideas, so that brands provide value
to peoples lives. If we can do that, maybe we wont
save the world, but we will surely make it a better
place, and that will make people love our job again
as much as we do.
97
MEXICO
MEXICO
KEY FACTS AND TOP 30 MOST VALUABLE MEXICAN BRANDS 2015

MEXICAN BRANDS 2015
TM
Brand
Brand Value
(US$ Mil.)
Brand
Brand
Value
Contribution
Change
Index
2014-2015
2015
2014
8,476
8,025
6,174
4,423 3,625
6%
Beer
5,308
16%
22%
3,604 3,477
3,554 3,097
3,091 2,804
3,039 2,748
2,795 2,608
4%
Beer
15%
10%
Retail
11%
Cement
7%
Food & Dairy
2,557
10
2,207
2,687
-5%
Retail
2,494
-12%
Banks
Brand
Brand Value
(US$ Mil.)
2015
2014
11
1,940
1,759
12
1,533
13
1,411
Brand
Brand
Value
Contribution
Change
Index
2014-2015
10%
Banks
NEW
ENTRY
Banks
891
58%
Retail
14
1,236
15
1,197
16
1,107
17
1,042
18
958
969
28%
Banks
819
46%
Beer
1,058
5%
Retail
1,182
-12%
Food & Dairy
1,109
-14%
Retail
19
800
20
710
NEW
ENTRY
Beer
NEW
ENTRY
Food & Dairy
Brand
Brand Value
(US$ Mil.)
2015
2014
21
666
555
22
639
23
629
BRAND VALUE
Total Value of Mexican Brands
Brand
Brand
Value
Contribution
Change
Index
2014-2015
20%
+11%
Industrial
612
4%
Food & Dairy
668
Retail
24
585
25
555
26
510
27
507
28
475
797
-27%
Retail
549
1%
Beer
504
1%
Beer
501
NEW
ENTRY
Airlines
29
469
30
462
485
-3%
Food & Dairy
637
Capital City
Ciudad de Mexico
Currency
MEXICAN PESO
Area
1.96 million km2
123,800 (2014)
1.1% (2010-2015)
Life expectancy
77 years (2013)
98.9% (2012)
Unemployment rate
5.7% (2013)
6.1% (2014)
1%
Beer
KEY FACTS
-6%

US$ 1.2 trillion (2014)
US$ 10,361 (2014)
Growth rate:
2.1% (2014)
26.9% (2014)


US$ 17.6 billion (2014)
-27%
Retail
*Modelo concentrates three brands: Modelo Light, Modelo Especial and Negra Modelo.
100
US$ 57.3 BILLION



World Bank
Unesco
101
MEXICO
BRAND STORIES
PARENT COMPANY Grupo Modelo, SAB de CV

HEADQUARTERS Mexico City
INDUSTRY Beer
WEBSITE www.corona.com
PARENT COMPANY Amrica Mvil, SAB de CV

WEBSITE www.telcel.com
PARENT COMPANY Grupo Televisa, SAB

WEBSITE www.televisa.com

INDUSTRY Beer
WEBSITE www.gmodelo.com
PARENT COMPANY Amrica Mvil, SAB de CV

WEBSITE www.telmex.com
PARENT COMPANY Wal-mart de Mxico, SAB de CV

INDUSTRY Retail
WEBSITE www.bodegaaurrera.com.mx
Coronas strong Mexican heritage

has allowed it to surpass geographic
frontiers, and it is currently sold in over
180 countries.
Telcel is the leader in mobile

phone services in Mexico, with
approximately 71.5 million users.
Televisa is the largest communications

company in the Spanish speaking world
and one of the most important players
in the entertainment business around
the globe.
Founded in 1925 under two brands,

Especial and Negra, Modelo was
subsequently relaunched as one of
Grupo Modelos first beers.
Telmex is the leader in landline phone

services, providing services nationwide.
Bodega Aurrer is a chain of

supermarkets in Mexico, created for the
lower-income sector of the population.
Corona was first launched in 1925; that

same year its parent company Grupo
Modelo began operations. The brand
has a rich history of innovation, having
been able to unite itself to Mexican
culture through simple, yet iconic
communication efforts. It has created
strong brand cues that relate it to
relaxation, music. The groups staple
brand across the globe, its the bestselling Mexican beer in the world and the
best-selling import beer in almost fifty of
the markets in which it has presence.
102
Its market share is around 70% of

mobiles nationwide. Even when
transferring their old number became
an option for users, Telcel was a net
winner of clients, making it evident to
some extent that people value its wide
user network, and certainly reflecting
the message of its slogan: Telcel is
the Network. This makes it one of the
most important brands for Amrica
Mvil, the leader in telecommunications
in Latin America, owned by the
business tycoon Carlos Slim Hel.
Founded in 1930, Televisa operates

four broadcasters in Mexico, produces,
distributes and exports contents to the
American market through Univision the
leading Spanish speaking media company
in the US and to more than 50
countries through other media partners.
Televisa also publishes and distributes
magazines and films, and owns radio
broadcasters around the country.
Modelo has focused on developing a

strong portfolio that spans different
beer types and can catch consumers
with premium offerings through strong
positioning cues. In particular, the
use of innovative and differentiated
packaging and emotionally charged
campaigns that convey the premium
quality and uniqueness of the products
they promote.
Telmex is owned by Telfonos de

Mxico, a company created in 1947,
nationalized in 1972 and re-privatized in
1990. At that point, over 32 billion pesos
were invested to set up a wide fiber optic
network, connecting people nationwide
and to 39 other countries through
submarine cable. In 2010, Amrica Mvil
purchased 59.5% of Telmex shares.
Its offer includes low prices, embodied

in its brand cue Mam Lucha, a masked
luchadora who fights high prices and is
constantly struggling to make it to the
end of the month. Bodega Aurrer is one
of the fastest growing business units of
Walmart de Mxico, partly because of
its ability to create more flexible store
formats such as Mi Bodega in small
cities, and Bodega Aurrer Express,.
This latter format is an interesting
price-convenience offer that brings high
turnover lines to urban locations which
competitors using bigger formats find
more difficult to reach.
103
MEXICO
BRAND STORIES
104
PARENT COMPANY Cemex, SAB de CV

HEADQUARTERS Monterrey
INDUSTRY Cement
WEBSITE www.cemex.com
PARENT COMPANY Grupo Bimbo, SAB de CV

WEBSITE www.grupobimbo.com
PARENT COMPANY El Puerto de Liverpool, SAB de CV

INDUSTRY Retail
WEBSITE www.liverpool.com.mx
Cemex is a leader in the production

and marketing of concrete, cement
and other building materials.
Bimbo is a brand of huge tradition

and heritage with a presence in the
Mexican market dating back to 1943.
Liverpool is a brand of department

stores offering clothing and homewares.
Cemex is a well known name not only in

Mexico, where it has over 100 years of
history, but also in the rest of the world.
Cemex was a local brand that became
global, and has been involved in projects
around the world: tunnels in America,
highways in Asia, social housing in
South America. As a company, it is
making efforts to become a more
agile competitor capable of meeting
the growing demand for housing and
infrastructure all over the world during
the next four decades.
Bimbos bakery products are common

features in the diet of many families in
Mexico. The image of the Bimbo bear
and the slogan with love as always
are widely known by consumers, and
their products reach almost every
store in Mexico through an excellent
distribution network. Bimbo also
has a significant presence abroad as
a result of the expansion of Grupo
Bimbo and its portfolio of over 10,000
products to 22 countries.
As a brand, its aim is to have people

perceive it as a part of their lives. In
order to get closer to consumers, it has
expanded to cover a huge area of the
Mexican territory, innovating with store
formats that coexist with shopping
centers and malls. This is because
Liverpool not only operates its stores,
but also controls their construction so
that it can create appealing formats.
Its income also comes from the lease of
premises and financial leases from loans
granted to consumers.
10
11
12
PARENT COMPANY Grupo Financiero Banorte,
PARENT COMPANY Grupo Financiero Inbursa,

INDUSTRY Banks
WEBSITE www.banorte.com

INDUSTRY Banks
WEBSITE www.inbursa.com
PARENT COMPANY Grupo Salinas SA de CV

INDUSTRY Banks
WEBSITE www.bancoazteca.com.mx
Banorte is a brand that has become

stronger in recent years, reflecting their
slogan The strong bank of Mexico.
Banco Inbursa, previously known

as Inversora Burstil, was formally
created in September 1992.
Back in 2002, Banco Azteca was

created to serve the needs of the lowincome segment.
Banorte is a part of Grupo Financiero

Banorte, a Group that successfully
completed mergers and acquisitions to
become the third largest bank in the
Mexican financial system based on the
size of deposits and credits granted.
But beyond such strategic movements,
this bank (which started operations in
1947 but was created in 1899 with the
organization of Banco Mercantil del
Norte), has received various accolades,
among which the 2013 Best Commercial
Bank awarded by World Finance and The
Banker stands out.
This was as a result of the government

authorizing the creation of new banks
in order to promote competition in the
financial sector. It is a company of Grupo
Financiero Inbursa, which was created
in 1985. Other subsidiaries of the Group
include Seguros Inbursa, purchased in
1984 when they were known as Seguros
Mxico. Services offered by the Group
include: investment services, insurance,
credit, transportation and pensions.
The bank began by issuing credit only

and has diversified its products since.
Today it is the bank that issues the
highest volume of personal credit in
2014 it issued over 60% of the total
volume in Mexico. The strength of
Banco Azteca is based on almost 60
years of credit experience at Grupo
Elektra, its holding company that
was founded in 1950. Banco Azteca
currently operates through Grupo
Salinas Stores: Elektra, Salinas & Rocha
and Bodega de Remates which together
account for more than 3,762 direct
customer touchpoints. Recent efforts
point towards targeting the middle
class with very specific products, and
a higher relevance of digital technology
in its offer. This sets a challenge for a
brand that is positioned as serving the
low-income segment, but being a strong
brand with customer service expertise
provides a strong foundation.
SAB de CV
SAB de CV
105
MEXICO
BRAND STORIES
13
14
15
16
17
18
PARENT COMPANY Fomento Econmico
PARENT COMPANY Banco Nacional de Mxico,
PARENT COMPANY Cervecera Cuauhtmoc
PARENT COMPANY Grupo Sanborns, SAB de CV

INDUSTRY Retail
WEBSITE www.sanborns.com.mx

WEBSITE www.marinela.com.mx
PARENT COMPANY Organizacin Soriana, SAB de CV

INDUSTRY Retail
WEBSITE www.soriana.com
Oxxo is currently the largest chain of

stores in Latin America, over 12,850
stores serving almost 9 million of
buyers per day.
Banamex is the Mexican bank of

tradition but was also an early pioneer
of online banking in Mexico.
Tecate was born in 1944 in the City of

Tecate, in the Mexican state of Baja
California.
Sanborns has grown from a single

pharmacy into a large department
store chain.
Soriana started in 1905 as a business

that only sold fabric, until 1958 when
it incorporated a self-service store.
Created in 1884 when Banco Nacional

Mexicano and Banco Mercantil Mexicano
merged, it was the first bank to issue
banknotes in Mexico. In 1926 it became
a financing entity, and established the
first branch of a Latin American bank
in New York. In 1982 it was nationalized
by presidential order, and remained in
that situation for nine years. In 2002
it became a subsidiary of Citigroup,
and that same year the products and
services of Citibank and Banca Confa
were merged. In recent years it launched
products that revolutionized the
market, such as Superservicio Banamex,
Tarjetahabiente Cumplido, Cuenta Bsica
Banamex and Mi Cuenta Banamex.
In 1954 Cervecera Cuauhtmoc

Moctezuma, a subsidiary of FEMSA (the
largest Coca-Cola bottling company
worldwide) purchased it. The brand
is characterized by innovation in its
product presentation it was the first
company to use cans for packaging beer
in Mexico. Its communication strategy is
focused exclusively on male audiences,
which completely differentiates it within
the category. Its slogan For you, is well
known. Tecate has focused its efforts
on increasing its presence in sports,
including big boxing events, and it is a
sponsor for FC Barcelona.
Sanborns is not only a restaurant and

bar, but its selling space also includes
a wide variety of departments such as
jewelry, bakery, book store, electronics,
and pharmacy, among others. Founded
in 1903 as a small pharmacy, the
format first expanded through adding
a soda fountain in 1918. It opened its
first branch (La Casa de los Azulejos
a building that even became a tourist
attraction in Mexico City because
of its architecture) in 1919. It was
acquired in 1985 by Grupo Carso, and
in 1999 Grupo Sanborns was created,
connecting Saborns to brands such
as Sears, iShop and Mix Up. In 2007
the Group was removed from listings
in the Mexican Stock Exchange, but
joined again in February 2013.
Marinela was created in 1954,

initially as a bakery with the aim of
incorporating pastries into the Mexican
daily diet.
Mexicano, SAB de CV
INDUSTRY Retail
WEBSITE www.oxxo.com
Oxxo is owned by FEMSA, the

largest Coca-Cola bottling company
worldwide. It was founded in Monterrey
in 1978 with the purpose of promoting
the products manufactured by
Cervecera Cuauhtmoc Moctezuma. In
1994 it was consolidated as a separate
unit independent of the beer company.
In 2009, the brand was established in
Colombia. Oxxo as a brand is focused
on building the countrys convenience
store par excellence: not only does
it sell everyday products but has
expanded its portfolio to services such
as bus tickets and cellphones.
106
SA de CV (subsidiary of Citigroup Inc.)

INDUSTRY Banks
WEBSITE www.banamex.com
Moctezuma, SA de CV (subsidiary of Heinkenen

International NV)
INDUSTRY Beer
WEBSITE www.tecate.com.mx
With this mission in mind, Gansito

was created as the first industrially
manufactured pastry in Mexico.
Gansito was so successful that when
Bimbo purchased Marinela, the latter
maintained an exclusive distribution
means for its star product. But Gansito is
far from being the only star in Marinelas
portfolio, it has many widely appealing
options. In 1980 the brand expanded to
the United States, and in 1992 entered
the South American market.
The brand continued to grow but only

in the northern area of Mexico until the
90s, when the decision was made to
start operations in the central area of
the country. By 2000 there were 100
stores nationwide, and new formats
were created for the brand during
that decade: the City Club price club
and Super City convenience stores. In
2007, leasing rights were purchased
from Gigante for over 200 stores. In
early 2015, they agreed to purchase
160 stores from competitor Comercial
Mexicana. Soriana currently has over
670 stores countrywide.
107
MEXICO
BRAND STORIES
19
20
21
22
23
24
PARENT COMPANY Cervecera Cuauhtmoc
PARENT COMPANY Gruma SAB de CV

WEBSITE www.gruma.com
PARENT COMPANY Impulsora del Desarrollo y
PARENT COMPANY Grupo Lala, SAB de CV

HEADQUARTERS Durango
WEBSITE www.lala.com.mx
PARENT COMPANY Grupo Elektra, SAB de CV

INDUSTRY Retail
WEBSITE www.grupoelektra.com.mx
PARENT COMPANY Grupo Palacio de Hierro,
Maseca is Mexicos leading corn flour

brand the base ingredient for tortilla,
one of the countrys food staples.
IDEALs aim is to promote the creation

and fast development of physical
infrastructure and human capital in
Latin America.
Grupo Lala is a company devoted to

the production and marketing of milk
and other dairy products.
Elektra is a part of Grupo Elektra,

founded in 1950 as a company
devoted to the manufacture of radio
transmitters.
Palacio de Hierro has been in Mexico

for 125 years and offers some of the
worlds most valuable luxury brands,
such as Louis Vuitton, Gucci and Prada.
In 1957 it started operations as a

marketing business, opening its first
Elektra store. This remains one of the
current business units in the group,
together with its sister brand Salinas
y Rocha. This brand has 990 stores in
Mexico and 199 in Central and South
America.Since Elektra targets low-tomiddle class segments in LatAm, each
one of its 1,244 branches includes a
Banco Azteca, aimed at offering their
clients a financial institution that meets
their specific needs. Elektra offers
products such as electronics, white
goods, domestic appliances, furniture,
motorcycles, tires, mobile phones,
computers, money wire transfers and
extended guarantees. In late 2013, Grupo
Elektra completed its latest purchase,
Blockbuster de Mexico SA de CV, with
Elektra becoming the affiliate in charge
of handling all 293 Blockbuster stores.
From its early days it has been known for

its exclusive products, and is responsible
for putting an end to the practice of
bargaining which was common in the
late nineteenth century in Mexico. In
1995, Palacio de Hierro created its
slogan Soy Totalmente Palacio; a
phrase which has found a place in pop
culture in the country. Describing itself
as more than a department store, it
considers itself a lifestyle trend-setter
for a sophisticated audience. The brand
also has a commercial, credit and real
estate division, and a multi-channel
approach to e-commerce.
Moctezuma, SA de CV
INDUSTRY Beer
WEBSITE www.sol.com.mx
El Sol was first launched in 1899 as

a popular beer for the working class.
In 1912 the brand was acquired by
Cervecera Moctezuma and its name
changed simply to Sol. In 1980 it began
its successful internationalization in
the United Kingdom, and continued its
expansion to more than 50 countries
in Latin America, Europe, Asia and
the Middle East. Its brand portfolio
comprises several sub-brands such as:
Sol, Sol Cero (first beer to be declared
as non-alcoholic in Mexico), Sol
Clamato (beer with tomato juice) and
Sol Limn (beer with lemon and salt).
Sols marketing activities have focused
on sponsoring Mexican soccer clubs
since 1993, but recently it has also
ventured into music festivals.
108
The brand was launched following

Grumas foundation of the first nixtamal
flour facility in the world, in 1949.
Beyond its home territory, Maseca is
also an important player in European,
African and Middle Eastern corn grits
markets. The brand has been built upon
superior quality and the omnipresence
of the tortilla across the nation.
Empleo Industrial, SAB de CV

INDUSTRY Industrial
WEBSITE www.ideal.com.mx
IDEAL was established in 2005 when

it was separated out from Grupo
Financiero Inbursa. In that same year
it was listed on the Mexican Stock
Exchange. Its principal activities include
the identification, assessment, financial
structuring, implementation and
operation of long-term infrastructure
projects. To date, IDEAL has worked
on development projects for highways,
electricity generation, water treatment,
and multimodal terminals.
Born from a small group of milk

producers, Grupo Lala now has 18
plants nationwide and 165 distribution
centers, delivering products to more
than 500,000 points of sale. It also
has production plants abroad, in
Guatemala and the United States. The
main focus of communication by the
Group is on its huge portfolio of healthy
products. Marketing propositions are
built around taking care of those you
love with slogans such as It is so nice
to watch them grow. Grupo Lala joined
the Mexican Stock Exchange in 2013.
SAB de CV

INDUSTRY Retail
WEBSITE www.palaciodehierro.com.mx
109
MEXICO
BRAND STORIES
110
25
26
27
28
29
30

INDUSTRY Beer

INDUSTRY Beer

INDUSTRY Beer
PARENT COMPANY Grupo Aeromxico, SAB de CV

INDUSTRY Airlines
WEBSITE www.aeromexico.com

WEBSITE www.tiarosa.com.mx
PARENT COMPANY Wal-Mart de Mxico, SAB de CV

INDUSTRY Retail
WEBSITE www.superama.com.mx
Victoria beer was first produced in

1865 by Compaa Cervecera Toluca y
Mxico, which was purchased in 1935
by Grupo Modelo.
Another beer brand from Grupo

Modelo, Len positions itself as a
young alternative to more adult and
established brands.
Originally a government owned

company, Aeromxico began
operations in 1934. Today, it is the
countrys leading airline.
Ta Rosa is one of the key brands of

Grupo Bimbo and specializes in iconic
sweet bread and products such as
Tortillinas Ta Rosa.
Superama is the premium store format

of Wal-Mart de Mxico, focused on
offering quality, convenience and
service to consumers.
This Vienna-style beer is the longest

standing in the portfolio of Grupo
Modelo (over 150 years). Particularly
popular in the regions of central and
southern Mexico, it has also been
successfully exported to the United
States since 2010. Victoria has in
recent years re-defined its target
market; previously considered a beer
for the lower-middle class, now its
communication efforts are focused on
young and middle-upper class adults.
Born in Yucatan, Len has won

important market share elsewhere in
the country. It has been leveraging its
positioning by associating itself with
young and urban cultures, especially
through music and music festivals. This
is an important trend in the market
that has pushed brands to participate
in ever-more branded environments
and experience-led marketing efforts.
Produced since 1900 in Mazatln,

an important port on the Mexican
northwestern coast, Pacifico is
another brand from Grupo Modelos
brand portfolio.
A founding partner of SkyTeam (a

global airline alliance), Aeromxico
operates the largest network of routes
in Mexico. It provides more than 616
daily flights, flying to 44 domestic and
35 international destinations from the
country. The brand focuses primarily
on the needs of business travelers
by aiming at providing a high quality
flying experience. Aeromxico seeks to
continue its leadership in the market
through its strengths: an integral
offering for business passengers, a
vast flight connectivity, attractive
strategic alliances and a young,
flexible and modern fleet.
Founded in 1971, this brand has

managed to generate relevance through
a clear promise built around the taste of
homemade products. Ta Rosa marked
a milestone in Mexicos food industry
when in 1976 it installed the first
wheat flour tortilla-making machine.
The brand is known for reinterpreting
recipes from the countrys rich baking
tradition, such as Banderillas, Doraditas
and Orejas, and giving them their own
particular stamp. This, together with a
strong distribution network, has made
Ta Rosa one of the key players in the
landscape of Mexican food.
Superama takes advantage of the

medium size of their premises to be
located close to urban consumers,
offering carefully selected products.
Superama showed its innovative streak
when it developed its phone app and
internet sales in response to changing
shopping trends.
Pacfico is particularly strong in the

Mexican northern states where it has
aimed at building a more friend-oriented
and relaxed brand image through
campaigns that focus heavily on its
distinctive taste and its freshness.
111
MEXICO
THOUGHT LEADERSHIP
A KALEIDOSCOPE
OF CHALLENGES
AND OPPORTUNITIES
In an environment of surprising significant growths and
slowdowns, Mexico is one of the regional economies remaining
somewhat constant. This is worth mentioning, since it has been
achieved despite the fact that the Mexican economy has been
shaken by oil production, oil prices, the United States growth, and
the financial volatility of international markets. Although at first
sight and from a macroeconomics perspective it might seem only
weakly active, both Mexican society and government have been
forced to make adjustments here and there so as to maintain the
relative stability of LatAms second largest economy.
A SLOWING ECONOMIC
ENVIRONMENT
The reality is clear: in the 2014-2015 period, Mexico has
slowed down. On July 9th of the current year, the IMF
reduced its estimated growth for Mexico from the already
reduced 3% it had anticipated in April, to 2.4%. Among other
things, this reduction was related to the weakness shown
in the first months of 2015 by the economy of the United
States, Mexicos most important commercial partner.
RICARDO BARRUETA
Managing Director
Millward Brown, Mexico, Central America and the Caribbean
Ricardo.Barrueta@millwardbrown.com
112
Although lower than expected, Mexicos growth is headed

up by manufacturing exports largely the result of the
two-digit increase, for the fifth consecutive year, in the
automobile sector. However, local demand has not kept
pace: private consumption is burdened by consumers low

trust levels and scarce wage growth. Nonetheless, private
investment has seemed to be more active in the past few
months.
Foreshadowing a longer-lasting drop in oil prices, the
Mexican government announced a 2015 budget cut
equivalent to 0.7% of the GDP and is planning an additional
cut in public expenditure for 2016. The lower public
expenditure will slow the pace of economic growth, despite
the trust that disciplined tax practices will bring economic
benefits.
Growth has been lower than expected, and there has
not been a strong connection between growth and the
reduction of poverty. The latter might be the result of the
circumstances prevailing in the labor market: in recent
years, not enough employment opportunities have been
created, nor have there been jobs paying adequate wages. In
addition, the labor force has increased, due to demographic
changes, balanced migration to the US, and more female
participation in the workforce, all of which the Mexican
economy has failed to absorb. There is a positive aspect,
both government transfers, particularly in urban zones,
and a lower dependency rate have contributed to the
improvement of some poverty indexes in the country.
REFORMS FOR GROWTH

The Mexican government has made progress in its
structural reforms agenda, specifically in the labor and
education areas, competition laws, the financial sector,
telecommunications and laws for the energy sector, all of
which are aimed at increasing productivity, competitiveness
and the potential growth of Mexico in the international
arena.Today, the administration is devoted to the
implementation of these reforms. Opening the energy sector
to private investment is especially promising for promoting
growth, for it is expected to lead to an increase in oil and
gas production and to provide cheaper energy supplies to
Mexican industry. Assessing the distributive impact of these
reforms, the regulations associated with them, and their
implementation will be important, but their nature endows
them with strong potential to drive Mexicos growth.
Thus, an acceleration of economic activity is expected
for 2017. On the one hand, its not anticipated that public
expenditure will be reduced again; on the other, the gradual
growth of US demand will support a continuous and strong
performance of manufacturing exports. This is expected
to result in a gradual recovery of private consumption and
investment.
ELECTIONS, CONSUMERS,
AND BRANDS
The first half of 2015 is a good example of the dynamism
in the market during the period were evaluating. Midterm
elections became the main character not only in the political,
but also in the social scenario. The different political parties
reflected though by means of blaming one another,
rather than presenting proposals societys concern about
topics such as security, income, and corruption. Mexican
consumers, who have an essentially short-term view,
think in even more immediate terms thanks to the 24/7
messaging theyre receiving about overly-simple solutions to
complex social issues.
The ever-changing environment leads Mexican consumers
to appreciate particularly three basic features: convenience,
accessibility, and playfulness. In the face of change, Mexican
society prefers brands prioritizing making life easier and
more bearable over other engagement messages. The
brands with the most marked growth in the last year
definitely prove this. The cases of Oxxo and Tecate, the two
Top Risers of the portfolio, are worth highlighting.
Oxxo is and has been the epitome of accessibility and
convenience in Mexico. With over 12 thousand stores and
an opening pace of a new branch every eight hours, the
brand is emerging as the largest retail chain in this region.
The geographical expansion of Oxxo and the variety of
products it offers have made it a widely known brand,
capable of generating a meaningful difference that has led to
exponential growth not only in terms of sales floor but also
in the minds of consumers.
The Tecate brand has managed to base its growth on a
communication so powerful that it has transcended to an
iconic status in the minds of Mexican consumers. Through
creative campaigns with messages for the Mexican
macho, Tecate has become a real cultural happening: a
playful escape that has led its most recent campaign,
featuring Sylvester Stallone, to become part of Mexicos
pop culture. Tecate has created differentiation, salience,
and meaningfulness by presenting itself as a friend to
consumers, an ally in their best moments.
The learnings brought about by Oxxo, Tecate, and some other
Mexican ranking champions are crystal clear: in an everchanging environment, Mexican consumers prefer brands
that help them keep pace, acting as important buffers against
uncertainty, and making them forget their difficulties. The
secret is to become a close ally who invites others to think
about the good times to come.
113
MEXICO
THOUGHT LEADERSHIP
EVOLVING PARADIGMS
IN AN UNPREDICTABLE
MARKET
Mexico is in a time of
economic uncertainty.
There is no open talk
of economic recession
but GDP shows little
growth and the dollar
reached a historical
high against the
Mexican peso, whilst
trust in government
is at an all-time low.
At times like these, marketers tend to

shift their focus from long-term strategy
to short-term sales. Many will choose to
meet revenue targets by lowering prices
to maximize short-term sales while
cutting investment in long-term brandbuilding activities.
However, lessons from recent recessions
provide powerful arguments for
maintaining a longer-term view, even in
the face of pressure to cut advertising
in favor of promotions. Marketers
who resist this pressure and use their
budgets effectively and creatively will
find that their brands emerge from the
tough times in good competitive shape.
Players that go in the opposite direction
and engage in price wars may seemingly
solve the immediate challenges but
are damaging the brands equity and,
ultimately, their revenue and profit.
THE POWER OF
ASSOCIATION
JORGE ALAGN
Chief Client Solutions Officer LATAM
Millward Brown
Jorge.Alagn@millwardbrown.com
114
While economic conditions are

continually changing, successful brands
have learned that despite the particular
challenges of any given moment, the
need to keep building strong associations
between a brand and the consumers
is permanent. Furthermore, because
the volume of communications that
the market generates is low due to the
crises, it is the perfect time to invest.
This approach seems counterintuitive but
has been proven across the most varied
recession scenarios, benefitting those
who have understood it.
Our analysis (see chart below) shows

that the strongest brands those in
the BrandZ Global Top 100 have
outperformed both the S&P 500 and the
MSCI World Index since recovery began in
mid-2009. Clearly, brand strength needs
to be nurtured and maintained through
good times and bad. Doing so, the brands
equity becomes both a shield when the
crises arrive, minimizing the negative
effects of the environment, and a boost
to the market share of the brands once
the crises has passed. Once the dust
settles and the economy recovers its
pace, the efforts made in the middle of
the turmoil pay off.
To make things more complicated, the
Mexican consumer has changed too and
will continue to do so. Technology has
transformed how we interact with one
another and with brands, and of course,
the way we buy.
DIGITAL INFLUENCE
The power of social media has been
demonstrated in Mexico. With an
estimated 50 million Facebook users
(roughly 70% of internet users, 40% of
population) and close to 10 million Twitter
accounts, it is not surprising to see new
independent digital media outlets with
a reach to rival traditional mass-media.
Think of werevertumorro with 15 million
Facebook followers, 10.3 million YouTube
subscribers and 6.6 million Twitter
followers; or El Pulso de la Repblica
with 1.2 million YouTube subscribers. The
influential power of Aristegui Noticias
(5.2 million followers in Facebook, 4.6
million in Twitter) created an outcry
over president Enrique Pea Nietos $7

mansion, the White House scandal.
These factors both influence and help to
explain the all-time low approval score for
the Presidents performance, at 2.8 out of
10 (Survey conducted by Millward Brown
through Google Consumer Surveys).
Brands would do well to read the
politicians current situation; people, either
in their roles as citizens or consumers,
now have a voice that is immediately
heard. Traditionally, brands and politicians
lived in a one-way communication cycle.
Now, through social media, the everyman
has the power to give instant feedback,
which opens up new possibilities and
brings new responsibilities for everyone.
MOVING WITH THE

MARKET
Brand owners can no longer expect people
to adapt to their business practices;
marketers need to adapt to peoples new
behavior and expectations, and even
collaborate with their consumers or risk
being swamped by new entrants and
innovative business models.
Consider Uber and how it has disrupted
the transport industry in Mexico City.
Uber is one of those rare businesses
that truly think outside the box. They
constantly surprise users and prospects

alike with creative value propositions.
For example, in response to taxi drivers
demonstration against Uber, they gave
two free rides up to $150 Mexican pesos
(around USD$10).
While Uber certainly sacrificed immediate
profit with this initiative, through it they
built strong associations with the brand,
and even better, their app downloads
soared, opening the door for a massive
number of potential users. The whole
event serves as a great example of both
building long term equity for the brand,
even at the cost of sacrificing short term
sales, and of the creative use of social
media, being available where it is most
relevant for their target market. Uber
doesnt advertise in traditional media,
but the free ride campaign resonated
strongly without any media investment.
The brand followed up this momentum
with UberPet, UberCulinary and a joint
promotion with Hagen-Dazs that
surprised and delighted users, continuing
to strengthen its equity.
AMAZON FLOWS
INTO MEXICO
BrandZ Strong Brands Portfolio vs. S&P 500 vs. MSCI World Index.
April 2006 - April 2015
102.6%
100%
0%
-60%
We will see a shift from rigid structures of

a product distributed in one channel by one
company to an on-demand model where
the consumer is in command, where the
business no longer solely benefits itself but
also benefits the consumer, evolving the
relationship between brand and consumer
from a merely transactional one to a
partnership. The brand no longer wants just
your money but genuinely wants to make
your life easier. In this landscape, clever
brands will no longer be company-centric,
but client-centric, refocusing their essential
views and acting accordingly. They will no
longer limit themselves to sell features/
benefits but instead stand for something
deeper that reflects the values of their
consumers.
Surprisingly, only 20% of 51.2 million

internet users make online purchases.
This seems a huge opportunity for
Strong brands generate superior shareholder returns
BrandZ Strong Brands Portfolio

S&P 500
MSCI World Index
Amazon, which has just landed in Mexico

in a formal way. It already enjoys a strong
positioning and has a significant base of
clients that mainly use the US store. It will
challenge mainstream retail businesses
to fully embrace e-commerce as a vital
strategy for growth, with excellent
consumer experience and logistics. It
will also nudge every business to deliver
products faster, at lower prices, with
one-to-one marketing and a user-friendly
platform.
63%
30.3%
So, what should brands

in Mexico do in uncertain
times like these?
Think and act long-term,
maintaining marketing investment
to outperform competitors.
Explore alternative channels
of communication and of
distribution, being mindful that
they transmit both ways. Dont
ignore the feedback.
Be truthful to your brands
purpose and improve peoples life
through your product or service.
115
MEXICO
THOUGHT LEADERSHIP
CONSTANCY
AMIDST CHAOS
Once, in some book by a classic author, I read
that in Greek mythology the word chaos did
not refer to disorder, but to a different
kind of order. Now that Im looking for
that concept in texts by Ovid and Hesiod,
I wonder if my memory is true or rather
something I invented about my college
days. In any case, I think the idea is worth
mentioning in current times, when we live
surrounded by headlines that keep reminding
us change is all around us at a regional level,
but also day after day in our country.
116
Mexicans are people of contrasts, and

we must remember the country itself is
that way: urban and rural, modern and
traditional, a country with high poverty
levels but with the worlds richest man.
Mexicans might seek modernity, but
they will never relinquish the sense of
security that tradition offers them.
We are consumers who follow habits,
finding a kind of comfort extremely
appealing in the options we are
already familiar with.
FERNANDO ALVAREZ KURI

Vice President
Millward Brown Vermeer, Mexico
Fernando.Alvarez@millwardbrown.com
CONTRASTS: A WAY
OF LIFE IN MEXICO
I remember a foreign friend of mine, who
has been living here for years, defined
Mexico as the country of eternal crisis.
I think this term accurately describes
the constant change we experience as
a society. This is not only reflected in
our fluctuating economy: commercial
opening policies and media development
display before us a whole new array of
brand options, of experiences and needs
we now consider ours. Mexicos opening
up, which started in the late 80s a
process that positioned the country in
second place in terms of commercial
opening, preceded only by Chile created,
probably unintentionally, consumers who
are more and more sophisticated, who
search for experiences they know are
ordinary in the First World and which they
expected to arrive here, but did not. Thus,
Mexicans became consumers avid for new
experiences, for new brands that let them
dream about an alternate reality where
they can foresee a better future.
IN PURSUIT OF
MODERNITY AND
TRADITION
In this context, it is no surprise that
the most valuable categories in our
country are the same year after year:
retail, beers, and telecommunications.
Together, the 18 brands within these
three categories represent over 70%
of the countrys Top 30 value. Retail
and beers are examples of brands that
have long been part of Mexican life
they have the earliest foundation
average among the categories
listed in the ranking: 1927 and 1925,
respectively, against the median
foundation of the portfolio, which is
1945. Telecommunications is not that
new, either: its foundation dates back
to around the 1950s. Although these
categories and the brands within them
have a history, most of them are not
considered old brands by consumers,
since in Mexico they are the categories
that change the most.
Mexicos telecommunications sector
is witnessing the entry of new
competitors as a result of last years
reform. Brands entering the market,
such as Izzi an element in Televisas
strategy to steal share from Mexicos
historic telecommunications giant,
Telmex, are trying to simplify the
categorys value proposals, offering a
fresh perspective against the virtual

monopoly of its main competitor. The
presence of new options has posed an
important threat to the new leader,
which has responded by adopting the
same distinctive element that Izzi
used in its attempt to dethrone the
king: service prices, whilst also taking
advantage of the long-lasting tradition
in consumers minds.
ENTER THE GIANTS

In the case of beers, the past few years
have been decisive. The acquisition
of the two large Mexican brewers by
Heineken International and AnheuserBusch InBev marked a before and
after in the category. Large brands
with sophisticated practices suddenly
faced an environment of increasing
competitiveness as the introduction of
new brands iconic in the rest of the
world became a reality they were
forced to confront.
The entry of these two giant players
intensified the competitive scenario and
led local large brands to seek closeness
with users so as to gain relevance. From
Corona and its massive investment in
media during the FIFA World Cup 2014
being official sponsor of this global
event for the first time to Tecate,
which has chosen to try to become a
masculinity and pop culture maestro.
Its done this through campaigns like
the one with the already famous phrase
te hace falta ver ms box (You need
to watch more boxing). In short, beer
brands have sought to create solid
positionings that bring them closer to
their consumers daily lives.
As for retail commerce, 2015 was
a year of reorganization. The sale
of large formats and foodservice
of Comercial Mexicana the third
largest supermarket chain in the
country stands out. Soriana, the
second largest chain, surpassed
only by Walmart Mexico and Central

America, has strengthened its
presence by the purchase of large
areas (a total of 160 stores). Grupo
Gigante acquired Comercial Mexicanas
foodservice business, which included
2 brands: California and The Beer
Factory. In this way, Grupo Gigante
has also strengthened its portfolio,
which includes the management in
this country of brands as important
as Petco and Panda Express. This
rearrangement of Comercial Mexicanas
assets will result in an enormous change
in the retail sector in Mexico, since
it means not only a transformation
in terms of sales floor, but also the
disappearance of key promotions that
marked consumption trends in the
country, such as Julio Regalado: a 35
year-long discount campaign that set a
parameter for all competitors.
There is no doubt that Mexico is not the
same country as it was 50 years ago.
Furthermore, it is not the same country
as in the early years of the past decade.
Today, Mexicans live in an environment
quite different from the so-called
Mexican miracle, a period in the late
20th century when commercial opening
and neo-liberal policies claimed, through
official statements, the countrys
triumphal entry to the First World.
Global financial crisis and public policies
to tackle competitiveness issues, and
delayed structural reforms that are
only recently starting to take shape in
the Mexican market became burdens
that undermined Mexican ideals in favor
of the path to the glories of the First
World. Brands and consumers grew up
in this environment: one where small
adjustments were and are made
here and there in pursuit of a better
future. Consumers expect brands to be
allies capable of fulfilling their promises:
we are a society looking for new
traditions that bring the certainty of a
better lived life.
117
MEXICO
THOUGHT LEADERSHIP
HOW TO GROW
GREAT BRANDS IN
A FAST CHANGING
SCENARIO
PEDRO EGEA
President & CEO
Grey, Mexico
Pedro.Egea@grey.com
118
The worlds changing: This is one of the

most frequently heard statements in the
sphere of communication and, whether
we like it or not, it is true. How can brands
adapt to these changes? How can a
successful business stay on track? Or, how
can certain directions be reoriented in such
shifting times? I think the answer lies in
understanding consumers, since they are
modifying their habits, interests, and the
aspects that drive their purchase decisions.
Today, consumers are far more

complex: a decade ago they referred
to a couple of sources to make a
decision, now they look for at least 12
of them. In this social, economic, and
cultural context, brands are forced to
offer extra value to their products for
a simple reason: new consumers now
have tools to make comparisons with a
single click.
There are two other aspects to
bear in mind: First, expectations of
products are higher, buying decisions
are determined by needs but also by
the experiences generated by certain
products. Second, we live in a society
with new structures that have created
another audience (the social media
savvy), an audience we must analyze
so as to articulate the appropriate
messages for it.
Thus, the most important thing in a
world of technology trends and complex
consumers is to be close to them, to
their behavior, preferences, and habits.
This requires strategies focused on the
elements influencing the purchasing
path of shoppers, meaning, those who
make the final decision at point of sale,
either physical or digital. Today there
should be no difference between these
shoppers, but the industry is reluctant
to accept its own natural progress. .
LEVERAGING
THE TRENDS
Some of the marketing trends
contributing to the evolution of brands
are based on: Shopper Marketing,
Brand Entertainment, Storytelling,
Crowd Sourcing, and Contextual
Marketing. However, all of these
strategies will be of no use if we fail to
connect with audiences and to provide
messages that are relevant to them.
And what about E-Commerce? The

challenge companies are currently
facing is to captivate a larger number
of internet users. This channel
constitutes a real opportunity, since
today only 6% of internet users in
Mexico buy or acquire products or
services through it.
Today, we must think of acquisition
processes in a more cohesive
way. Retailers are adapting to
consumers evolution, so we must
devise strategies that follow in their
footsteps, that is, we must rely on
a strategic partner who identifies
multichannel users trends, who
understands, attracts and retains
customers. Then we must diagnose
the areas of opportunity in terms
of communication so as to connect
brands by means of relevant
messages delivered through adequate
channels. Once consumers have
been guided to the point of sale, we
must promote purchase decisions,
customer service, and experience at
POS. All of these will result in value
offers and comprehensive experiences.
Grey is one of the ten largest advertising

agencies in the world, with offices in over
83 countries. It has one overriding focus:
to produce truly great creative work,
to produce work that soars, makes us
proud and fosters the brand relationship
with consumerswork that helps our
clients prosper. Grey Worldwide provides
highly creative services including brand
ideas and strategies, brand planning,
creative development and production.
Our agency is organized into four
geographical units: North America;
Europe, Middle East & Africa (EMEA),
Asia-Pacific and Latin America..
www.grey.com
These trends represent an

opportunity to gain new audiences.
Once again, the key is getting to
know them so that we can enhance
the opportunities brands have to
communicate with them. But there
is no secret recipe. Although certain
diagnoses might be similar, not all
remedies will work for all of them.
To conclude, we must remember that
marketing is addressed to audiences,
so that all companies, regardless of
their sector, must be attentive to who
is it that they are talking to. This will
help them be aware of their market,
of its needs and how to meet them.
People in charge of companies and
advertisers must carry out thorough
diagnoses so as to create Famously
Effective messages messages
that people talk about and help the
business move forward.
119
MEXICO
THOUGHT LEADERSHIP
A STORY OF DAVID
AND GOLIATH IN THE
DIGITAL MEDIA ERA
The changes that the communication industry has to face in Mexico
today including the telecommunications reforms, the analog
turnoff, and the growth of content delivered through new platforms
remain the major topic of discussion.
Today, advertising in digital media

continues to grow and gain relevance:
in 2014, there was an 11 billion pesos
investment in Mexico, according to IAB.
Of special interest are the platforms
with video, which in 2014 had an impact
on 83% of internet users in Mexico, as
well as the mobile platforms, which have
a total of 83.1 million users, with almost
half of them (38.5 million) owning a
smartphone.*
LILIA BARROSO
CEO
GroupM, Mexico
Lilia.Barroso@groupm.com
Is the story of David and Goliath

repeating itself in the 21st century?
What can brands expect from this
battle and how to know which opponent
to back?
DAVID AND GOLIATH

IN 2015
The same characteristic that made
traditional means of communication
our Goliath strong and invincible is
*Source: E-Marketer, July 2015
120
perhaps their greatest weakness today:

organizational complexity and large
infrastructure. These make it difficult
for them to adopt new technologies or
to understand and adapt to new media
consumption habits.
However, and positively for them, they
still have their large-scale vision, the
ability to connect with big audiences
and to generate an immediate
mass impact and, thanks to this,
the likelihood of influencing current
consumers.
Meanwhile, digital media our David
are naturally less complex organizations.
They tend to operate as cells (business
units) to achieve their objectives in
the short term and wind up grouped
as comprehensive communication
offerings and platforms that provide
solutions to consumers needs.
Likewise, digital media have focused on
perfecting their most powerful weapon:
their ability to measure and quantify

the results of their solutions. This allows
them to understand the potential of
the million niches existing today among
consumers and to deliver relevant
messages to each of them.
However, data measurement and
analysis has still a long way to go: the
industry has much to do in terms of
standardization and the use of reliable
digital metrics that favor interaction
and data crossing among different
points of contact.
THE STORY IS
NOT OVER YET
Although it seems that my analogy
establishes who I think the winner will
be, the truth is that there is a noticeable
and natural wish on the part of the huge
digital players to become preeminent
and gain a larger part of advertising
investment. On the other hand,
traditional media make remarkable
efforts to create new models, adopt
new technologies, and get close to an
audience that will soon become their
potential consumers: youngsters.
Thus, circumstances in our industry are
constantly changing, the roles of David
and Goliath are interchangeable, and
therefore nothing is definite yet.
SO... WHO'S THE

WINNER OF THIS
BATTLE?
Doubtless, up to this point the ultimate
winner of this battle are brands, which
now have a wider variety of means to
combine and consequently present
their messages in a more efficient and
customized way.
Nevertheless, brands will only be able to
make this victory theirs and capitalize
upon it if they use a media mix that
allows them to interact with consumers
using the strengths of both David and
Goliath.
THE GIANTS PERCEPTION:
RESILIENT CONTENT:
Because mass media consumption,

especially television, is still preeminent
in Mexico, all these means must
be integrated into communication
strategies working as important action
triggers. Then, these actions can
become more specific and focus on the
different niches through supplementary
means connected with media
consumption habits.
Besides being relevant, from the very

moment of its conception, brands
marketing and messaging content must
be able to blend with each mediums
distinctive features so as to connect
naturally with consumers and thus
enhance the chance for those messages
to be heard.
AIMING AT THE OBJECTIVE:

More than ever before, the traces (data)
left behind by consumers when going
through media must be collected,
measured and analyzed. This will
provide the information needed to
develop an assertive strategy, allowing
brands to connect with consumers at
the right moment and in the right way,
so as to support the closing of the sale.
MEDIA AGILITY:
The growth of mobility and access to
the internet in Mexico forces brands
to accompany and interact with
consumers in real time. Those already
able to do this and take advantage of
spontaneous events are the brands that
are top of consumers mind.
Finally, I think all of these

characteristics constitute the
advantage that, as a group of media
agencies, we should offer brands:
Deliver acute and objective knowledge
of consumers supported by
qualitative and quantitative data,
derived from the use of technology
and our proprietary metrics and realtime analysis tools.
Put into use our large-scale
implementation and negotiation
abilities so as to execute multiplatform strategies suitable to each
brands needs and audiences.
Collaborate with each of our clients
in order to develop from strategy
to implementation innovative and
relevant content for their consumers
and thus build, together.
GroupM is the leading global media investment management operation serving as

the parent company to WPP media agencies including Mindshare, MEC, MediaCom,
and Maxus, each global operations in their own right with leading market positions.
GroupMs primary purpose is to maximize performance of WPPs media agencies
by operating as leader and collaborator in trading, content creation, sports, digital,
finance, proprietary tool development and other business-critical capabilities.
GroupMs focus is to deliver unrivaled marketplace advantage to its clients,
stakeholders and people.
www.groupm.com
121
MEXICO
THOUGHT LEADERSHIP
THE ROLE OF
PR IN BUILDING
STRONG BRANDS
Communicating Character
In a world where more information than ever
is available to consumers who use it to guide
their purchasing decisions, it has never been
harder for brands to gain and hold the
trust of the public.
DANIEL KARAM
President & Managing Director
H+K Strategies, Mexico
Daniel.Karam@hkstrategies.com
When the public evaluates a company

it does so through three main criteria:
brand (what it says about itself),
reputation (what others say about it)
and behavior (how it acts). The lack
of any of these forces will make it
harder for the company to enjoy a solid
reputation and long-term financial
health.
These factors cannot be managed
independently and its intersection is
what we call Character.
Character drives perception, sales
and loyalty; character inspires people.
Building character means telling
real stories that make an emotional
connection with the public. If brands
122
fail to make that connection they will

lose its attention and trust.
HOW DO WE DO THIS?
Here content is king. Brands used
to push messages. Now they must
communicate character. A great brand
is a human story and stories are what
communicating character is all about.
In this new age of transparency,
consumers are hearing about brands
reputations and learning through the
experiences of their peers, rather
than crafted brand messages through
advertising. This shows not just a
growth in interconnectedness, but also
a decline in trust in paid media.
Its necessary to engage the public

in a broader story about a brands
character, sharing its specific
commitments for responsible behavior
and engaging in an honest dialogue
with consumers, who believe that
brands with strong character are
trustworthy and care about their
products and their customers.
NOW IT'S PERSONAL

Theyre looking for the equivalent of
a personal connection. They want
brands to transparently communicate
their efforts to be responsible. And
as character is what defines a brand,
those who communicate it in a
consistent and authentic way cannot
only prevent crisis, but will create
stronger connections with the public
that will ultimately improve their image
and financial value.
We must bear in mind that these

authentic stories will compete with all
the other information consumed by
the public. The brands character must
therefore reach people through all the
available media platforms such as
mobile devices, laptops and traditional
media channels.
In summary, leading companies need to
carefully manage brand, reputation and
behavior in order to understand that
any disharmony in these elements can
severely damage public perceptions of
their character. And beyond this, we
strongly believe that communicating
character is an important part of
playing offense in todays business
environment, and a way to stand out
from competitors.
Hill+Knowlton Strategies is a leading

global strategic communications
consultancy, providing services to local
and multinational clients worldwide. The
firm is globally headquartered in New
York City, with 88 offices in 49 countries
- including 13 offices in the US. Led by
Global Chairman and CEO Jack Martin,
Hill+Knowlton Strategies serves as a
trusted advisor to clients, developing
and executing communications
campaigns and business strategies to
manage the impact of the public on an
organizations reputation, brand and
bottom line.
www.hkstrategies.com
According to the findings of

a survey conducted by H+K
Strategies, examining the impact of
communicating character on public
opinion, nine out of ten people believe
that companies need to do more
to bring their behaviors in better
alignment with their publicly stated
values. Beyond that, nearly half of
them think that companies behaviors
are out of alignment with the values
they publicly promote.
123
MEXICO
THOUGHT LEADERSHIP
CREATING GREAT
BRANDS IN AN
EXTREME MARKET
Stating that in todays
competitive and ever changing
market, companies must know
how to be distinct is a no-brainer.
Its also obvious that, in order to
achieve distinctiveness, a correct
strategy and brand positioning
are decisive. But sometimes, it is
just not that simple.
Today we are more informed, more connected, and busier

than ever. Our society wants to do and have it all. We have
abandoned the old habit of living moderately and adopted
a life of extremes. We want to have lots of experiences and
live more intensely, but at the same time we want to have
the utmost happiness and peace. We want to be utterly
successful but we also want to have a better quality of life.
In this context, brands and branding will become even
more important than they currently are, since they will be
the ones guiding consumers through extreme situations:
understanding them, making their lives easier, and helping
them make better decisions. Brands are constantly
present in a number of already traditional activities, such
as smartphones, tablets, computers, television, and so on,
but little by little new ones are being implemented so as to
satisfy new senses like smelling, touching, or tasting, in order
to boost a memorable experience.
STRONG BRANDS
CREATE STRONG BONDS
GABRIELA LIJO
General Manager
Lambie-Nairn, Mexico
G.Lijo@lambie-nairn.com
Brands creating meaningful experiences will be the ones we

pay attention to, for they will be capable of establishing close
bonds with their consumers and thus continue being top
of mind. Only strong brands are capable of creating these
bonds: thinking otherwise is nonsense. Bearing this in mind,
let us review the characteristics that all successful brands
share, for those are the keys to creating the brands that will
survive in this extreme market.
First, we must take into account that, for any brand, a strong
brand strategy is a necessity rather than a luxury. A recent
study published by Lambie-Nairn together with Millward
Brown and The Partners has shown that branding is more
important than advertising as a brand value driver. Brands
with a strong strategy focused on the brand and weak
advertising had a 76% increase in value, while brands with
124
weak branding and strong advertising had a value increase of

only 27%. Take Apple, for example: it was #1 in the BrandZ
2015 ranking, and it is globally recognized because of its
unique brand proposition, its iconic identity, and a design that
consumers love. Its value has increased 67% since 2014.
A GREAT BRAND
MUST KNOW ITSELF
The brand must be directly related to the business strategy,
aware of the companys objectives and its market, so as to
clearly understand what is it that it can or cannot achieve
in order to be credible when reaching its target audience. A
great brand must perfectly know its DNA, its brand code, and
the characteristics that make it unique and distinct from all
the other brands. When a brand is true to itself, it generates
confidence in consumers and thus it is capable of influencing
their behavior. This does not mean a brand cannot surprise
us, nor does it imply that its communication should be boring,
but that it must be clearly aware of how far it can go without
losing its own identity. For instance, the Krispy Kreme brand
surprised everybody with its acceptance of new technologies
and the creation of an app called Hot Light, which lets
followers know when and where fresh donuts are being sold.
A GREAT BRAND MUST KNOW HOW

TO INVENT AND REINVENT ITSELF
As mentioned above, a brand can and should surprise
us. To do so, it must be constantly evolving, it must be a
living being going beyond the product or service offered,
encouraging loyalty among consumers and turning them
into brand spokespersons, into its fans. Who doesnt have
an acquaintance who, besides buying a car or a pair of shoes
from a specific brand, insists on our buying the very same
product? This is the way those brands become leaders within
their categories, to set trends that their competitors will have
to follow. Nike is a perfect example of a leading brand that has
transcended its category. Nike claims that if you have a body,
you are an athlete. Nike is a benchmark for athletes and in the
overall sphere of sports, not merely a sneakers manufacturer.
A GREAT BRAND MUST BE

CAPABLE OF GENERATING UNIQUE
EXPERIENCES AND EMOTIONS
In the end, it is not only about selling a product or providing
a service: a brand must always seek to establish a link, an
emotional connection with its target audience so that it turns
into a long-lasting bond. For example, Dove is perfectly aware
of its target audiences needs and wishes: all those women
who do not feel reflected by magazines beauty standards.
By means of its campaign for real beauty, Dove managed to

create an emotional bond with its audience, becoming thus
something far beyond a personal care company.
A GREAT BRAND MUST

BE CONSISTENT
A brand is not just a logo, a word, or a slogan. When a brand
is coherent and consistent with its communication, everyone
recognizes it. This is why it is important to have a recognizable
framework, a visual image that leaves no doubt as to who is
addressing us, even if we are not looking at the brand. This
framework should be consistent regardless of the country
and the communication format or platform. Movistar is a
good example of this. Due to its distinctive elements, such as
the blue sky, the clouds, the typography used, and a rigorous
program by Lambie-Nairn, this brand is now recognized in all
the territories where it operates, with no need to be identified
by its logo.
A strong brand is authentic and humane, regardless of how
small or large it is. When a brand manages to speak in the
same language its consumers use, their connection is far
closer. This can be accomplished by being funny, intelligent,
understanding, or the like. We can think of brands such
as Google, which changes its illustrations every day, Red
Bull, which pushes the limits of human capabilities, or even
Beyonc, with her 7/11 video that seems home-made.
A GREAT BRAND
MUST BE RELEVANT
Let us remember that the key to generating trust is to act as
consumers want and expect, that is, to understand what is
important to them. Therefore, a great brand must aspire to
be, by itself, whatever people want it to be, and try to generate
strong associations among the audience.
Established in 1976, Lambie-Nairn is a branding agency that

creates emotive and dynamic brands. Lambie-Nairn believes
that brands are capable of living at every touch point, even
when consumers are driving the brand interaction. By doing
this Lambie-Nairn creates brands that stimulate and establish
a stronger emotional bond with their audiences.
www.lambie-nairn.com
125
PERU
PERU
KEY FACTS AND TOP 12 MOST VALUABLE PERUVIAN BRANDS 2015
BRANDZ TOP 12
MOST VALUABLE
PERUVIAN BRANDS 2015
TM
BRAND VALUE
Total Value of Peruvian Brands
US$ 8.5 BILLION
+17%
Brand
Brand Value
(US$ Mil.)
2015
2014
1,808
1,540
1,678
1,479
Brand
Brand
Value
Contribution
Change
Index
2014-2015
2015
2014
Brand
Contribution
Index
1,108
1,076
643
594
422
410
331
287
251
10
225
11
175
263
279
Lima
Currency
NEW SOL
Area
1.29 million km2
30,770 (2014)
1.1% (2010-2015)
Life expectancy
75 years (2013)
26%
98.7% (2012)
Insurance
Unemployment rate
5.9% (2013)
6.1% (2014)
3%
3%
Beer
137
84%
Cement
141
59%
Retail
110
59%
Retail
128
KEY FACTS
Capital City
8%
Beer
12
3%
Soft Drinks
43%
Banks
Brand
Value
Change
2014-2015
Beer
3%
Beer
1,037
Brand Value
(US$ Mil.)
17%
Banks
1,630
Brand
169
NEW
ENTRY

US$ 6,594 (2014)
Growth rate:
2.4% (2014)
4.3% (2014)





World Bank
Unesco
Retail
129
PERU
BRAND STORIES
130
PARENT COMPANY BCP

HEADQUARTERS Lima
INDUSTRY Banks
WEBSITE www.viabcp.com
PARENT COMPANY UCP Backus & Johnston

HEADQUARTERS Lima
INDUSTRY Beer
YEAR OF FOUNDATION Around 1920
WEBSITE www.cristal.com.pe
PARENT COMPANY Grupo Interbank

HEADQUARTERS Lima
INDUSTRY Banks
WEBSITE www.interbank.com.pe
PARENT COMPANY Credicorp Group

HEADQUARTERS Lima
INDUSTRY Insurance
WEBSITE www.pacificoseguros.com

HEADQUARTERS Lima
INDUSTRY Beer
WEBSITE www.pilsentrujillo.com.pe
PARENT COMPANY Unin Andina de Cementos

HEADQUARTERS Lima
INDUSTRY Cement
WEBSITE www.unacem.com.pe
BCP is a financial institution that has

been operating in Peru since 1889.
Cristal is promoted as the Peruvian beer

that celebrates national unity.
Pacifico is the leader in the insurance

market in Peru.
With values such as diversity,
harmony
and positivity, its communications relate to
consumers passion by focusing on soccerrelated activities such as club sponsorship
and even the naming of teams as Sporting
Cristal.
Pilsen Trujillo beer is associated with

the Peruvian region from where it gets
its name the northern city of Trujillo.
Cemento Sol is the market leader in Per

and UNACEMs best-selling product.
Originally it was named Banco Italiano

but became Banco de Creditor Peru in
1942. The Bank has a huge presence
across the country through its service
channels; its challenge is to become well
known for being a bank with customer
focus.
One of the largest financial institutions

in Peru, Banco Internacional del Peru
(Interbank) has a growing portfolio
in personal credit, vehicle loans,
mortgages, deposits, trade credits and
retail.

HEADQUARTERS Lima
INDUSTRY Beer
WEBSITE www.pilsencallao.com.pe
Cristal is produced by the largest beer

company in Peru Backus, which
produces the majority of the countrys
most popularbeers: Cristal, Pilsen Callao,
Cusquea, Pilsen Trujillo, Barena, Arequipea
and San Juan. UCP Backus & Johnston is
a subsidiary of SABMiller group, one of the
largest brewer groups in the world.
Its mission is to improve peoples quality

of life by delivering a fast and friendly
service every time, in every place. Key
to this vision is its commitment to
delivering client service flawlessly and via
multiple channels.
The company was established in 1992

and its main purpose is to provide clients
with risk management solutions. Pacifico
is part of Credicorp, the largest financial
group in Peru. It has more than 5,000
professionals dedicated to providing its
customers with a full range of products
and services through its three lines of
business: General Risks, Health through
its subsidiary Pacific Health and Life
through Pacific Life.
Launched in 1920, it is now widely

available across Peru. Backus & Johnston
acquired the brand in 1994.
Backed by more than 40 years of

experience, making it the best-known and
most reliable brand in the market, it is
also the most widely available. Cemento
Sol is the most widely used cement by
builders and self-builders in Peru.
10
11
12
PARENT COMPANY Corporacin LIndley

HEADQUARTERS Lima
INDUSTRY Soft Drinks
WEBSITE www.incakola.com.pe

HEADQUARTERS Lima
INDUSTRY Beer
WEBSITE www.cusquena.com.pe
PARENT COMPANY Interbank Group

HEADQUARTERS Lima
INDUSTRY Retail
WEBSITE www.plazavea.com.pe

HEADQUARTERS Lima
INDUSTRY Retail
WEBSITE www.inkafarma.com.pe

HEADQUARTERS Lima
INDUSTRY Retail
WEBSITE www.realplaza.pe
Created in 1863, Pilsen Callao was

the first beer produced in Peru.
Inca Kola drink is the best-selling soft

drink in Peru.
Cusquea is a premium quality beer, a

winner of many international awards.
InkaFarma is the largest retail

pharmacy chain in Peru.
Pilsen Callao is known for its

traditional flavor, but in recent years
it has refocused its image to create
a more premium positioning. The
activity focuses on an emotional
connection with consumers, using the
slogan the flavor of true friendship.
Launched in Lima in 1935, it is a

characteristic yellow-gold color. In a
country famous for its gastronomy,
this drink is considered to be a good
accompaniment to the nations
traditional cuisine. In 1996, the CocaCola Company acquired 49% of the brand.
The brand was launched in 1909 and

today is exported to countries in
America, Europe and Asia. The beer
is produced in four different varieties:
Rubia, Negra, Trigo and Red Lager. In
2000, the brand was acquired by Backus
& Johnston.
Plaza Vea is a Peruvian brand of

hypermarkets and supermarkets
belonging to Interbank Group.
Real Plaza is a chain of shopping malls

based in Lima and with a presence in
many other cities in Peru.
The first store was opened in 2001

and there are currently more than 80
stores across the country. Plaza Vea
employs more than 10,000 people in
Lima and the provinces.
InkaFarma was founded in 1996 and

today has more than 8000 employees
throughout Peru. The pharmacy offers
many products such as pharmaceuticals,
perfumery and personal care.
Launched in 2005, it is part of lnterbank

Group (a Corporate Peruvian Group
present in many sectors like financial,
retail, services and industrial). With
ambitious plans for growth, Real Plaza has
an internal real estate development team
focused on rental and development of new
shopping centers and independent shops.
131
PERU
THOUGHT LEADERSHIP
EXPORTING
PERUVIAN BRANDS
Faced with a fluctuating domestic
economy, several Peruvian
companies are looking to increase
their international footprint,
presenting their business models
and brands on a broader stage.
These brands seek to become
emblematic to the wider LatAm
region and even worldwide.
Examples like Belcorp and Yanbal International (Unique) have

shown Latin America a strong business model in the Beauty
and Personal Care category, posing a threat to big global
companies. Their secret has been a local understanding
of middle class consumers. The key to confronting global
brands with strong presence has been to build meaningful
differentiation, especially aimed at the Latin American
emerging classes. What are these population segments
looking for? A friend who provides honest beauty advice, one
that a consumer trusts enough to try new things in front of
without feeling judged. This is what the business model of
these two companies is based upon.
Brand Equity - Beauty Brands, Peru

Unique
2 2.9
113
Esika
15.6
138
117
159
189
Meaningful
Different
Salient
Power
100 (100 is an average score; 105 and above is a good score)
132
Brand Equity - Banks, Peru

Interbank
Mibanco
94
108
8.9
120
97
95
6.8
84
Meaningful
Different
Salient
Power
100 (100 is an average score; 105 and above is a good score)
192
CATALINA BONNET MONTOYA

Managing Director
Catalina.Bonnet@millwardbrown.com
There is also the example of Aje Group, which has

achieved presence in 23 countries by promoting the right
product at an affordable price for a very specific segment.
This group has strengthened in the past few years, but
it is interesting to see that the company is daring to try
something new in order to build its brands beyond the
price element. It is seeking a new understanding of its
consumers, who are also in need of a bond with the brand
beyond the product. Clearly, these kinds of companies are
prepared to reinvent themselves whenever necessary so
as to go on competing in international markets.
In the sphere of finance, a perfect example of

internationalization is Interbank, a bank with a
differentiated and aspirational proposal that has become
stronger in some countries of this region. There is also the
example of Mibanco, a microfinance offer addressing the
niche of small and medium-sized companies, which find
this brand relevant because it understands what they need
in order to grow whereas traditional banks do not. This
banks challenge is to consolidate its emotional bonding
and its market differentiator.
Global ambition can also be seen in other large companies
such as Alicorp, Qumica Suiza, and Gloria. These
companies are now interested in understanding Latin
American consumers, and are preparing to build strong
brands in the region.
So, we clearly see in Peru strong economic groups that
are ready to compete in the whole region and hopefully
globally. Their biggest challenge is to make sure they
understand international consumers. Peruvian brands
have achieved success by building propositions that
are relevant for the needs of audiences that traditional
global brands have not met. Their next step must be to
build brands that connect at a more emotional level with
consumers and, above all, that address them with honesty.
133
PERU
THOUGHT LEADERSHIP
HAS THE SLOWING

PERUVIAN
ECONOMY IMPACTED
BRAND VALUE?
The Peruvian economy saw important growth in recent
years, generating changes in consumers: they are now more
informed, more demanding, more connected, accessing more
and more modern purchasing channels, and seeking new
forms of entertainment.
However, in the past two years economic growth

has not been as expected, which poses a question
for brands: How can they keep generating value in
an economic context less favorable than that of the
countrys recent golden age?
A lot of brands, the most valuable ones, have the
answer to this question. These are the brands that
achieved a value increase against 2014 despite the
situation described.
So, what is it that these brands did in order to grow?
Investment on the Internet

Revenues in the first half year in PEN (Peruvian New Sol).
+48%
+20%
46.6 Million
83.2 Million
56 Million
2012
2013
2014
Source: PWC and iab, Peru
DIGITIZATION
DIFFERENTIATION
In the face of the huge change in

consumer behaviors, some brands have
understood the way to be present in the
new digital world.
With highly relevant insights and

consistent communication, Pilsen Callao
has managed to be a meaningful but,
above all, different brand by generating
a great brand experience, for instance,
by celebrating Friends Day, or creating
the beer bouquet.
Although there is still a long way to

go, there are brands like BCP and
Interbank daring to be the first to
increase their digital campaigns and
create more salience, while favoring the
use of the internet and mobile devices
to make transactions.
A good example of this is Real Plaza, the

shopping mall chain that has expanded
all over the country, generating clear
differentiation in terms of leadership. Real
Plaza has managed to break paradigms by
bringing shopping malls close to different
regions and socio-economic levels,
as well as understanding consumers
changing purchasing habits. It is focused
on providing a great brand experience
through meaningfulness for instance,
there are family entertainment areas
inside its malls.
However, there is still a long way to go in
terms of innovation. Although there are
brands with successful launches, there is
another question to be answered: Is the
work on innovation in Peru sufficient? Are
we taking the calculated risks necessary
to be more innovative?
Innovation not only relates to products,
but also to brands, communication,
contact points... We must all open our
minds to innovation.
The presence of the retail sector in the

most valuable brands ranking of last
year shows that the modern channel
is becoming stronger in the country.
OLIVIA HERNNDEZ
Olivia.Hernandez@millwardbrown.com
134
135
PERU
THOUGHT LEADERSHIP
BUILDING
MEANINGFULLY
DIFFERENTIATED
BRANDS IN PERU
Consumers are more informed and more
connected, and have therefore become more
demanding, in search of experiences and
innovations. Likewise, exposure to global media
and content has refined their needs the
conscious ones and unconscious ones creating a
different relationship with brands, strengthening
the bonds with those that make them feel
recognized or that offer new value proposition.
Consumers are wide awake or at least this is
how we perceive them. This transformation has
led consumers to go beyond wanting affordable
prices and appealing promotions, to different
and meaningful experiences that link them
emotionally to brands.
136
ARE LARGE BRANDS

STILL LARGE?
JEANETTE YAEZ PAJUELO

Account Group Director
Jeanette.Yanez@millwardbrown.com
In addition, new segments are

becoming important. Today,
young people and women in
particular are key to many
categories, so that addressing
them and positioning brands as
desirable has become crucial.
These changes are not alien to
the traditional and highly valued
category of beer. During the
past year we have witnessed
increased activity, with the
entry of new brands and the
emergence of a still small but
with high media presence - set
of traditionally brewed beers,
especially in Peru.
We have seen that the beer category

remains one of the strongest in the
ranking, holding some of the top
positions. In Peru, consumers mainly
prefer Cerveza Cristal, la cerveza de
los peruanos (Peruvians beer), and
Pilsen Callao, el sabor de la verdadera
amistad (the taste of true friendship).
Both brands have solid bonds with
Peruvian consumers, but throughout
this year we have observed two
different approaches. Cerveza Cristal
has maintained its value on the
basis of its market leadership and
its association with something that
triggers strong passions football.
Meanwhile, Pilsen Callao has gained
importance. The oldest beer in
Peru continuously rejuvenates itself
through ongoing innovation in terms
of image and experiences offered to
consumers, communicating freshness
and reinforcing its association with
true friendship. In this ever-changing
environment, it is worth highlighting the
work done by both brands, which have
managed to keep strong and valid bonds
with their consumers.
But beer is not the only category

showing important modifications this
year. Banks have also been able to
find a key factor to trigger closeness
with consumers. Their campaigns
have sought to generate an emotional
relationship with their target audience,
focusing on their understanding and
identification with users difficulties.
This is the category at the head of the
ranking, with a total of 15 brands
noteworthy, right?
Interbank has launched a campaign
focused on saving that connects with
viewers, as if talking to a friend, making
them feel they really understand what it
means to save and live with restraint in
order to achieve a goal.
WHAT CAN WE LEARN

FROM THESE BRANDS?
To listen to consumers, for they are
the ones in control. Listening and
then acting creates meaningfully
differentiated brands. Reinvention and
innovation are also critical elements
in provoking the loyalty and/or love
that consumers rely on when making
a decision. The key is getting close to
consumers, being present at important
moments, making them identify with
the brand. Brands must be part of their
consumers lives, accompany them,
be an ally in their adventures, so that
consumers feel proud to be users.
The leader, Banco de Crdito del Per,

works on different points of contact
with its customers, presenting itself as
constantly concerned with their needs,
offering them special products, this is
interpreted as closeness.
A key element of this understanding
is seen in how brands communicate
with consumers. Today communication
takes place not only through traditional
media, such as television, but through
different formats customers are now
multi-screen and connected for about 8
hours a day.
137
PERU
THOUGHT LEADERSHIP
WHAT'S NEW
IN PERU'S
LOCAL MARKET?
In the past 15 years, Peru has experienced its highest economic
peak of the previous 60 years. Not since the fishing boom in
the 1950s, when Peru became one of the main fishmeal and
hydrobiological goods producers, has the Peruvian economy
experienced such a steady growth, with rates that led to an
almost three-fold increase of its GDP over the last 15 years.
FIDEL LA RIVA CRUZ

Country Manager
Fidel.Riva@kantarworldpanel.com
138
Obviously, these changes have brought

about some important transformations
in the socio-demographic structure of
Peruvian families. According to ECLAC
(Economic Commission for Latin America
and the Caribbean), in the past 15 years
almost a million Peruvian families have
overcome extreme poverty, generating a
population pyramid that looks more like
a diamond. This has also resulted in the
development of a thriving middle class that
has been the driving force behind domestic
consumption, leading to growth in some
industries and sectors. For instance, the
market of new car sales increased from
40,000 new cars in 2003 to over 210,000
in 2013. Likewise, the construction sector
grew at 12% average annual rate in the last
ten years, while over 120,000 mortgages for
the purchase of private homes were granted.
According to the data on mass

consumption, the basic basket of an
average Peruvian household has grown
from around 48 categories of products
in early 2000 to around 58 categories
in 2015, with two-digit growth in
the consumption of many of these
categories.
WHERE ARE THE

WEAK POINTS?
Not everything has gone so well. During
these years of the highest macroeconomic growth, we have failed to
resolve structural issues such as casual
labor and sub-employment, our industry
has not strengthened, and we still
have a 70% dependence on exports of
primary and traditional products, mainly
commodities such as copper, silver, gold,
and zinc, among others. We continue
to be one of the countries in this region
with the largest number of households
receiving daily or weekly wages about
45% of Peruvian households obtain their
income this way, due to casual labor
and employment scarcity. This results
in a country with the highest purchase
frequency in the region, with 296 visits
to points of sale to buy basic basket
goods, with one of the lowest average
purchase ticket in the region around
$6 US per visit comparable only to
Mexico, Bolivia, and some countries in
Central America.
In this environment, with so many

moments of truth in the purchase
process, a still predominantly traditional
channel warehouses and markets
and a compulsive need among Peruvian
housewives to spread the budget as
far as possible, the work for brands in
Peru is a constant challenge. There is no
doubt we Peruvians are brandists: we
have emblematic Peruvian brands with
high affinity, bonds and history with
local consumers, which makes us quite
traditional. Thus, building new brands
in Peru is almost a handicraft, a task
that requires patience, clear strategies,
perseverance and consistency.
It is clear that the golden years of the
world and particularly Latin America
are already over, and that the macroeconomic environment will not be as
favorable as some years ago, a fact that
has become evident in Peru since 2014.
Nonetheless, it is also clear that there
are business opportunities and that,
despite the economic slowdown, some
brands and products keep growing. The
important thing is to continue building
strong brands on the basis of sound
knowledge of consumers, leveraged
by the innovation demanded by those
consumers according to new market
trends and needs.
Kantar Worldpanel is the world leader in

consumer knowledge and insights based
on continuous consumer panels. Its
High Definition Inspiration approach
combines market monitoring, advanced
analytics and tailored market research
solutions that inspire successful actions
by its clients.
Kantar Worldpanels expertise about
what people buy or use - and why - is
recognised by brand owners, retailers,
market analysts and government
organisations globally.
With over 60 years experience, a
team of 3,500, and services covering
60 countries directly or through
partners, Kantar Worldpanel helps
brands grow in fields as diverse as
FMCG, impulse products, fashion, baby,
telecommunications and entertainment,
among many others.
www.kantarworldpanel.com
139
PERU
THOUGHT LEADERSHIP
FROM ANALYTICAL
TO 'CURIOSYTICAL'
There is no doubt that the challenges todays
brands face in order to generate value for
shareholders are more and more intense,
especially as functional differentiation is
increasingly reduced by the existence of
technology and information as commodities.
However, strong brands leave a mark, and this
mark carries the imprint of those working on
the brand: the marketing and agency team.
140
EDUARDO VELASCO MAXIMILIANO

Managing Director
MEC, Peru
Eduardo.Velasco@mecglobal.com
In the past ten years, media agencies

have undergone an interesting
transformation, integrating specialized
areas and profiles to complement
traditional analysis and media planning.
This is aimed at enhancing the strategic
nature of the service, emphasizing data
and digital media. Years ago, the role of
media agencies was mainly to maximize
the reach of the brands message in
paid media, sometimes adding a few
innovative ideas on media use. What
was important was to maximize the
number of people exposed to a brands
message at the lowest possible cost.
The impact achieved by any innovation
in the use of media came second.
THE IMPACT OF
ACTIONABLE IDEAS
Today, this equation has changed: although
it is true that maximizing the messages
reach secures brand presence and relevance,
impact and powerful ideas of enhancement
strengthen the bonding between brands and
consumers. Today, this is what generates
value and continuity.
By impact and powerful ideas, we do not
mean TV and radio adverts, but what
we call actionable ideas. Based on the
interpretation of consumers real time data,
the market, and competitors, as well as
on predictions around the events and/or
content that can be related to the brand,
we develop specific actions that are then
enhanced through paid media, both owned
and earned. Formerly, a brand scheduled
8-10 activities in a year. Today, they have a
plan with 30-40 activities in a year. Brands
dynamism ensures their permanence in
consumers preferences, but demands a
more efficient investment.
This is why media agencies teams are
evolving from being characteristically
analytical to become curiositycal. Today,
collecting and reading data is not enough: we
need to understand them, identify patterns,
associate them with opportunities, develop
relevant content, and finally create powerful
ideas based on all of these. Today, social
listening, big data, and market content
enable agencies to deliver ideas to brands in
real time, ideas that will then add more value.
This is becoming more and more relevant. It
is no coincidence that some Cannes awards
were granted to media, nor that different
and comprehensive agencies are emerging
globally. Rather, this shows that the current
ecosystem is being redefined on the basis of
the convergence of all these media elements.
MEC is committed to growth. Growth for our people, our clients and
our industry. MEC pushes the boundaries of whats possible in order
to thrive in Digital / Mobile / Search / Social / Performance Marketing
/ Data / Analytics / Insight / Sponsorship / Branded Entertainment /
Multi-cultural / Content / Retail and Integrated Planning. Our 5,000
highly talented and motivated people work with category-leading
advertisers in 93 countries and we are a founding partner of GroupM.
#dontjustlivethrive.
www.mecglobal.com
141
RESOURCES
RESOURCES
BRANDZ VALUATION METHODOLOGY
BRANDZ BRAND
VALUATION
METHODOLOGY
TM
Introduction
The brands that appear in this
report are the most valuable
in Latin America. They were
selected for inclusion in
the BrandZ Top 50 Most
Valuable Latin American
Brands based on the unique
and objective BrandZ brand
valuation methodology that
combines extensive and ongoing consumer research with
rigorous financial analysis.
The BrandZ valuation methodology

can be uniquely distinguished from
its competitors by the way we obtain
consumer viewpoints. We conduct
worldwide, on-going, in-depth
quantitative consumer research, and
build up a global picture of brands on
a category-by-category and marketby-market basis.
The Valuation Process

Globally, our research covers three
million consumers and more than
100,000 different brands in over 50
markets. This intensive, in-market
consumer research differentiates
the BrandZ methodology from
competitors that rely only on a panel
of 'experts', or purely on financial and
market desktop research.
Before reviewing the details of this
methodology, consider these three
fundamental questions: why is brand
important; why is brand valuation
important; and what makes BrandZ
the definitive brand valuation tool?
IMPORTANCE OF BRAND
Brands embody a core promise of values
and benefits consistently delivered.
Brands provide clarity and guidance for
choices made by companies, consumers,
investors and others stakeholders.
Brands provide the signposts we need
to navigate the consumer and B2B
landscapes.
At the heart of a brands value is its
ability to appeal to relevant customers
and potential customers. BrandZ
144
uniquely measures this appeal and

validates it against actual sales
performance. Brands that succeed in
creating the greatest attraction power
are those that are Meaningful, Different
and Salient.
IMPORTANCE OF
BRAND VALUATION
Brand valuation is a metric that
quantifies the worth of these powerful
but intangible corporate assets. It
enables brand owners, the investment
community and others to evaluate and
compare brands and make faster and
better-informed decisions.
DISTINCTION OF
BRANDZTM
BrandZ is the only brand valuation tool
that peels away all of the financial and
other components of brand value and
gets to the core how much brand alone
contributes to corporate value. This
core, what we call Brand Contribution,
differentiates BrandZ.
STEP 1: CALCULATING
FINANCIAL VALUE
Part A
We start with the corporation. In some
cases, a corporation owns only one brand.
All Corporate Earnings come from that
brand. In other cases, a corporation owns
many brands. And we need to apportion
the earnings of the corporation across a
portfolio of brands.
To make sure we attribute the correct
portion of Corporate Earnings to each
brand, we analyze financial information
from annual reports and other sources,
such as Kantar Retail. This analysis yields
a metric we call the Attribution Rate.
We multiply Corporate Earnings by the
Attribution Rate to arrive at Branded
Earnings, the amount of Corporate
Earnings attributed to a particular brand.
If the Attribution Rate of a brand is
50 percent, for example, then half the
Corporate Earnings are identified as
coming from that brand.
Part B
What happened in the past or even
whats happening today is less
important than prospects for future
earnings. Predicting future earnings
requires adding another component to
our BrandZ formula. This component
assesses future earnings prospects as
a multiple of current earnings. We call
this component the Brand Multiple. Its

similar to the calculation used by financial
analysts to determine the market value
of stocks (Example: 6X earnings or
12X earnings). Information supplied by
Bloomberg data helps us calculate a Brand
Multiple. We take the Branded Earnings
and multiply that number by the Brand
Multiple to arrive at what we call Financial
Value.
affinity), being Different (or at least feeling

that way to consumers), and being Salient
(coming to mind quickly and easily as the
answer when people are making category
purchases).
STEP 2: CALCULATING
BRAND CONTRIBUTION
Heres what makes BrandZ so unique

and important. BrandZ is the only brand
valuation methodology that obtains
this customer viewpoint by conducting
worldwide on-going, in-depth quantitative
consumer research, online and face-toface, building up a global picture of brands
on a category-by-category and marketby-market basis. Our research now covers
over three million consumers and more
than 100,000 different brands in over 50
markets.
So now we have got from the total value

of the corporation to the part that is the
branded value of the business. But this
branded business value is still not quite
the core that we are after. To arrive at
Brand Value, we need to peel away a few
more layers, such as the in-market and
logistical factors that influence the value
of the branded business, for example:
price, availability and distribution.
What we are after is the value of the
intangible asset of the brand itself that
exists in the minds of consumers. That
means we have to assess the ability of
brand associations in consumers minds to
deliver sales by predisposing consumers to
choose the brand or pay more for it.
We focus on the three aspects of brands
that we know make people buy more and
pay more for brands: being Meaningful
(a combination of emotional and rational
We identify the purchase volume and any

extra price premium delivered by these
brand associations. We call this unique
role played by brand, Brand Contribution.
STEP 3: CALCULATING
BRAND VALUE
Now we take the Financial Value and
multiply it by Brand Contribution, which
is expressed as a percentage of Financial
Value. The result is Brand Value. Brand
Value is the dollar amount a brand
contributes to the overall value of a
corporation. Isolating and measuring this
intangible asset reveals an additional
source of shareholder value that otherwise
would not exist.
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RESOURCES
BRANDZ VALUATION METHODOLOGY
WHY BRANDZ IS
THE DEFINITIVE
BRAND VALUATION
METHODOLOGY
TM
All brand valuation methodologies

are similar up to a point.
All methodologies use financial
research and sophisticated
mathematical formulae to
calculate current and future
earnings that can be attributed
directly to a brand rather than
to the corporation. This exercise
produces an important but
incomplete picture.
Whats missing? The picture of the
brand at this point lacks input from
the people whose opinions are most
important the consumer. This is
where the BrandZ methodology
and the methodologies of our
competitors part company.
HOW DOES THE COMPETITION

DETERMINE THE CONSUMER VIEW?
Interbrand derives the consumer point of view from panels of experts
who contribute their opinions. The Brand Finance methodology employs
a complicated accounting method called Royalty Relief Valuation.
WHY IS THE BRANDZ

METHODOLOGY SUPERIOR?
TM
Eligibility criteria and definitions

ELIGIBILITY
DEFINITIONS
The brands ranked in the BrandZ Top

50 Most Valuable Latin American Brands
2015 report meet one of these four
eligibility criteria:
Brand Contribution
The brand must be owned by a

publicly-traded enterprise
The publicly-traded enterprise must
report positive earnings
BrandZ goes much further and is more relevant. Once we have

the important, but incomplete, financial picture of the brand, we
communicate with consumers, people who are actually paying for
brands every day, constantly. Our on-going, in-depth quantitative
research includes three million consumers and more than 100,000
brands in over 50 markets worldwide.
The brand must be characterized as

a local Latin American brand (either
originating from Latin America or a
relevant proportion of its business is
located there).
WHAT'S THE BRANDZTM BENEFIT?
T
he brand is owned by an enterprise
listed on any of the Stock Exchanges
of the evaluated countries.
The BrandZ methodology produces important benefits for two broad

audiences.
Members of the financial community, including analysts,
shareholders, investors and C-suite, depend on BrandZ for the
most reliable and accurate brand value information available.
MEANINGFUL,
DIFFERENT, SALIENT
Brand Contribution is a BrandZ

measurement of a brands uniqueness
in the mind of the consumer and the
impact of brand alone, without any
other factors, on future earnings. Brand
Contribution is expressed on a scale of
one to five, with five being the highest.
Consumers feel an affinity for the brand

or think it meets their needs. In any
category, these brands appeal more,
generate greater love and meet the
individuals expectations and needs.
Brand Power
Different
Brand Power is a BrandZ measurement

of a brands competitive position in
its category. It roughly correlates with
volume share. Brand Power is a BrandZ
component of brand equity, which is the
consumer predisposition to choose one
brand over another.
The brand feels different to other brands

in the category. They are unique in a
positive way and set the trends for the
category, staying ahead of the curve for
the benefit of the consumer.
Meaningful
Salient
The brand comes to mind quickly and
spontaneously when activated by ideas
related to category purchase. The brand
of choice for key needs.
Brand owners turn to BrandZ to more deeply understand the

causal links between brand strength, sales and profits, and to
translate those insights into strategies for building brand equity.
146
147
RESOURCES
BRANDZ PUBLICATIONS
BRANDZ : THE ULTIMATE

RESOURCE FOR BRAND
KNOWLEDGE AND INSIGHT
TM
BRANDZTM
ON THE MOVE
The Chinese New Year in

Next Growth Cities
BrandZ Top 100 Most

Valuable Global Brands 2015
BrandZ Top 100 Most

Valuable Chinese Brands 2015
BrandZ Top 50 Most

Valuable Indian Brands 2015
This is the definitive global brand

valuation study, analysing key trends
driving the worlds largest brands,
exclusive industry insights, thought
leadership and a retrospective look at
10 years of BrandZ.
The report profiles Chinese brands,

outlines major trends driving brand
growth and includes commentary
on the growing influence of Chinese
brands at home and abroad.
This second annual BrandZ Top 50

Most Valuable Indian Brands report has
set a record. It increased 33 percent in
value, a rate that exceeds the growth
of the Global Top 100 for every year
since the launch of the Global BrandZ
rankings a decade ago.
BrandZ Top 50 Most Valuable

Indonesian Brands 2015
The Chinese Golden Weeks

in Fast Growth Cities
The Power and Potential

of The Chinese Dream
This new study analyses the success

of Indonesian brands, examining the
dynamics shaping this fast-emerging
market and offering insights for
building valuable brands.
Using research and case studies,

the report examines the shopping
attitudes and habits of Chinas rising
middle class and explores opportunities
for brands in many categories.
The Power and Potential of The

Chinese Dream is rich with knowledge
and insight, and forms part of a
growing library of WPP reports about
China. It explores the meaning and
significance of the Chinese Dream
for Chinese consumers as well as its
potential impact on brands.
For the iPad magazine, search Golden

Weeks on iTunes
148
The report explores how

Chinese families celebrate this
ancient festival and describes
how the holiday unlocks yearround opportunities for brands
and retailers, especially in
Chinas lower tier cities.
TrustR
Engaging Consumers in
the Post-Recession World
Get the BrandZ Top 100 Most

Valuable Global Brands, Chinese Top
100, Indian Top 50, Indonesian Top 50
and many more insightful reports on
your smartphone or tablet.
To download the apps for the
BrandZ rankings go to www.BrandZ.
com/mobile (for iPhone and Android).
BrandZ is the worlds largest and
most reliable customer-focused source
of brand equity knowledge and insight.
For the iPad magazine search for

Chinese New Year on iTunes
Trust is no longer enough. Strong

brands inspire both Trust (belief
in the brands promise developed
over time) and Recommendation
(current confirmation of that
promise). This combination of Trust
plus Recommendation results in a
new metric called TrustR.
ValueD
RepZ
CharacterZ
Balancing Desire and

Price for Brand Success
Maximising Brand and

Corporate Integrity
Brand personality analysis deepens

brand understanding
Desire is primary. High Desire

enables Price flexibility.
A new metric, Value-D,
measures the gap between
the consumers Desire for a
brand and the consumers
perception of the brands
Price. By quantifying this
gap, Value-D helps brands
optimize their profit and,
market-positioning potential.
Major brands are especially

vulnerable to unforeseen events
that can quickly threaten the
equity cultivated over a long period
of time. But those brands with a
better reputation are much more
resilient. Four key factors drive
Reputation: Success, Fairness,
Responsibility and Trust. Find out
how your brand performs.
Need an interesting and stimulating way to

engage with your clients? Want to impress
them with your understanding of their brand?
A new and improved CharacterZ can help! It
is a fun visual analysis, underpinned by the
power of BrandZ, which allows detailed
understanding of your brands personality.
To learn more about BrandZ data or

studies, or view one of our industry
insight videos, please visit www.
BrandZ.com, or contact any WPP
company.
149
RESOURCES
CONTRIBUTORS
BRAND EXPERTS WHO

CONTRIBUTED TO THE REPORT
These individuals from WPP companies provided additional
thought leadership, research, analysis and insight to the report
JORGE ALAGN
Chief Client Solutions Officer LATAM
Millward Brown
Jorge.Alagn@millwardbrown.com
FERNANDO ALVAREZ KURI

Vice President
Millward Brown Vermeer, Mexico
Fernando.Alvarez@millwardbrown.com
CLAUDIO APABLAZA
Business Development Director
Claudio.Apablaza@millwardbrown.com
LILIA BARROSO
CEO
GroupM, Mexico
Lilia.Barroso@groupm.com
RICARDO BARRUETA
Managing Director
Millward Brown, Mexico, Central America
and the Caribbean
Ricardo.Barrueta@millwardbrown.com
FRANCISCO BAYEUX
Global Innovations
Francisco.Bayeux@millwardbrown.com
Jorge holds a Bachelors Degree in

Applied Sciences from Mexicos ITAM,
and a Masters in Applied Statistics
from Oxford University. With
more than 20 years in the market
research industry, Jorge has worked
in organizations such as J. Walter
Thompson Mexico and Estadstica
Aplicada e Investigacin de
Mercados S.C. In 2002, Jorge joined
Millward Brown Mexicos Research
Development Team, a path that
lead him all the way to the Global
Innovations Team in Warwick, UK,
where he launched the Meaningfully
Different Framework to measure
Brand Equity and Value.
Fernando currently leads Millward

Brown Vermeer in Mexico, Millward
Browns consultancy branch
specializing in subjects such as
branding, media and communication
strategies. He holds a Masters in
Consumer Psychology from Guelph
University and has over 20 years
of experience both on agency and
client side, being responsible for
the design and implementation of
brand strategies in FMCG and service
companies. His areas of expertise
include consumer psychology,
strategy and brand communication.
Claudio has a degree in Sociology

from the Universidad de Chile. For
over a decade he was a lecturer in
research methodology and market
research in different universities of
Santiago.
Lilia Barroso has extensive experience in

the media industry, having worked in this
field for more than 20 years. Currently, she
holds the position of CEO GroupM Mexico,
a holding company integrated by Koan,
Maxus, Mediacom, MEC, Mindshare Mexico
and Xaxis.
Ricardo has over 20 years of experience

in the market intelligence industry,
experience he gained after having
studied a degree in Actuarial Sciences
and Applied Statistics at Mexicos ITAM.
Managing Director of Millward Brown in
the North LatAm region, he has worked
for the company for the past 16 years.
Ricardo is particularly interested in
understanding the impact of digital
proliferation on the consumers mindset.
Francisco graduated as both Business

Administrator specializing in Marketing
(ESPM Brazil) and Mechanical Engineer
(FAAP Brazil).
Nowadays, Jorge is back in Millward

Brown LatAm commercializing
solutions for clients.
Claudio has 20 years of experience as

a project manager, area manager and
business manager in different market
research agencies including TNS,
Ipsos, Synovate, Time Research,
Millward Brown, Mori, GfK Adimark.
He joined Millward Brown (for
the second time) in April 2014 as
Business Development Director,
responsible for developing new
accounts and customers.
Lilia joined J. Walter Thompson Mexico as

Media Director in June 1987. In 1998, she
founded Total Media, the first independent
media unit created by an advertising
agency in Mexico, along with David Byles,
J. Walter Thompson Latin Americas
Regional Media Director. The following year,
Lilia founded MindShare Mexico, J. Walter
Thompson and Ogilvy WorldWides media
partner. She returned to the WPP Group
as General Manager of MindShare Mexico
to help lead the company through the new
challenges facing the media scene.
He started at Millward Brown in Brazil

as a Research Executive in 2006,
working in Client Service. In 2014, he
moved to the Regional Solutions team
in LatAm as Product Manager, with the
responsibility of implementing new brand
and commercial strategies according to
global, regional and local needs.
Francisco is currently working with the
Global Innovations team on R&D for
the future self-service offers of Millward
Brown.
Lilia also participates in judging at events

such as The Effies Awards, Crculo Creativo
and Premios Creer. She was recognized
as Executive of the Year by Mujer
Ejecutiva, Eagle Awards by Creativa,
National Awards by Ocho Columnas.
152
153
RESOURCES
CONTRIBUTORS
CONTRIBUTORS
CATALINA BONNET MONTOYA

Managing Director
Catalina.Bonnet@millwardbrown.com
GABRIEL ENRIQUE CASTELLANOS

Managing Director
Gabriel.Castellanos@millwardbrown.com
ANNETTA CEMBRANO PERASSO

CEO
MEC, Chile
Annetta.Cembrano@mecgobal.com
SEBASTIN CORZO
CS Senior Consultant
Sebastian.Corzo@millwardbrown.com
FIDEL LA RIVA CRUZ

Managing Director
Fidel.Riva@kantarworldpanel.com
RENATO DUO
Strategic Planning Manager
Renato.Duo@jwt.com
Catalina has a Psychology degree

from the Universidad de la Sabana
and a Masters in Strategic Marketing
from the University of Toulouse,
France. She has over 12 years of
experience in market research.
Gabriel has more than 17 years

of experience in the challenges
both local and global brands face.
Throughout his career he has worked
extensively both in qualitative and
quantitative research, specializing in
brand building, trade research and
communication strategies.
Annetta has over 20 years of experience in

the media industry. She began her career
at Northcote Ogilvy & Mather Chile in 1987
and in 1998 was transferred to New York
City, where she worked as Regional Media
Director for IBM Latin America.
Sebastin has a degree in Business

Management from the University
of Buenos Aires and a postgraduate
specialization in Marketing from
University of San Andrs.
Fidel is a Peruvian economist with more

than 18 years of professional experience
in market research, marketing and
business consultancy. He studied and
lived in Guadalajara, Mxico for 5 years.
Renato graduated in Advertising from

FAAP - Fundao Armando lvares
Penteado, in So Paulo.
He started his career at Millward

Brown in 2002, initially as a Research
Executive. He became Account Director
in 2006, managing clients from different
industries (FMCG, Financial services,
Automobiles and Technology) both at a
local and regional level. Between 2010
and 2012 Sebastin developed and
lead the Innovations area, introducing
new research methodologies related to
Neuroscience, Digital and Social Media.
Fidel has also worked as a Business

Planning & Analytics Director in
Mindshare Per and Mindshare Argentina.
He has worked as a teacher in many
Universities and Educational institutes in
Latin America.
Catalina joined the Millward Brown

team the year that they opened their
offices in Colombia (2002). In 2004,
she moved to France and was part of
the office of Millward Brown Paris for
4 years.
She has extensive experience
in brand health indicators and
the analysis of the efficiency of
communication, developed through
delivering strategic advice to leading
global brands in Europe and LatAm.
Prior to joining Millward Brown,

Gabriel held a variety of positions
in areas such as research, brand
management, trade management
and corporate affairs.
Gabriel has a degree in Economics
and also a degree in Finance. His
current position within Millward
Brown is CEO for the Andean Region.
Three years later Annetta moved to

Mindshare USA. In 2004, she returned
to Chile to work for Initiative Santiago,
becoming CEO in 2006. Then in January of
2008, Annetta launched Brand Connection
with the support of Initiative Group.
Later that year, she became President
of Initiative Latin America and Central
America. Annetta launched Reprise
(digital unit) with the support of IPG Group
in 2009 and specialized digital Hubs.
In 2011 she moved to MediaCom Santiago
and in 2012 joined MEC Chile as CEO.
Annetta has been recognized as one of
the most important media professionals
in Chile and Latin America, being selected
to perform as a judge for the International
Advertising Festival Cannes Lions in 2008,
2012, the Effie Awards in 2009, 2014, the
Chilean Advertising Festival in 2007, and
FOMLA in 2013
154
For more than ten years, he was part of the

creative team of different agencies, working
as a Copywriter and Creative Director.
His experience encompassed campaigns
for key brands, both Brazilian and global.
Interested in the development of the
strategic thinking of these brands, Renato
made a change of direction to became a
Strategic Planner. Today, he is part of the
Planning Team at J. Walter Thompson So
Paulo, Brazil, supporting the retail strategic
team, among other clients.
After two years in Consumer Insights at

Mondelez International (Buenos Aires),
Sebastin returned to Millward Brown to
support and enhance analysis projects.
Sebastin has done Management training
courses in the US and UK; he speaks
Spanish, English and Portuguese.
155
RESOURCES
CONTRIBUTORS
CONTRIBUTORS
PEDRO EGEA
President & CEO
Grey, Mexico
Pedro.Egea@grey.com
JULIO FRESNO APARICIO

Managing Director
Julio.Fresno@millwardbrown.com
MARIANA FRESNO APARICIO

Mariana.Fresno@millwardbrown.com
GONZALO FUENTES
CEO
Millward Brown, Latin America
Gonzalo.Fuentes@millwardbrown.com
VALKIRIA GARR
Managing Director
Valkiria.Garre@millwardbrown.com
OLIVIA HERNNDEZ
Olivia.Hernandez@millwardbrown.com
Pedro Egea is the President and

CEO of the advertising agency Grey
Mexico. He was formerly responsible
for strengthening Google in the Retail,
E-commerce & Classified Ads sector in
Mexico. He has also collaborated with
national agencies such as Ferrer, and
global ones such as EHS Brann/Havas,
Ogilvy, Wunderman, and Y&R.
Julio is an accountant and a graduate of

Buenos Aires University.
Mariana has a degree in Business

Administration from Buenos Aires
University.
Gonzalo Fuentes has been the Chief

Executive Officer for Millward Brown Latin
America since April 2014. He is based in
Mxico City.
Valkiria is a chemistry graduate and

M.B.A. She started her career at Unilever,
initially working in product development
and later in market research.
A sociologist, Gonzalo is a 20-year

research veteran and has led the rapid
growth in Southeast Asia since 2005,
increasing Millward Browns footprint
by launching businesses in Indonesia,
Malaysia, Vietnam, and, most recently,
Myanmar. Previously, he was Managing
Director of Millward Brown Singapore.
Before joining Millward Brown, Gonzalo
held senior roles at ERGO (acquired by
Millward Brown in 2000) in Spain and
Research International in London. His
experience in emerging markets and his
proven leadership skills, supported by a
strong focus on clients and talent, allow
him to make a significant impact on the
LatAm and global businesses.
She has 20 years of experience in the

industry, the last 17 gained working at
Millward Brown Brazil. Her experience
with clients includes a global packaged
goods company, a market-leading
soft drink producer and others in the
telecommunications and bank services
industry.
Olivia holds a BSc in Actuarial Sciences

from Instituto Tecnolgico de Mxico
(ITAM) and an Applied Statistics
Diplomaand Management Skills Diploma,
also from ITAM.
Pedro holds a Bachelors degree in

Marketing from the Instituto Tecnolgico
de Estudios Superiores de Monterrey.
He has also studied business courses
at the University of Pompeu Fabra in
Barcelona and Sdertrn Hgskola in
Sweden. Pedro also holds a Masters
degree in Business Administration for
Experienced Executives from the Instituto
Panamericano de Alta Direccin de
Empresas.
156
He started his career as a marketing

consultant almost four decades ago,
working for multiple companies across
several industries.
In 1986, he founded ID Consultores, a
company that became Millward Brown
Argentina in 2006. Since then, he has
been managing the local operation based
in Buenos Aires.
Julio is widely recognized as a pioneer
in this industry. Currently, he holds the
presidency of CEIM (Cmara Empresas de
Investigacin de Mercado de Argentina)
and he is a member of the Academic
Comitee at San Andrs University, where
he manages the area of Market Research.
Julio speaks at conferences, explaining
the value of brands and sharing his
experience on advertising effectiveness.
He is also an active member of ESOMAR,
SAIMO and AAM (Effie Awards).
She joined Millward Brown Argentina in

1996, initially in the Finance Department.
Two years later, she moved to the Client
Service Department, working as a research
assistant on the Unilever account.
In 2012, having gained extensive
experience working on a wide range of
consumer services and goods categories,
and in developing client business at local
and regional levels, Mariana became the
Client Service Director.
She has over 20 years of experience in

market research and in helping clients to
build valuable brands and communication
efficiency. Olivia joined Millward Brown,
Mexico in 2005 and moved to the Peru
office in 2014.
Valkiria is a regular speaker on public

platforms and at events in Brazil,
especially at ABA (Association of Brazilian
Advertisers) and ABEP (Association of
Market Research Companies).
157
RESOURCES
CONTRIBUTORS
CONTRIBUTORS
DANIEL KARAM
President & Managing Director
H+K Strategies, Mexico
Daniel.Karam@hkstrategies.com
OSCAR LADINO
Oscar.Ladino@millwardbrown.com
GABRIELA LIJO
General Manager
Lambie-Nairn, Mexico
G.Lijo@lambie-nairn.com
MAURICIO MARTNEZ VZQUEZ

Managing Director
Mauricio.Martinez@millwardbrown.com
ROBERTO DE NAPOLI
Director of Operations
Roberto.Napoli@millwardbrown.com
ALVARO MELNDEZ ORTIZ

Planning Director
Alvaro.Melendez@ogilvy.com
As President and Managing Director

for H+K Mexico, Daniel directs strategic
solutions for clients particularly in public
affairs, corporate communications, crisis
management, and social media. He also
represents H+K Global Public Affairs
practice in Latin America assisting global
clients interests in the region.
Oscar Ladino is a statistician who studied

at the National University of Colombia.
During his nineteen years experience in
research marketing he has worked across
many different categories, including: beer,
press, FMCG, CPG, banks, automotive.
Gabriela joined Lambie-Nairns Mexican

team in 2014 and in March 2015 was
appointed General Manager. Gabriela
began her career at Lambie-Nairn in 2009
as Account Director for the Telefnica
account, coordinating both the Spanish
and the Latin American markets..
Mauricio holds a degree in Business

Administration and Marketing from the
Universidad Panamericana. He has over
17 years of research experience and as
a consultant for many local, regional
and global brands in different industries.
Before his arrival in Chile, he was head
of Client Service and Client Solutions at
Millward Brown Mexico.
Roberto holds a BA in Economics from

Mackenzie and has a post-graduate
degree in Financial Administration from
FAAP. He has more than 30 years of
professional experience in controlling
and planning in companies such as
Inbrac, Ibrame, Trevisan Consultants
and Interbrand. With Millward Brown
Vermeer since its foundation, Roberto is
responsible for brand valuation projects
and for the Brazilian Most Valuable
Brands Ranking 2006-2015.
Before joining Ogilvy & Mather in 2009,

Alvaro spent 8 years in different fields in
the marketing and advertising industries.
A communication design graduate from
Germanys Darmstadt Universitt, he has
experience in several agencies in markets
in Europe, Mexico, Central America and
South America working side by side with
brands on categories that span from luxury
to pharmaceutics and retail, collaborations
that resulted in several awards.
Daniel founded a consultancy firm

specilalizing in lobbying, public affairs,
policy strategy and conflict management
for national companies. Prior to that
he served as Managing Director of the
Mexican Institute for Social Security,
health and social security provider to
50 million Mexicans. Before joining the
public sector, Daniel was vice president
of H+K Mexico overseeing the marketing
and ITC communications practices.
Oscar joined Millward Brown in

2006 and has worked extensively in
quantitative research and product testing,
communication, tracking, brand equity
and prices studies.
Oscar is a champion of the Brand
Dynamics and Product Test methodology.
He is also a supporter of training
programs, especially in statistics and
market research basics.
She has thirteen years experience in the

brand and design sectors. She previously
worked for JC Decaux, in New York, and
Summa y Addison, in Madrid. Throughout
her career, she has worked and led projects
for key clients in Europe, Latin America
and Asia, such as CAM, Coca-Cola, CIMB
Bank of Malaysia, Telecinco, Heineken,
Laboratorios Puig, and Isdin.
Alvaros passion for strategic planning and

market intelligence led him to his current
position as Director of Planning at Ogilvy
& Mather, a role he held first in Costa Rica
and then in Colombia.
Daniel holds a Bachelor degree in

Economics from ITAM and a Masters
in Public Administration from Harvard
Universitys John F. Kennedy School of
Government. He is a board member of
two private institutions.
158
159
RESOURCES
CONTRIBUTORS
CONTRIBUTORS
MARCELA PREZ DE ARCE

Marcela.PerezdeArce@millwardbrown.com
DAVID ROTH
CEO
The Store WPP EMEA and Asia
David.Roth@wpp.com
EDUARDO VELASCO MAXIMILIANO

Managing Director
MEC, Peru
Eduardo.Velasco@mecglobal.com
DOREEN WANG
Millward Brown
JEANETTE YAEZ PAJUELO

Jeanette.Yanez@millwardbrown.com
Marcela is a sociologist by training,

having graduated from Universidad de
Chile. Before joining Millward Brown,
Marcela spent five years in FLACSO, a
Latin American organization for social
research. After that, she became a market
researcher for a variety of companies
including Gallup and TNS. She joined
Millward Brown in 2001, as a quantitative
research executive. In 2009 she became
the Quantitative Client Service Director
and, in 2014 the Chilean Client Service
Director.
David started his career at the House of

Commons working for a member of the
UK Parliament. He swapped politics for
the cut and thrust of advertising. Joining
Bates Dorland, he became main board
director for strategy and Managing
Director of the consulting and digital
divisions. David was the CEO of the
worldwide retail and technology centre
of excellence.
Eduardo holds a Bachelors degree in

Business Administration from the
Pontificia Universidad Catlica del Per, a
Diploma in marketing from ESAN, and an
MBA from Florida International University.
He has more than 20 years of experience
in advertising and marketing both on the
client and agency side.
Doreen Wang, a seasoned executive with extensive

experience in providing outstanding branding research
and strategic consultancy services for senior executives
in Fortune 500 companies in both the US and China.
Doreen currently leads the BrandZ global and regional
research and valuation engagements, and all the
marketing initiatives of the BrandZ Global Top 100
Most Valuable Brands, China Top 100, Latin America Top
50, Indonesia Top50 and Indian Top 50.
Jeanette has a degree in Social

Communication from the University
of Lima, specializing in Marketing,
Advertising and Journalism. She also
holds a Masters in Marketing from
Centrum Pontificia Universidad Catlica
del Per. She has more than eight years of
experience in marketing research.
Marcelas experience spans a range of

industries and clients, including the
Falabella Group, Nestl, Entel, CMPC,
Unilever, Coca-Cola and Telefnica.
David joined Kingfishers B&Q plc, one

of Europes largest retailers sitting on
the main board of directors as UK and
International Marketing Director.
David is now at WPP as the CEO of The
Store, EMEA and Asia, the WPP Global
Retail Practice. David also leads WPP
BrandZ, the worlds largest brand
equity study.
David is a non executive director of
NGO, TFT, an organisation dedicated
to sustainable production and on the
board of The Judge Business School,
Cambridge, Centre for International
Business and Management.
160
Eduardo started his career at J. Walter

Thompsons Media practice, and spent
seven years with Bellsouth Peru. He was
with the company from its launch in
the country and acted as a director and
coordinator for the region in Havas Media
from Miami and Peru. He arrived at MEC
in 2009 as Managing Director, doubling
the business in 3 years and positioning
MEC as one of the Top 5 agencies for the
country in 2014.
In Millward Brown, Doreen plays a leading role in

providing branding consultancy services for a diverse
client portfolio of top global and local companies.
She is often invited as the plenary lecture speaker on
prestigious forums including UK House of Commons,
Bloomberg News, CNN, Wall Street Journal and
Cambridge Judge Business School. Doreen translated
the book Grow by ex-P&G Global CMO Jim Stengel into
Chinese and wrote the chapter of Brand Ideal in China.
Jeanette started her career in 2007 at

Arellano Marketing, managing different
FMCG and telecommunication accounts.
In 2014, she became Account Group
Director at Millward Brown Peru.
Doreen received her MPA. degree in Marketing

from University of Delaware and her MS degree in
Econometrics from Tianjin University.
161
RESOURCES
CONTRIBUTORS
CONTRIBUTORS
AURORA YASUDA
Knowledge Management
Aurora.Yasuda@millwardbrown.com
MAURICIO YURASZECK
Firefly Millward Brown
Mauricio.Yuraszeck@fireflymb.com
Aurora Yasuda is a graduate in Social Sciences,

at the Universidade de So Paulo USP, and has
worked in the market research industry for more
than 40 years.
Mauricio has worked in the marketing

consulting industry since 1995, focusing
on advertising and communication
research as well as brand building.
From 1998 to 2009, he was Manager at
Cadem Advertising (Millward Browns
licensee in Chile at the time) adapting
and developing methodologies and
processes for the country.
In 1991, she began discussions with Millward

Brown to bring the business to Brazil as a
licensee. In 2000, she led the process to establish
the Millward Brown division as an independent
company from IBOPE, and acted as VP of Client
Service from the beginning until 2010.
Aurora is also a coordinator and teacher of
Marketing Intelligence Management post
graduation from ESPM and IBOPE, and President
and member of Market Research Self-Regulatory
Committee. She has also published a book
Pesquisa de Mercado- um guia para a prtica
da pesquisa de Mercado and a guide Market
research for Branding edited by ABA.
In March 2010, Mauricio became CEO

of Estudios Ibope Inteligencia Chile. In
2012 he became the manager of B20, a
branding agency. In March 2015, he rejoined Millward Brown as Client Service
Director for Firefly Millward Brown.
BRANDZTM TOP 50
LATIN AMERICAN TEAM
Maura Coracini
Jimena Franco
Monica Garcia
Maura Coracini is the Regional MarComs

Coordinator for LatAm. She helps in the
project management of the BrandZLatAm
report and is responsible for coordinating
marketing and communications of the
ranking in the region.
Jimena Franco is an Account Researcher at

Millward Brown Mexico and involved in the
overall project management for BrandZ TM Top
50 Most Valuable Latin American Brands.
Monica is VP of the Millward Brown Mexico

Client Service team with special responsibility
for the digital division in addition to those
of neuroscience, marketing sciences and
product development. Monica is responsible
for local PR activities for BrandZ TM Top 50
Most Valuable Latin American Brands.
Eduardo Gomes
Felipe Ramirez
Roberto Rojas
Eduardo Gomes is the Regional Production

Coordinator for LatAm. He assists with the
design and production of marketing and
communication assets.
Felipe is the Marketing and Communications

Regional Director at Millward Brown Latin
America. He is in charge of all marketing
campaigns throughout the region and closely
involved in BrandZ TM.
Roberto Rojas is a Consultant at Millward

Brown Vermeer and part of the team involved
in the development of contents and the
overall project management for BrandZ TM Top
50 Most Valuable Latin American Brands and
its country rankings.
She is an active presence at congress and

seminars from ESOMAR, ABEP and ABA as a
speaker, and sits on program committees and
award panels.
Eduardo Tomiya
Eduardo Tomiya is the Managing Director of Millward Brown Vermeer So Paulo
(ex BrandAnalytics, of which Eduardo was the founder). He runs projects of brand
valuation and brand strategy for companies such as Bradesco, Petrobras, Vale,
Santander, Fiat and O Boticrio. He also teaches postgraduate courses on branding.
162
With special thanks and

appreciation to:
Wordscout - Tamsin Grant
Kay Blewett
163
RESOURCES
THE BRANDZTM
BRAND VALUATION
CONTACT DETAILS
in Latin America
We help build valuable brands
Our WPP companies have been engaged in Latin
America for nearly 100 years. Today, over 20,000
WPP professionals work across the region.
The brand valuations in the BrandZ Top 50 Most

Valuable Latin American Brands are produced by
Millward Brown using market data from Kantar
Worldpanel, along with Bloomberg.
The consumer viewpoint is derived from the BrandZ database. Established
in 1998 and constantly updated, this database of brand analytics and equity
is the worlds largest, containing over three million consumer interviews about
more than 100,000 different brands in over 50 markets.
For further information about BrandZ
contact any WPP Group company or:
DOREEN WANG
Millward Brown
+1 212 548 7231
MARTIN GUERRIERIA
They provide the advertising, marketing, insight,

media, digital, retail, shopper marketing, PR,
knowledge, insight, and implementation necessary
to understand Latin America and build and sustain
brand value. To learn more about how to apply this
expertise to benefit your brand, please contact any
of the WPP companies that contributed to this
report or contact:
ANN NEWMAN
Country Head
WPP Latin America
Ann.Newman@wpp.com
For further information about WPP companies
worldwide, please visit:
www.wpp.com/wpp/companies
or contact:
David Roth
CEO The Store, WPP EMEA and Asia
David.Roth@wpp.com
Global BrandZ Research Director

Millward Brown
+44 (0) 207 126 5073
Martin.Guerrieria@millwardbrown.com
ELSPETH CHEUNG
Global BrandZ Valuation Director
Millward Brown
+44 (0) 207 126 5174
Elspeth.Cheung@millwardbrown.com
www.brandz.com
BLOOMBERG
The Bloomberg Professional service is the source of real-time and historical financial news and
information for central banks, investment institutions, commercial banks, government offices
and agencies, law firms, corporations and news organizations in over 150 countries. (For more
information, please visit www.bloomberg.com)
164
WPP is the worlds largest communications services group with billings of US$76 billion
and revenues of US$19 billion. Through its operating companies, the Group provides a
comprehensive range of advertising and marketing services including advertising & media
investment management; data investment management; public relations & public affairs;
branding & identity; healthcare communications; direct, digital, promotion & relationship
marketing and specialist communications. The company employs over 188,000 people
(including associates and investments) in over 3,000 offices across 112 countries.
WPP was named Holding Company of the Year at the 2015 Cannes Lions International
Festival of Creativity for the fifth year running. WPP was also named, for the fourth
consecutive year, the Worlds Most Effective Holding Company in the 2015 Effie
Effectiveness Index, which recognizes the effectiveness of marketing communications.
For more information, visit www.wpp.com
165
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2

TOP 10 MOST VALUABLE LATIN AMERICAN BRANDS

% - Brand Value Change

TOTAL VALUE OF LATIN

2 brands in the Top 50

11 brands in the Top 50

7 brands in the Top 50

9 brands in the Top 50

17 brands in the Top 50

4 brands in the Top 50

US$ 2,644 Mil.

US$ 32,017 Mil.

US$ 19,398 Mil.

US$ 19,339 Mil.

US$ 49,385 Mil.

US$ 6,073 Mil.

(2% of Total LatAm Value)

(24% of Total LatAm Value)

(15% of Total LatAm Value)

(37% of Total LatAm Value)

(5% of Total LatAm Value)

Top 3 Argentinian Brands

Top 3 Brazilian Brands

Top 3 Chilean Brands

Top 3 Colombian Brands

Top 3 Mexican Brands

Top 3 Peruvian Brands

% Brand Value Change 2014-2015

% Brand Value Change 2014-2015

% Brand Value Change 2014-2015

% Brand Value Change 2014-2015

% Brand Value Change 2014-2015

% Brand Value Change 2014-2015

(15% of Total LatAm Value)

MOST VALUABLE COUNTRY BRANDS

Download the Mobile app www.brandz.com/mobile

Source: Millward Brown and BrandZ

% Brand Value Change 2014-2015

The Macroeconomic Environment

LatAm vs. Emerging Markets

Latin American Economic Context

Key Findings and Future Trends

Brand Value Distribution by Country

Performance by Indsutry Sector

Comparison With Other BrandZTM

Key Market Facts

How are Brands Adapting to the

Challenges for Brands in the Brazilian Market

Key Market Facts

Opportunities for Peace

Brands in an Ever-Changing Environment:

People Hate Our Job

Key Market Facts

Constancy Amidst Chaos

Chile Amidst The Perfect Storm

The Battle of the Table

"New Media, Old Fashioned Values"

Key Market Facts

Exporting Peruvian Brands

Has The Slowing Peruvian Economy

Building Meaningfully Differentiated

What's New in Peru's Local Market?

From Analytical to 'Curiosytical'

A Story of David and Goliath in