1. Valuations & Analysis by Methodology bywww.brandz.com www.wpp.com

2. WELCOMEDAVID ROTH WPP droth@wpp.comExtensive intelligence, clearly WPPs unmatched Latin AmericanThe exclusive WPP BrandZ advantageDownload Special Apps TMWelcome to this first BrandZ Top 50 MostValuable Latin American Brands report and presented market expertiseanalysis. BrandZ Top 50 Most Valuable Latin American To download apps for BrandZ Most ValuableTo make this extensive intelligence easy to findTo help you sort the tremendous amount of Brands becomes part of our rapidly growingLatin American Brands, and for other reportsThis inaugural Latin America report focuses onand useful we organized the core of the reportintelligence contained in these almost 200 pages, library of in-depth and practical WPP BrandZ in the BrandZ Most Valuable Brands series,the five leading Latam economiesArgentina, into three sections: the Introduction, the Top 50 weve included Take Aways on page 7. Here reports for building and sustaining valuableplease go to www.brandz.com/mobile or seeBrazil, Chile, Colombia and Mexico. These nations Overview and the Country Reports, which are are just three interesting Latam market factoidsbrands. These titles include BrandZ Top 100page 188, where you also will find informationtogether represent GDP of about $4 trillion, thefollowed by the Brazil Special Section. just to get started:Most Valuable Global Brands and BrandZ Top about a special iPad magazine version with uniqueequivalent of the worlds fourth largest economy50 Most Valuable Chinese Brands; as well as content and functionality.after Japan.Introduction: We set the context for brand Latams middle class grew 26 percent over the Trust-R: Engaging Consumers in the Post-Recessiondevelopment in Latin America with a brief past five years.World; and Value-D: Balancing Desire and PriceOur WPP companies are eager to put at yourBecause of the size of Brazil, the B in BRIC, history of the region and some key economic and for Brand Success.disposal our expertise in insights, advertising,we expanded our Brazil coverage into a Specialgeographic facts. Then we examine key trends that Brazilians are the most loyal; 65 percent say digital, design, PR, promotion, marketing, media,Section that includes profiles of the countrys Top impact brand opportunity, including the growththey stick with brands they like. The Trust-R and Value-D reports can be customized retail and shopper marketingthe knowledge50 Most Valuable Brands as well as extensiveof the middle class and the exploding interest in by brand and are available to WPP clients through necessary to build and sustain brand value inanalysis. digital communication and social media. Colombian Internet users spend eight hours aWPP companies. Powered by BrandZ, theLatin America and beyond. For more informationweek on social networks.reports are based on the worlds largest brandabout WPP agencies, please see page 184.Many of the trends in Brazil and the other four Top 50 Overview: We present Latams Top 50analytics and equity database containing data Or contact me directly.markets covered in this report pertain as well to Most Valuable Brands in a ranking that incudesThe information comes from TGI and TNS Digitalgathered from more than two million consumerother strong Latam economies, such as Peru andcountry of origin, brand value and other metrics. Life. I present it here because it represents the interviews about over 7,000 brands in 40-plusVenezuela. We will examine these and additional Additional charts examine what categories are broad and deep WPP Latin American marketcountries.Latam markets in future.most present, how the categories vary by country, expertise contained in this report to whichand the critical role of Brand Contribution.more than 20 WPP Latin American companiesBrandAnalytics, a leading brand valuation and contributed, including: Burson-Marsteller, Ecto,strategy consultancy in Brazil, conducted the brand Country Reports: We explore each county in depth, F.biz, Goldfarb Consultants, Grey, Group M,valuation in collaboration with Millward Brownaccompanying a brand ranking with a synopsis of Hill+Knowlton Strategies, JWT, Kantar Media,Optimor and using the Millward Brown Optimorkey trends shaping the market and driving brand Kantar Worldpanel, Mediacom, Millwardmethodology.value. Profiles of each brand reveal relevant history Brown, Millward Brown Optimor, Mindshare,and positioning. WPP company country experts9ine, Ogilvy& Mather, Ogilvy Action, The Futuresprovide insights about brand awareness, media Company, TGI, TNS, and Y&R.investment, digital engagement and other topicsthat distill the fundamentals for brand success. 3. LATIN AMERICACONTENTSColombia.............................69Mexico...............................85Take Aways.........................8Argentina............................ 39OverviewOverviewIntroduction...........................11 Overview Increasing Security Unleashes Growth Proximity To US Broadens Brand ChoiceOverview Consumer Purchasing Power GrowsKey Market Facts Key Market Facts Brands Rise in Value and Importanc Key Market Facts Fundamentals for Brand Building in Colombia Fundamentals for Brand Building in MexicoA Short History of Latin America Fundamentals for Brand Building in Argentina The Top 10 Brands ChartTop 15 Brands ChartKey Market FactsThe Top 5 Brands Chart Brand ProfilesInsightInsight Brand Profiles Insight Large and Open Market Offers Opportunities Middle Class Growth and Confidence Insight Economic Growth Drives Brand AwarenessNew Implications for Growing BrandsGreat Digital Opportunity Awaits Brands Shoppers Seek Discounts Modern Colombia DebutsDigital Disrupts Marketing Norms Brand Strategies for Latin America Media Investment Grows Sharply Media Investment Increases Brand Fans Communicate Online Brazil Earned its Letter in BRIC Creative Fitness: Adapting to Constant Change Consumers Engage with Brands in Social Media Latam Retail Powerful and Evolving Internet Penetration HighIn-Depth Focus: Brazil....105Top 50 Overview................31 Chile...............................51 This special report on the Top 50 Brazilian Overview and charts Overview Brands begins on page 105Top 50 Brand Value Totals $136 billion Chileans Enjoy Free Market ProsperityRanking by CategoriesKey Market Facts Countries by Brand Value Fundamentals for Brand Building in Chile Categories by Country The Top 15 Brands ChartMethodology..................................182 Brand Contribution Brand ProfilesWPP Company Contributors......184Top 50 BrandsInsightBrandZTM Mobile.......................... 188 More Choice and Brands Appear "Sanhattan" Symbolizes New ChileWith Thanks................................. 189 Internet Penetration HighWPP Resources...........................191 Market-Driven Economy Flourishes8 BrandZ Top 50 Most Valuable Latin American Brands 2012BrandZ Top 50 Most Valuable Latin American Brands 2012 9 4. INSIGHTS FOR BUILDING VALUABLE TAKE AWAYS BRANDS IN LATIN AMERICA OpportunitiesConsumers MEDIABRANDS 1 Scale Latin America is a big opportunity. The region, including the Caribbean, is home to almost 600 million people living in more than4 Middle Class The market potential in LatinAmerica is not static. The middle class isexpanding throughout the region, although 8TV The medium generally receives the highestlevel of investment, but its been leveling. TVis expensive and digital is growing rapidly12 Choice Consumers generally like choice but it varies in Latin America. Argentine economic policy and other factors have produced relatively limited brand choice, 30 countries that together produce a GDP ofat somewhat different rates. The number ofthroughout Latin America because of consumer while proximity to the US exposes Mexicans to wide around $5 trillion, which would rank the areapeople now officially considered middle class interest and in some cases, like Argentina,brand possibilities. And Chilean consumers can choose fourth worldwide, after Japan, in national improved by over 25 percent since 2006. government encouragement.the most luxurious European status cars or the least59 output. expensive Indian or Chinese imports.2 13Confidence Not surprisingly, wealthier people Digital Internet investment is still relatively low Diversity Latin America is many opportunities feel more confident about the futurebut notbut growing sharply. PCs and laptops still Brand Presence Latin Americans generally think famous and challenges. It extends from the southern by much. Among the middle class, 77 percent dominate for accessing the Internet. Thatsbrands are better. Thats true of half the population in edge of the US to the northern edge of feel optimistic. That figure increases a fewbecause of some spotty 3G coverage and the Colombia, and also in Brazil and Argentina where Antarctica. The area experienced a complex points to 79 percent for the wealthy and dropshigh cost of data plans. people are most brand conscious. 10 14 history and brand marketers need to be aware for the lower income groups, but only to 67 not just of national differences but also of percent.Mobile Mobile Internet access is increasing. Brand Contribution Retail and beer receive the highest6 regional differences within nations. Its highest in Mexico where 19 percent of scores for Brand Contribution, which measures the impact3Price It remains important, which isnt surprisingthe online users saying theyve accessed the of brand alone on future earnings. Beers often receive Markets Brazil, the B in BRIC, accounts forconsidering that much of the population has Internet via mobile in the past four weeks.high marks, retail brands not as often. The result reflects a 11 more than one-third of the value of BrandZcontended with poverty and even the wealthyclose bond between customers and retail brands that have Top 50 Most Valuable Latin American Brands.worry about radical fluctuations in inflation. As Social Latin Americans are social. And played a role in providing credit to people denied bank And while Brazil is the regions largest market, a long-term trend, however, more individualssocial media is a good place for brands to credit until recently.15 its not the only one. Chile, a relatively small report that their purchasing decisions arent find potential customers. Brazilians have an nation of only 17 million people, accounts for always driven by special offers.average of 481 friends. In Colombia, InternetLoyalty Latin Americans overall say that when they find7 one-fifth of the Top 50 brand value. users spend about eight hours weekly on social a brand they like, they stick with it. Mexico measuresCredit Credit is becoming more availablenetworks, compared with a global average ofsomewhat lower in loyalty, which may be because inas banks attempt to add new customers,4.8 hours. Mexico brand choice is somewhat wider.16opening in areas underserved until recently.Retailers continue to be key sources for credit, Growth Categories Luxury brands are discoveringparticularly in Chile. Colombia. In Mexico, the growing middle class is tiring of the multi-tasking life and looking for products that save time and enhance personal health. The most represented brands in the BrandZ Latin America Top 50 are retail and financial institutions, which comprise about half of the ranking.17 Social Responsibility All nations are works in progress. But that notion applies most acutely to Latin America. Although more people are entering the middle class, a wide gap remains in income and education levels. Building a brand in Latin America is about investing in the future of a region.10 BrandZ Top 50 Most Valuable Latin American Brands 2012BrandZ Top 50 Most Valuable Latin American Brands 201211 5. INTRODUCTION 6. LATIN AMERICA INTRODUCTIONLATIN AMERICA Brands Rise in Value Key Facts and Importance A context for sustained success Moving toward democracyLand AreaGDP21.07 million Km22010 US$5.1 trillion In the early nineteenth century, after the American8.13 million Mi2 2000 US$2.1 trillion Throughout Latin America brands are rising in value To successfully market brands and grow brandand French Revolutions, and around the time ofChange +140 percent and importance. value in Latam today it helps to appreciate somethe Napoleonic Wars, a series of conflicts in Latin of this context.America ended European rule. The transition to self- High-value brands are present across most indigenous peoples who inhabited the land wegovernment proved difficult. As nations developed categories. Some are government owned orcall America before the explorers, conquistadorsduring the nineteenth century they remainedPopulation GDP per Capita controlled, as often is the case in fast growingand missionaries arrived. hierarchical. markets. Many result from entrepreneurial vision, Varied and complicated 2010 583 million 2010 US$8,698 risk and energy.But Latin America is more varied and complicated. In the middle of the twentieth century, governments2000 514 million 2000 US$4,109 The term Latin Americaor the acronym LatamOther Europeans settled. The importation of African adopted assorted political ideologies, all promising Change +13 percent Change +112 percent Latams largest markets, Brazil and Mexico, is easy shorthand for describing an area of the slaves and emigration from Asia and the Middleto deliver varying combinations of prosperity, produce the greatest number of high-value brands, Western Hemisphere that comprises 8.13 millionEast added diversity. And the indigenous population equality and stability. Too often these attempts but smaller economies also are well represented.square miles (21.07 million square kilometers)comprised many different peoples along with the were accompanied by the brutal repression of Latin American brands often serve multiple localstretching over two continents and many islands Aztec, Mayan and Inca.the regime, the violence of the resistance or both. Median AgeForeign Direct Investment country markets. A few operate globally.with more than 30 countries and almost 600 million people. Culture, geography, natural resources and climate By 2000, democracy flourished in most of Latin2010 27.6 years 2010 US$113 billion This vitality did not happen easily or quickly. vary tremendously in a region that stretches more America. Economies fluctuated, but were linked2000 24.5 years 2000 US$86 billion Centuries of economic and political tribulationsLatam compresses into just two syllables a historical than 5,000 miles (8,000 kilometers) from theglobally and regionally as exemplified by NAFTA Change +31 percent proceeded this relatively stable period of when dichotomy of this region: that its a mix of twonorthern border of Mexico to the tip of Chilean (the North American Free Trade Agreement) and more people share in the regions prosperity andcultures, the Latin from European societiesPatagonia. History varies as well, although several Mercosur (Mercado Comn del Sur) the common enjoy access to merchandise and brands. primarily Spain and Portugal but also Franceandcommon themes prevail.market of Argentina, Brazil, Paraguay and Uruguay.Sources: CIA World Fact Book, United Nations, World Bank14BrandZ Top 50 Most Valuable Latin American Brands 2012BrandZ Top 50 Most Valuable Latin American Brands 2012 15 7. LATIN AMERICA INTRODUCTION Dramatic improvementsSustaining growthLatin America: 1492attention shifted to the Atlantic coast and Buenos Great Britain, the US, France and Germany exerted Each of the five countries examined in this report Is the progress inexorable? It never is, certainly not A Short HistoryThe landing of Christopher Columbus in theAires developed as a commercial center. ThePortuguese established a formal government in powerful economic influence in the region. Rising commodity exports linked Latin America into the illustrates both the dramatic economic and social improvements happening in Latam and thein Latin America. And not in an interdependentworld economy when weakness in the Eurozone, PathsAmericas in 1492 changed everything. Hisdiscovery prompted Spain and Portugal to sendBrazil in 1548. By the end of the century, theeconomic importance of sugar production led to global economy. Wealth and political power remained concentrated among the elite. challenges ahead.North America or Asia can reduce demandfor Latin American commodities, for example. toward expeditions to the New World to gain naturalresources, build trade networks and convert thethe importation of Africans as slaves and the growthof So Paulo. Prosperity Argentina: The country recovered from the collapse population to Christianity. With the Treaty of of its economy a decade ago. But the trauma of Sustaining the health of Latin AmericasTordesillas, in 1494, Spain and Portugal established Twentieth Century economic devastation and hyperinflation continueseconomies depends on steadily growing and their respective claims to the new land with a line to impact the Argentinas efforts to expand the economy and lift the population.sharing prosperity. Assuring this future is animportant responsibility of government, but notof government alone. It requires the participation and Equality of demarcation. IndependenceEvents in Europe led to the independence of the The Mexican Revolution ended in defeat but with a constitution and eventually with the installation of the Institutional Revolutionary Party (PRI) that ruled Brazil: The B in BRIC experienced extraordinaryof all segments of society. The best way for aSpanish and Portuguese colonies. Long disenchanted from 1929 to 2000. However stability eluded economic growth with an economy that surpassed brand to profit from the transformation of Latin The history of Latin America is a synthesisConquestwith Spanish rule, the colonialists felt emboldenedmost of Latin America. Governments experimented $2 trillion in GDP in 2010. But as the growth rate America is to be part of it. of unique national stories informed by a by the weakened power of Spanish king during with many of the ismscommunism, socialism slows, Brazil faces the need to improve infrastructurecommon timeline beginning with indigenousThe conquest began with the arrival of Hernndo the Napoleonic Wars. The first independent nationand populismand with military dictatorship. The and education levels. civilizations and including European Corts on the coast of Yucatn in the spring of was established in Haiti, in 1804. Independenceregion suffered through periods of brutal political conquest, liberation and the struggle toward 1519. Supported by local alliances, Cortesmovements led by Simn Bolvar and Jos de San repression and revolutionary violence. By the end of Chile: A successful free market economy makes free, prosperous and equitable societies.defeated the Aztecs in 1521, renaming their capital,Martin liberated South America of Spanish rule bythe century democracy emerged in most countries. Chilean brands among the most widely recognizedTenochtitln, Mexico City. A campaign against the 1826. Mexico separated from Spain in 1821. in Latam. But economic improvements have raisedMaya followed, and by 1526 Spain controlled mostBrazil severed from Portugal without significant expectations, especially for better and more of Central America. Francisco Pizarro defeated thearmed struggle in 1822. affordable education. Indigenous Civilizations Incas in Peru in 1533 and soon established the The New Millenniumcity of Lima. Battles between the Spanish and the Colombia: Life is more normal with the reduction of Since well before recorded history, diverseIncas continued for decades in the rugged Andes, In 2000, Mexicans defeated the PRI after 71 drug-related violence that intimidated Colombians indigenous peoples populated the land. ending with the ultimate defeat of the Inca EmpireNation Buildingyears of uninterrupted rule. Argentine leadership and discouraged international investment just a By around 8,000 years ago they already in 1572. implemented policies to rebuild the collapsed few years ago. But sustaining that normality is key.were engaged in relatively sophisticated Following Independence Brazil remained in tact economy. Colombian governments reduced agriculture. Eventually, the Aztecs and theSpanish and Portuguese Settlement but the Spanish holdings fractured into separate violence from drug trafficking and guerrilla warfare. Mexico: Brands have flourished in Mexico in partMayan controlled much of the area that iscountries and most struggled in the transition fromBrazil pursued parallel efforts to grow the economy because of the close links between Mexico and the now Central American and Mexico. MuchThe Spanish initially focused on the Pacific territory, monarchical rule to self-governance. Conflicts overand narrow social inequality. Under both liberal US. But brand growth would be even greater with of the Andean region became Inca domain. mining silver and shipping it to customers in China,national borders and civil wars ensued. Instabilityand conservative administrations Chiles economy less drug violence and more economic equality. in one of the earliest examples of global trade. As created power vacuums sometimes filled by military continued to expand. The region seemed on theEuropean demand for crops and leather increased,leaders. By the second half of the nineteenth century, path to greater and more widely shared prosperity.16 BrandZ Top 50 Most Valuable Latin American Brands 2012 BrandZ Top 50 Most Valuable Latin American Brands 201217 8. LATIN AMERICA INTRODUCTIONMiddle ClassGrowth andLatinAmerica isConfidenceDrive interest in brands across categoriesmore thantwice the With the expansion of the middle class acrossmuch of Latin America, international brands are middle class in Latin America has expanded dramatically. During the past five years, the middleland area Jimena Urquijoflourishing and local brands are emerging. class grew by over 25 percent and the lowest income groups declined by 23 percent in eight size ofVice President BusinessDevelopmentBrazil, with a GDP of over $2 trillion, is leadingthe regions development as a favorable place for major Latin American marketsArgentina, Brazil, Colombia, Chile, Ecuador, Mexico, Venezuela Europe.Kantar Media TGI Latin Americabrands to invest. The mid-size Colombian economyis enjoying sustained growth for the first time indecades. Smaller nations, such as Bolivia and and Peru. The reasons for this social and economicPeru, are taking their place in a growing regional improvement vary somewhat by country, buteconomy. Economic uncertainty in the Eurozonegenerally include government programs to reduceand the US makes these developments even morepoverty and social inequality; a sharp increase innotable. global demand for Latin Americas commodities; flexible exchange rates that help moderate inflation;At a time when US politics is dominated by debatewider availability of credit, and trade policies toabout the top 1 percent and everyone else, the encourage investment.LATIN BRAZIL AMERICA EUROPE 8.46 million Km2 20.32 million Km2 10.18 million Km2 3.28 million Mi2 8.13 million Mi23.93 million Mi218 BrandZ Top 50 Most Valuable Latin American Brands 2012 BrandZ Top 50 Most Valuable Latin American Brands 2012 19 9. LATIN AMERICA INTRODUCTION PEOPLE FEEL FINANCIALLY SEACUREPURCHASING POWER INCREASES 35% People Feel Financially SecurePurchasing Power Increases60%Middle Class Growth in Latin Economic growth varies by countryPeople at all economic levels feelAmericaand policies confident30%60% 50% Most countries have implemented programs toLatin American consumers feel confident25% improve the lives of their citizens. Brazils national about their economic situation. More than50% 40% social welfare program, Bolsa Famlia, providesthree-quarters of middle class Latin Americans 20% financial support for people in need in the form believe that their financial situation will be better of a government ID that acts like a debit card. In a year from now, compared with 14 percent 30%40% Argentina, the Universal Child Allowance distributes who believe the situation will remain unchanged15%2006 money to the unemployed or underemployed.and only 6 percent who expect it to get worse.20%The level of optimism has increased significantly10%30%2011 Government economic policies aided the over the past five years among people in all expansion. Brazil imposes high taxes on certaineconomic groups.10% 5%20% imported products in order to protect Brazilian businesses and international companies that 0% manufacture in Brazil. By taxing imported ChineseConsumers Feel Confident 0% 2006 2011 20062011 200620112006 2011 2006 2011200620112006 20112006 201110%cars, for example, Brazil attempts to aid the US Argentina BrazilMexicoColombia ChilePC Internet UsageAirline Trips and European carmakers whose operations create Total ABCDE employment and support local industries.People feel financially secure, especially in Brazil whereReflecting the rise of the middle class, PC ownership Better 1 year more than 30 percent of the population reports feelingincreased dramatically to over 50 percent of the population0from now 74% 79% 77% 67%ABDE Similarly, foreign investment has helped to sustain secure compared with 25 percent five years ago. in 2011 from 30 percent in 2006. C high employment levels and increased income inWorse 1 year from now 7%4% 6% 11%Source: TGI syndicated survey of urban centers in Argentina, Brazil,Source: TGI syndicated survey of urban centers in Argentina, Brazil,In the five years between 2006 and 2011, the middleChile, Mexico, Peru and Uruguay. Other nations, Colombia, Chile, Ecuador, Mexico, Venezuela and Peru. Colombia, Chile, Ecuador, Mexico, Venezuela and Peru.class grew 26 percent and the lowest economic classessuch as Argentina and Venezuela, have attempted Same 1 year from now 16% 14% 14% 18%declined 23 percent. to widen the middle class with less emphasis on Not surprisingly, people feel most financially secureSource: TGI Latina 2011- Syndicated survey of urban centers in attracting foreign investment. Economic growth in in Brazil, the country that has enjoyed the greatestArgentina, Brazil, Colombia, Chile, Ecuador, Mexico, Venezuelaand Peru. these nations is more dependent on high commodityWhile wealthier people are somewhat more optimisticeconomic growth. The sense of financial securityBrands factor into purchasing prices.than the population overall, people in all income levels also has improved, if more moderately, in Argentina decisionsfeel that their economic situation is improving. and Colombia. Mexico is an exception, probably Overall, employment has remained high andSource: TGI syndicated survey of urban centers in Argentina, Brazil, because its strong ties to the US economy exposed The rise in purchasing power is accompanied by general economic stability has moderated the Colombia, Chile, Ecuador, Mexico, Venezuela and Peru.the country to the financial crisis, and drug-related a growing concern with brands. More than half debt and currency devaluations that periodicallyviolence discouraged investment and tourism. In of consumers in Argentina, Brazil and Colombia troubled the region in the past. Over the past fewChile financial security went down slightly. Chilesthink that well-known brands are better. AndSocio-Economic years, Latin Americas economy grew by around 4-or-5 percent annually. private pension system suffered an estimated 20 percent loss to the global financial crisis thereby more than half of all consumers in Argentina and Brazil look for a brand name when purchasing.Classificationscontributing to a lower sense of financial security. With an improved sense of financial wellbeing, Brazilians are the most loyal customers. About 65 percent say that when they find a brand they like, they stick with it. Mexico again is an exception.All Latin American countries use the samethe middle class spends more. Internet usage hasWhile the level of brand interest and loyalty isclassifications to signify socio-economicincreased sharply. Over half of the populationhigh in Mexico, its relatively lower than in thestatus: wealthier individuals are designated now owns PCs. The rise in disposable income other countries. One explanation for this anomalyAB; poorer, DE; those in the middle class areand confidence is also illustrated by the increaseis that Mexican consumers have been exposed toC. Methodologies for assigning individuals in airline trips. international brands for a long time because ofto the three classifications vary by country.the nations proximity to the US.Argentina uses a point system to weigh factorssuch as income and occupation, for example,while Colombia correlates the socio-economicclassification with area of residence.20 BrandZ Top 50 Most Valuable Latin American Brands 2012BrandZ Top 50 Most Valuable Latin American Brands 2012 21 10. LATIN AMERICAINTRODUCTIONPurchasing Power Increases EDUCATION Levels Lag Education LEVELS LAGBrand Consciousness Expands SPECIAL OFFER INTEREST DECREASES 70% 70% 80% 60% 75%71% 50% 60%I always look for special offers 70% 40% 67% 50%I like to change brands often, 65% 30%to get variety and try things out 40%I always look for the brand name 60% 20%on the packet 55% 10% 30%Generally, I plan ahead when buyngexpensive things 50%0%When I find a brand I like, I stick with it20062011 Brazil Russia India China USEurope 20% Latin AmericaPrimary/No EducationIntermediateUniversity Entered or CompleteI think that well-known brands are better 10%Reflecting the increased sense of economic security, fewer One-third of Brazils population has only a primaryconsumers feel compelled to seek sale-priced items.school education, or no education. This reveals BrazilsSource: TGI syndicated survey of urban centers in Argentina, Brazil, most serious challenge in the near term, and its biggestColombia, Chile, Ecuador, Mexico, Venezuela and Peru.hurdle in achieving sustained levels of social and economic 0% development.Argentina BrazilMexico ColombiaChile Source: TGI syndicated survey of urban centers in Argentina, Brazil, Colombia, Chile, Ecuador, Mexico, Venezuela and Peru. Across Latin America consumers are paying attention to Bubble or long-term reality brands. Generally, they prefer to stick with a brand they like rather than experiment. These changes are significantthe rise of the middle The aging infrastructure needs to be improved. And Source: TGI syndicated survey of urban centers in Argentina, Brazil, class, the improvement in financial confidence, thepeople need to receive more extensive education. Colombia, Chile, Ecuador, Mexico, Venezuela and Peru.increase in consumerism and concern with brand.While education levels have improved slightly sinceBut are these changes permanent? Predictions are 2006, even in Brazil, the regions most prosperous Related to this growing interest in brands and always dangerous, especially in Latin America, a nation, only about a quarter of the population has underlying brand loyalty, Latin American consumers region known for its economic and political volatility.any university education. Thats the lowest level of are shopping slightly less for special offers. In 2011, any of the BRIC economies and less than half of 67 percent of consumers always looked for specialThe balance between economic expansion and the level in the US or Europe where, respectively, offers, down from 71 percent in 2006. Whileintolerable inflation can be difficult to modulate.59 percent and 55 percent of the population has the change is small as a percent, the direction is But the social and economic improvements are some university education. important because it suggests that as consumers feel fundamental and should foster greater stability. Latin more secure, they become willing to spend more America needs to address at least two underlying These improvements are requisite to build and for the products and services that they need and structural weaknesses, however.sustain prosperous, competitive and just societies. want. And bargain hunters may be simultaneously trading up.TGI is a global network of market researchstudies providing invaluable consumer insights.www.globaltgi.com22 BrandZ Top 50 Most Valuable Latin American Brands 2012 BrandZ Top 50 Most Valuable Latin American Brands 2012 23 11. LATIN AMERICA INTRODUCTIONGreat Digital OpportunityJuan Alexander Awaits BrandsLondooRegional ManagerTNS Digital, Latin America Consumers aspire to expand Internet presenceSocial network growth potentialGreat opportunity Traditionally Latin America has been a continent Latin Americans also are keen on sharing videos,Internet penetration relatively lowof the haves and have-nots. However, in recent with both consumer and professionally created years there have been huge strides to bridge thisvideos extremely popular. In fact, 72 percent of When it comes to the Internet, Latin Americans can Today, Latin America has relatively low Internet Several factors account for the relatively low level of gap with a growing middle class and increasing Brazilians view videos on YouTube at least once a best be described as Aspirers. penetration, compared with more developedinternet access via mobile phones in Latin America. consumer purchasing power. Consumers who week. Brands have the opportunity to create theirmarkets, with only a couple of countries approaching First, all markets in Latin America have suffered were previously excluded from conversations in own engaging videos to be shared by consumers as Thats a TNS Digital Life term for people whothe 50 percent mark. While many Internet trendsfrom infrastructure issues and poor coverage of areas such as politics, education, brands andwell as to encourage consumer generated content. are relatively new to the Internet but eager toare consistent with other developing markets, some 3G networks. Second, high costs of data plans products, now have a voice, and this voice is beingIf brand-made videos are sufficiently appealing, become more involved. Aspirers is one of our behaviors parallel more developed markets, suchand smartphone devices have impacted heavilyincreasingly expressed through the digital arena.consumers will share them with a large percentage six Digital Lifestyles that also include, for example, as the US and Europe.on levels of usage, especially in markets such asof the online population. Functionals, people who use the Internet forBrazil. However, prices of device and data plansIt is therefore no surprise that social networking has practical reasons like email, and InfluencersIn Latin America, as in other fast growing markets,are falling, with excellent offers for data even on had a huge impact in Latin America, especially Social networks, along with brand websites, are who spend much of the day online.the PC/laptop is still the dominant device for pre-pay plans. This suggests that Internet access considering the social nature of many Latins.also the most important digital touch points on theaccessing the Internet, with mobile devices failingvia mobiles is due to explode in the near future. Brazilians, for example, have an average of 481path to purchase in Latin America, with nearly In Latin America, about 38 percent of the population to make an impact. Mexico has the highest levels friends on social networks, one of the highest half the population engaged at any stage. Not are Aspirers compared with 15 percentof mobile usage with 19 percent of the onlinenumbers in the world, offering major opportunities surprisingly, offline touch points, such as TV and worldwide. These consumers access the Internet population accessing the Internet by mobile in for brands to share their message with large groupsword of mouth, still dominate media investment via Internet cafs and/or at home. They are highly engaged but have not been as active as they would like to be, at least until now.the past four weeks. At the same time, however,Mexicos PC legacy matches that of the US, itsnorthern neighbor with which it maintains closeTNS Digital Life of consumers. In Colombia, Internet users are spending up toin Latin America. However, digitals enormouspotential points to the need for brands to createintegrated offline/online marketing approaches.cultural and economic ties. Digital Life is the largest global study ofeight hours weekly on social networks, significantly Brands face an enormous opportunity in Latin peoples online attitudes and behaviors. Based higher than the global average of 4.8 hours. America during the coming months and years on conversations with over 72,000 people inSocial networks also act as aggregators of many as these highly engaged new consumers, the 60 countries, TNS Digital Life provides insights services including messaging, chat, sharing photos Aspirers, increase their Internet usage levels that help marketers develop effective online and videos and playing games. Therefore social across all activities and platforms. strategies.networks offer an excellent first point of call for brands to communicate with the online consumer.www.tnsdigitallife.com24 BrandZ Top 50 Most Valuable Latin American Brands 2012 BrandZ Top 50 Most Valuable Latin American Brands 2012 25 12. LATIN AMERICA INTRODUCTIONSebastian CodeseiraDirector, Trends & Futures, LATAM The Futures Company Giles PowdrillAssociate Director, LondonThe Futures Company Brand with its worldwide million-plus army of door-to-Arcors rise owes much to the companysMarket relevant messages door sales representatives has been held up as aunderstanding of the distinctive macroeconomic successful case study in how to sell beauty productsclimate in Latin America. In the face of fluctuating When resources, time, strategy or organizational Strategies for in Brazil. Avon has faltered recently though. While input prices and other supply difficulties, Arcorsstructure prevent the creation of a tailored country the business has had internal problems, there are vertical integration has been arguably its greatestcampaign it is still possible for brands to recognize also signs that Brazilian consumer culture is alsoasset. By producing its own raw materials andthe importance of local nuances, despite pronounced changing. Pride in Brazil, and optimism about its creating its own packaging and energy, it insulateddifferences within the region. In particular, the depth Latin America future, have strengthened national identity. Localitself from a range of external pressures and createdof difference in terms of relative levels of income, beauty brands also have grown faster than the a robust business model particularly suited to Latin education and infrastructure development are much multinationals over the last five years.America. Today, Arcors strong distribution networks greater than elsewhere. throughout the region help it to compete with larger Boticario, the largest specialist beauty retailer, is a international players like Unilever and Nestl.One brand that has succeeded in delivering market Adjusting to meet market potentialcase in point. The company embodies many qualities that make it appealing to the modern Brazilianrelevant messages in countries across Latin Americawhile maintaining a consistent look and feel is consumer. Its franchise model, one of the first to Coca Cola. Recent regional campaigns have been be used in Brazil, reflects a growing sense withinCulturally attuned and aligned devised as a sort of menu of different ads and Latin America Brand Strategy The Brand Origin axis is defined by whetherBrazil of empowerment and entrepreneurialism,vignettes with the company running the most relevant Frameworkthe company originated in Latin America or fromand it is also well known for conservation andLatin Americas diversity means that adopting alocal combinations in each country. The overalloutside the region. The second axis, Latin American CSR programs, which underline both local linksbroad-brush approach to marketing is fraught withcampaign, execution style and format remain the The Futures CompanyMarket Focus, is contingent on whether the business and re-investment in the country. problems. Campaigns that do not ring true with same across the region but the story and emphasis With its growing population, increasing income or brand, and its marketing activities, concentratelocal contexts render brands irrelevant or evendiffers subtly from location to location. levels, and heavy technology engagement, itson one particular market or span the region. alienating. International brands need to find a wayInternationalLatin American Market Focus not surprising that Latin America has drawn the Inside knowledge andMarket relevant to square this with the constraints of international Such campaigns are difficult to execute, but the attention of marketers. But it is an easy continent toproven experience messages While these quadrants and their definitions are notInside knowledge and proven brand and market guidelines, which add a further benefits can be substantial and ensure that the misread, because of the huge differences among mutually exclusive, the matrix helps to understand experiencelevel of complexity. brands values remain aligned and undiluted. the constituent countries and regionally within each brands centers of gravity, which is critical in country. Brazil, for instance, is four-fifths of the sizedetermining their most appropriate and credibleLatin American brands are not just successful in theirAn example of a brand that has managed to of Europe while some Caribbean islands rank as marketing strategies in the region.home countries. The Argentine confectionery brand stay aligned with its core values while appearingDomestic the worlds smallest territories. Literacy rates in LatinDeep local insight Culturally attunedArcor is the worlds largest producer of candies, and culturally attuned in a particular country is Diageos America vary, too, from almost 100 percent inand expertiseand aligned the largest exporter of confectionery in Argentina, Johnnie Walker in Brazil. In a recent campaign, Cuba to about half the population in Haiti. Brazil, Chile and Peru. The company strapline,Diageo used the brands global platform of KeepDeep local insight and expertise Le damos sabor al mundo (We give the worldWalking but made it relevant for Brazilians,The Futures Company is the leading global foresight To explore what these similarities and differencesDomesticInternational flavor), indicates its ambition.tapping into the aspirational mood of the countryand futures company. A longer version of this article,The Coming Decade for Latin America, can be mean for brands and their marketing strategies inBrand OriginBeauty matters, certainly in Brazil. Sales of beauty and referencing local legend.accessed as a Future Perspectives report on The Latin America, The Futures Company has developed and personal care products exceed $35 billion Futures Companys website, at a brand strategy framework.annually. For a long time, the cosmetics giant Avon,www.thefuturescompany.com/free_thinking.26 BrandZ Top 50 Most Valuable Latin American Brands 2012BrandZ Top 50 Most Valuable Latin American Brands 2012 27 13. LATIN AMERICAINTRODUCTION Sonia Bueno CEO Kantar Worldpanel Latam Brazil Earned itsLetter in BRICAll Latam experienced growthChallenges remain It has been more than 200 years, since theeconomies. People long stuck in poverty areWith an open economy and progressive socialHigh inflation is one of the ghosts from the past that These events will take place as Latin America faces emergence of the Industrial Revolution in England,beginning to find their space in the consumerprograms, Brazil has driven regional vitality andreturns to haunt Latin America, some countries moreother developments and challenges, including that the world has seen such a powerful rebalancing market.experienced 5 to 7 percent economic growth for than others. While in Venezuela and Argentinanational elections in some countries and public of the scales of global economic power.the past few years. But Brazil is not the only Latin inflation is double digit, elsewhere it is arounddiscontent about certain social issues, such the Economist Jim ONeill created the BRIC acronym American country experiencing rising prosperity. 3-to-6 percent. The price of commodities is anotherquality and cost of education, as last years student The emerging countries, especially BRICsBrazil,in 2001. A market analyst for investment bankChile, Colombia, Mexico and Peru are among the variable that will undoubtedly have repercussionsprotests in Chile illustrated. Continued economic Russia, India and Chinahave taken over the Goldman Sachs, ONeill predicted that in 50 years, other countries also doing well. on the regions results for this year. growth will enable the countries of Latin America economic news, not because theyre in political these four economies would be the most important to welcome more of their citizens into the middle and economic crises anymore, but because theyreworldwide. In the decade since he published hisThe question is whether the growth will continue The fact remains that Latin Americas importance class and consumer society. important agents of global economic growth. Building Better Global Economic Brics report, we and at what rate. The regions economy grew an has grown and strengthened globally. Proof of have witnessed the growing economic and politicalimpressive 6 percent in 2010. And more thanthis attainment is in the number of prestigious The collapse of radical communism and the decline strength of the BRICs and the weakening hegemony half of the population now is considered part of international conferences taking place in the of wild capitalism, together with the technological of the players that dominated the dynamics of thethe middle class. However, estimates for 2012region during 2012, including: Rio+20, the United evolution, promoted a more favorable environmentinternational economy during the past century: the indicate economic growth of 3.7 percent, below Nations Conference on Sustainable Development for the blossoming of the emerging countries US, Japan and the Western Europe.the 4.3 percent estimated for 2011, according to in Brazil; the Summit of the Americas, in Colombia;findings by the UNs Economic Commission for the EU-Latin America Summit in Chile; and theLatin America and the Caribbean (ECLAC). Latin American World Economic Forum, in Mexico.Kantar Worldpanel is the world leader in consumerknowledge and insights based on continuousconsumer panels.www.kantarworldpanel.com28 BrandZ Top 50 Most Valuable Latin American Brands 2012BrandZ Top 50 Most Valuable Latin American Brands 2012 29 14. LATIN AMERICA INTRODUCTION Latam Retail On the periphery For most of the last century Latin America was Consolidation of the retail universe is taking place (with the exception of the retailer Exito) in the on the periphery of the worlds economic and at an ever-faster rate. Supermarket chains, as welltop retailer list. But this has more to do with a Powerful political stage. This was reflected by a retailas department stores, are growing organically or mountainous country, which is very regionalized universe that was dominated by traditional through acquisitions, and gaining greater power. by topography, than with anything else. retailers that for the most part focused on offering They are attracting more consumers, extending Adrian Finchbasic products to low-income consumers in theircredit lines, gaining bargaining power withLooking forward, the challenges of the informal and Evolving Regional Director local neighborhoods. Many of these traditional suppliers, and driving efficiencies across the market will be superseded by the challenges of the Ogilvy Action Latin America channels profited from an informal market, supply chain.digital world. E-commerce is still very much in its which allowed them to compete on price with infancy in Latin America, but a purchase behavior larger retailers. shift is already taking place with consumers, driven by improvements in technological Brand marketers need to prepare But as Latin Americas economies haveLimited multinational presence infrastructure and the increased usage of smart strengthened over the last decade, thephones. We are at the very early stages of a consumption habits across the region moved Despite these advances of the modern trade,seismic shift in consumer behavior and demands, A tourist arriving in Rio de Janeiro for the firstHowever, like any other city in the world, to get a on, and the retail landscape evolved. Non-basicWalmart and Carrefour remain the only twowhich will require retailers to adapt even more, time probably would want to visit the Sugar Loaf, more granular view of the habits and lifestyle of consumption items have grown quickly all overmultinational retail companies that figure in thewith more aggressive pricing strategies and more walk along Copacabana beach, and perhapsa resident, a quick trip to the local supermarket Latin America led by the soft drinks and the Top 15 largest retailer groups in Latin America. efficient home delivery mechanisms, all the way watch a game of football at the famous Maracana would be no bad thing. In the case of Rio, abeer categories. The opening of credit lines toThis clearly demonstrates that local knowledge through to better in-store shopping experiences. Stadium. This last option of course is not possible visit to a Zona Sul supermarket (with its heart consumers also has greatly changed consumption still holds sway in the region, a region where the at the moment because the stadium that wasshaped logo), or a more price conscious Mundial patterns, with greater spending on durable white local powerhouses grew up in difficult economicThese are all global digital trends, but to be built for the 1950 World Cup is currently being supermarket, would give an equally enlightening goods (within the formal market) for the first timetimes of rampant inflation, complex supply chains, successful brand marketers will need to prepare redeveloped for the next World Cup in 2014. look into the habits of a Carioca.by low-income consumers. as well as competition from the informal market. for them with a distinctive Latin touch. Nevertheless, having taken in the sights andObviously this type of granular view isnt just At the same time, in high-income neighborhoods,Chile, Mexico and Brazil represent the most sounds of these regular tourist attractions a visitor restricted to supermarkets. The whole retailtraditional stores have progressed to offer better developed retail environments in Latin America, probably would feel that he or she has received universe is a reflection of the society it serves.overall quality service, a more specializedand not surprisingly the biggest retailers in the a good insight into the lifestyle of a Carioca theassortment of products and greater attention toregion come from these three nations. Colombia name given to natives of Rio. the purchase experience. is conspicuous by its lack of representation Ogilvy Action focuses on better understanding consumer behavior and how shoppers make purchasing decisions. www.ogilvyaction.com30 BrandZ Top 50 Most Valuable Latin American Brands 2012BrandZ Top 50 Most Valuable Latin American Brands 201231 15. TOP 50 OVERVIEW 16. LATIN AMERICAOVERVIEWRetail leads the ranking BrandZ Latam Top 50 TMRetail is the most represented product category in Top 50 Brand Value Countries by Brand Value the BrandZ Latam Top 50, with 14 brands listed.ArgentinaEight of the retail brands are Chilean, four are 3% Mexican, Brazil and Colombia each has one. Thedominance of retail reflects its central importanceTotals $136 billionboth for the distribution of merchandise and theColombiaprovision of credit.16% BrandZTM Latam Top 50Brazil34%The second most represented category, financial RANKING BY Categoriesinstitutions, also is fundamental to the health ofRanking includes diverse categories ChileLatin Americas economies. Five of the 10 financial Retail 1420% institutions are Colombian and three are Brazilian. The 2012 Top 50 Most Valuable Latam brands They total just 3 percent of the value of the Latam Mexico and Chile each have one. With eight total $135.7 billion in value.MexicoFinancial Institutions 10Top 50 and come from two product categories.brands in the Top 50, communication provider27%is the third most represented category, pointing Brazil accounts for just over one third-of thatAll of the BrandZ Latam Top 50 most valuable to the influence of communications today. Five ofCommunication Providers8 value, which isnt surprising since Brazil, one of brands are leaders in their country markets. Many the telecoms are Mexican. the BRIC markets, is the worlds fifth largest country enjoy regional prominence. The Chilean retailers Beer 6 in land area, just after China, and the sixth largestFalabella and Jumbo operate stores throughout BrazilUS$45.90 billionThe mix of categories in the BrandZ Latam Top economy with a GDP of $2.0 trillion in 2010, a South America. The Mexican telecom Telcel serves50 ranking is determined by geography, history,Energy 4 gain of over 200 percent in a decade.much of Latin America. And the financial institutionMexicoUS$36.80 billionpolitics and economics of the various countries.brands typically maintain locations in neighboringChiles physical isolation in part inspired self-relianceFood 3 But its not just about Brazil. Mexico comprises 27countries.Chile US$27.25 billionand the development of retail. Brazil benefited percent of the value of the 2012 Top 50 ranking. from the richness of its natural resources. Economic Industrial 2 Together, Brazil and Mexico account for half ofIn addition, some of the BrandZ Latam Top 50 ColombiaUS$22.04 billionturbulence and government policy has moderated the brands, 14 each. Reflecting the diversity of operate globally. Number 1 ranked Petrobras,the growth of brand value across most product Airlines 1 the national economies, Brazils brands representthe Brazilian energy giant, conducts explorationArgentina US$3.76 billion categories in Argentina. eight product categories and Mexicos, six.and refining activities in all parts of the world.The Brazilian food processors Sadia and PerdigoTotal US$135.74 billion In some instances, the category mix suggests the Cosmetics1 With 12 brands in the Top 50, Chile accounts for export worldwide. Cemex of Mexico is a global influence of several powerful and wealthy Latin 20 percent of the 2012 Latam Top 50 total value, building materials supplier. Chiles LAN Airlines isAmerican entrepreneurs. Carlos Slim Hel, theMining 1 while Colombia with eight brands comprises 16in the final stages of a merger with TAM Airlines of Brands from regions largest economy, Brazil,Mexican financial magnate who Forbes magazine percent of total value. Five product categoriesBrazil to form one of the worlds largest carriers,comprise about one-third of the value of the Latam ranks as the worlds riches individual, ownsHalf of the brands in the BrandZ Top 50 Most in Chile and four in Colombia are included. In LATAM. Top 50. Brazil and Mexico together account for substantial telecom and retail interests. Colombian Valuable Latin American Brands are either contrast, only two Argentine brands appear. over 60 percent of the Top 50 brand value. Chile Lusi Carlos Sarmiento manages several bank brands retailers or financial institutions, reflecting the represents 20 percent of Top 50 brand value, under the holding company Angulo Grupo Aval central role of those categories in Latin American although its a smaller economy than ColombiaAcciones y Valores SA.societies. Those two categories, along with and Argentina whose brands together accountcommunication provider, account for one-third for 19 percent of Top 50 value.of brands in the Top 50.34 BrandZ Top 50 Most Valuable Latin American Brands 2012 BrandZ Top 50 Most Valuable Latin American Brands 201235 17. LATIN AMERICAOVERVIEW Brand Contribution scores are high BrandZTM Latam Top 50 - Categories by Country The high Brand Contribution scores of Chilean brands indicate the potential strength of brands in Latin America. Brand Contribution measures the AirlinesBrazil Mexico--Chile1Colombia Argentina TOTAL-- 1 Top 100 and Telcel, Mexicos telecom, ranks 97.Retail, Beertheir differentiation depends on innovative brandmarketing. impact on the future earning potential of brand alone, excluding other factors such as financialBeer 42- -- 6 Several Latam brands appear among the BrandZ global leaders in their respective categories, score highIn contrast, retail brands sometimes receive high performance. It rates brands on a scale of 1 to 5, with 5 being the best score.Communication however. Three of the Top 10 brands in the beer category are Latin American: Corona of Mexicoin BrandBrand Contribution scores, but not always. Thepresence of so many retail brands suggests the Of the 12 Chilean brands in the BrandZ Top 50 Provider15- 1 18 and the Brazilian brands Skol and Brahma. Brazils Natura ranks among BrandZ global leadersContributioncentral role of retail in peoples lives in LatinAmerica. Chilean retail brands, in particular, Most Valuable Latam brands, all but one brand Cosmetics1-- - -1 in personal care category. Skol and Brahma are developed as places both to purchase received a Brand Contribution score of 4 or 5.owned by AB-InBev, the worlds largest brewer, Brand Contribution measures the impact of merchandise and obtain credit. Energy 1-1 1 14 The exception is in the energy category, whichdemonstrating the engagement of multinationals brand alone on future earnings, exclusive of typically scores low in Brand Contribution. BrandsFinancial Institu-in Latam.other factors such as financial performance. An With the exception of the Argentine beer in the other Latam countries score moderately well 311 5 -10 indicator of brand strength, Brand Contribution Quilmes, the Top 10 brands come from Brazil in Brand Contribution. Overall, 21 of the Top 50 tionIn 2012, for the first time, two Chilean brandsis measured on a scale of 1 to 5 (5 highest). or Chile, which points to the importance of Latam brands score a 4 or 5 in brand contribution,ascended to the ranks of BrandZ global leadersbrands in those countries. Copec receives an Food 21- - -3 19 score 1 or 2 and 10 are exactly in the middlein their categoryretail. Falabella operates Eight of the BrandZ Top 10 Brand Contributionunusually strong Brand Contribution score for with scores of 3. Industrial -11 - -2 department stores and Sodimac, a Falabella leaders in Latin America fall in two productan energy brand. Brazilians have high regard Mining 1-- - -1 specialist brand, operates in home improvement.categories, beer and retail. Popular beers oftenfor Natura, the cosmetic brand. The highest scoring brands generally are retailersWhile neither Mexicos Bodega Aurrera nor Lider of receive high brand contribution scores because Retail 148 1 -14 or beers. But Chiles LAN Airlines and its energy Chile, both supermarkets, are listed in the ranks of brand Copec also scored well as did Natura, the TOTAL14 14 128 250global retail leaders, theyre owned by the worlds Brazilian cosmetics brand and Bimbo, the worldsmost valuable retail brand, Walmart.Brand NameCategory BrandCountry Among the most valuable Latin Contribution largest distributor of bakery products, which isReflecting their large and diverse economies, brand value is spread among many categories American brands, these brands rank based in Mexico. Energy and industrial brands in the Brazil and Mexico BrandZ rankings. In contrast, brand value is concentrated in two1.Bohemia Beer5Brazil highest in Brand Contribution. An generally score low in Brand Contribution.categories, retail and financial institution, respectively, in the Chile and Colombia rankings. indicator of brand strength, Brand 2.Sodimac Retail5Chile Contribution is measured on a scale 3.SkolBeer5Brazil Although appreciating in value, the Latam brandsof 1 to 5 (5 highest). 4.BrahmaBeer5Brazil are not yet valuable enough to appear in the BrandZ Top 100 Most Valuable Global Brands 5.Copec Energy5Chile rankingwith two exceptions. The Brazilian oil6.NaturaCosmetics 5Brazil and gas company Petrobras ranks 75 in the 20127.Lider Retail5Chile 8.Jumbo Retail5Chile 9.Quilmes Beer5Argentina 10. Falabella Retail5ChileSource: Brand Analytics, BrandZ36BrandZ Top 50 Most Valuable Latin American Brands 2012 BrandZ Top 50 Most Valuable Latin American Brands 2012 37 18. LATIN AMERICAArgentina Brazil Chile Colombia MexicoBrandZTM Top 50 Most Valuable Latin American Brands 2012 Brand Value Brand Brand ValueBrandBrand ValueBrand Brand Value Brand # Brand# Brand#Brand#Brand (US$ Mil.)Contribution Index(US$ Mil.) Contribution Index (US$ Mil.) Contribution Index(US$ Mil.)Contribution Index 1 10,5601Energy 133,465 4Financial Institution251,995Bakery4 38 1,156 3Retail2 8,4493 14 3,318 5261,9805 Retail 391,143 3 Financial InstitutionCommunication ProviderRetail3 6,6903 15 3,307 5 271,834 2 Retail 401,116 3 Retail Financial Institution Cosmetics 4 16 28 1,7081 419874 6,6062 Financial Institution3,109 3 Bank MiningRetail29 421,699 4948 455,513Communication Provider 4 17 3,074 2 EnergyRetail Retail 30431,4962 851 465,2634 18 2,842 3 FoodBeer Retail Financial Institution 817 131 441,4941 Cement Communication Provider75,1144Beer 19 2,815 5 Energy778 2 32451,398 2RetailFood4,69852,656 2820762 2BeerCommunication Provider 33 1,3615Retail 46Retail4,57432,585 2921 3447 Financial InstitutionCommunication Provider1,3521 697 5 Financial InstitutionBeer4,336 *22,511 210Communication Provider 22 Retail 351,251 4 48 690 1 Financial Institution Paper4,24012,414 311Energy 23 Financial Institution36 1,2444 49 681Communication Provider 3Beer3,96442,359 512Airline 24Beer37 1,1684 Retail 50676Communication Provider 238 BrandZ Top 50 Most Valuable Latin American Brands 2012Source: BrandAnalytics and Millward Brown Optimor. *Claro is based in Mexico but has no operations there. BrandZ Top 50 Most Valuable Latin American Brands 2012 39 19. Argentina40 BrandZ Top 50 Most Valuable Latin American Brands 2012 20. Argentina Overview Consumer Purchasing Power Grows double that rate, according to the Economist Intelligence Unit. And economic uncertainty is increasing.Brand choice is relatively limitedDespite these issues, Argentines have disposableincome and theyre spending it, if somewhatmore slowly. Cosmopolitan residents of BuenosBrand choice, however, is relatively limited.Regulations designed to protect local industrycomplicate the market entry for international But policies limit brand choiceAires and other cities look to Europe and North organizations. And local brand owners seem Until recently, the country remained relatively isolated America for brands, especially when purchasingto focus on brand distributiongetting into the from the impact of the global economic problems. aspirational goods, such as cars or consumersupermarket or other retail outletrather than on Argentines live prepared for the worst. But weakening demand for commodities and electronics.brand building. The limited brand selection also Brazils economic slowdown impacted Argentina. results from price controls that affect the incentive And for a good reason: just a decade ago, government implemented social programs. The And in the middle of April, Argentine PresidentThey generally select international brandsfor brands to compete. In addition, agriculture unemployment soared, currency devalued, violent Universal Child Allowance, for example, distributes Cristina Fernndez de Kirchner announced the for the perceived quality and implied status. and livestock, rather than industry, comprise a protests erupted, wealth fled and Argentina money to unemployed or underemployed families nationalization of YPF, the nations largest oil and Consumption sometimes is driven by a desire tolarge part of the countrys economy. defaulted on a major international debt.with children in an effort to reduce extremegas company and its most valuable brand. display wealth. Historically, times of high inflation poverty. Liberal extension of credit also enabledalso have influenced consumption. Reflecting recent fluctuations in the economy, The country rebounded strongly, with GDPmore people to acquire consumer goods.The move received popular support in Argentina lower priced brands have become more popular improving almost 30 percent between 2000but stirred nervousness about the future ofIn certain categories, especially food and drink, in certain categories, such as personal care. The and 2010, according to the World Bank. WhileThe Argentine economy is expected to expand foreign investment. Foreign Direct InvestmentArgentines prefer local brands. Examples includeability of Argentines to handle economic ups and the change is impressive it lags the dramatic by a healthy 6 percent in 2012, but thats(FDI) weakened during 2011, rising only 3Quilmes, a popular Argentine beer, and Gallo, downs is well illustrated by the past decade, but improvement in neighboring Brazil, where rose down several points from 2011, according to percent compared with a 35 percent rise for alla brand of rice. The Molinos company marketsArgentine resilience has a much longer history. by over 200 percent during the same period. the nations central bank. Inflation is growing of South America, according to United Nationsmany brands of packaged goods. Grupo Arcor by almost 9 percent, according to the NationalEconomic Commission for Latin America andis a major confectionary producer. La Serensima Still, personal income improved steadily as Institute of Statistics and Censuses (INDEC). Other the Caribbean (ECLAC). markets dairy products. Argentina trade unions lobbied for higher wages and the sources suggest that the inflation figure could be Key Facts Land Area PopulationMedian AgeGDPGDP per CapitaForeign direct investment 2.78 million Km22010 40.4 million 2010 30.4 years 2010 US$368.7 billion2010 US$9,124 2010 US$7.1billion 1.07 million Mi22000 36.9 million 2000 27.9 years 2000 US$284.2 billion2000 US$7,696 2000 US$10.4 billion Change +9 percent Change +30 percent Change +19 percentChange -32 percent Comparison Argentina is the eighth largest country in theComparisonComparison ComparisonComparison world in land area, ranked just after India and In population, Argentina is about the size of The GDP of Argentina is somewhat larger than In GDP per capita Argentina ranks slightly underIn FDI Argentina ranks below Finland and roughly equivalent in size to Kazakhstan. Kenya and a bit larger than Poland. the GDP of South Africa and smaller than the Mexico and Kazakhstan above Colombia and the Czech Republic. GDP of Austria.Sources: CIA World Fact Book, United Nations, World Bank42BrandZ Top 50 Most Valuable Latin American Brands 2012 BrandZ Top 50 Most Valuable Latin American Brands 2012 43 21. ArgentinaFUNDAMENTALS BrandZTM Top 5 Most Valuable Argentine Brands 2012FOR BRANDBUILDING IN#BrandBrand Value Brand CategoryARGENTINA(US$ Mil.)Contribution Index1. Be curious 1 3,0742Energy Resilience and recoveryArgentina is a large and diverse country. In the early twentieth century, Argentina wasAbout one-third the size of the US,Argentina is the second largest South 2 681 3 Communication Provider a prosperous country, although wealth wasAmerican country in land area after Brazil. concentrated. For 30 years, from around 1916 Learn the regional differences and adapt until the ascension of Juan Pern to the presidency in 1946, the country was ruled first by a populistto them.3 390 3 Communication Provider government and then by the military, directly or indirectly.2. Be flexible Pern attempted to improve the lives of ArgentinesThe one constant in Argentina is change.Argentines are experts at surviving the4 334 5 Beer with a mix of policies, nationalizing certainunexpected. They tend to be up beat and industries and implementing social reforms. A military coup deposed Pern in 1955. He returnedflexible. And thats that attitude they lookfor in trusted brands.5 188 3 Financial Institution for a short period of leadership in the 1970s. Then a brutal and repressive military regime governed until losing power in 1983, following its defeat 3. Be emotionalBrand Contribution measures the role brand plays in driving earnings on a scale of 1 to 5 (highest). in the Falklands war. The economy continued to Argentines respond especially well toSource: BrandAnalytics and Millward Brown Optimor suffer under successive democratic governments.brands that connect in a human way, thatdisplay honesty, humor or audaciousness. When Carlos Sal Menem won the presidency, Its important to communicate distinctive in 1989, the economy rebounded initially withadvantages clearly and continuously. a privatization program that included selling the national oil company, YPF. He also linked the value of the peso to the dollar. When the economy4. Be digitalYPF is Argentinas leading energy declined precipitously, the government froze personal assets and property values plummeted. Argentina defaulted on a large foreign debt inTraditional media remains important, butInternet penetration is high in Argentina.The people are active on social networks1. YPF company and largest fuel producer. 2002.and they look for special offers from brands.Company YPF It operates a fully integrated oil and gas businessYPF operates a network of more than 1,600 filling Brand Value US$3,074 Millionwith leading market positions across the domesticstations and has the ability to produce 530,000 With financial changes, including devaluation Headquarter City Buenos Aires upstream and downstream segments. Upstream barrels of oil daily from 91 production areas of the peso, the economy began to recover5. Be price sensitiveIndustry Energy operations include the exploration, developmenttransported by 2,700 kilometers (1,677 miles) of by the time that Nstor Kirchner was elected Its not all about price in Argentina, ofYear Formed 1922and production of crude oil, natural gas and pipeline. The company was founded in 1922 and president in 2003. He attacked corruption, course. But the countrys history of economicpropane. Downstream operations are focused onoperated as a state run enterprise until 1993 when a paid back international debt and sustained the volatility and periods of hyperinflation has refining, marketing, transportation and distribution public offering reduced the governments ownership recovery. Cristina Fernndez de Kirchner, themade Argentines careful shoppers.of oil and a wide range of petroleum products, stake to a minority position. In 1999, Spains Repsol current president, succeeded her husband. Nestorpetroleum derivatives, petrochemicals, propane acquired majority ownership of YPF, but early in Kirchner died in 2010.and bio-fuels. 2012 the government reasserted ownership witha presidential decree to nationalize YPF.44BrandZ Top 50 Most Valuable Latin American Brands 2012 BrandZ Top 50 Most Valuable Latin American Brands 2012 45 22. TOP 5 Argentina 2. Personal Personal is the mobile brand of Quilmes is ArgentinasTelecomThe Telecom Group. 4. Quilmes best-known beer brand. Company The Telecom Group Personal has 18.2 million customers in ArgentinaThe company offers products for different segmentsCompany Cervecera y Maltera Quilmes Cervecera y Maltera Quilmes is the top brewerThe company has 4,850 employees and Brand Value US$681 Millionand nearly 70 percent of those rely on theof the market, such as the high end Personal BlackBrand Value US$334 Millionin Argentina and part of the Anheuser-Busch InBevoperates five plants and eight distribution Headquarter City Buenos Aires companys prepaid service. Personal relaunchedhandset to the more value priced Personal Touch Headquarter City Buenos Aires groups extensive portfolio of more than 200 brands. centers. The brand is active in promoting social Industry Communication Provider its brand last year and introduced a distinctive newsmartphone offering. The brand also seeks to driveIndustry Beer Within the Anheuser-Busch InBev brand hierarchy, initiatives such as Vivamos Responsablemente, Year Formed 1990logo that features its name spelled out in lettersloyalty through its Club Personal program. Personal Year Formed 1890Quilmes is regarded as a local champion due to focused on promoting responsible drinking and Website www.telecom.com.arthat resemble handwriting. Personal drives brandparent company The Telecom Group was createdWebsite its leadership position within Argentina.the Futuro Posible campaign which provides awareness through sponsorship of signature events,in 1990 when the government allowed publicwww.cerveceriaymalteriaquilmes.com student scholarships and donations to hospitals such as the seventh annual Personal Fest musicalownership of the previously state run enterprise. It and educational institutions. festival that draws roughly 70,000 attendees over shares are traded on the New York Stock Exchange two days. under the symbol TEO. Banco Galicia is a major Telecom Argentina is one of the financial institution with 2.2 3. Telecommain national telecommunication million account holders and anArgentinacompanies in Argentina.5. Banco Galicia expanding branch network. Company The Telecom Group Telecom Argentina offers local and long distanceThe increased bundling of services, coupled with newCompany Banco de Galicia yBanco Galicia serves its 2.2 million deposit account last year and remains a financial stalwart with year- Brand Value US$390 Millionfixed-line telephony, cellular, data transmission and products and service introductions in 2011, helpedBuenos Aires SA holders and 8.5 million credit card customers with end assets that totaled 50.6 billion pesos ($3.6 Headquarter City Buenos Aires Internet services. The company offers mobile servicethe company achieve a record low level of customerBrand Value US$188 Millionnearly 500 branch locations. The company was billion approximately). The companys shares are Industry Communication Provider through its Personal brand and Internet broadband turnover. Telecom Argentina is one of the largest Headquarter City Buenos Aires founded in 1905 and ended its most recent fiscal traded on the Buenos Aires Stock Exchange under Year Formed 1990services through its Arnet brand, which last year employers in the country with over 15,600 employees Industry Financial Institutionyear with 12,500 employees. The bank accounted the ticker symbol GALI. Website www.telecom.com.arlaunched a video streaming service called Arnet nationwide. It began operations in 1990 after the Year Formed 1905for nearly 9 percent of loans to the private sector Play that allows customers to watch a wide range of government completed a transaction allowing for Website www.bancogalicia.com content on their televisions and computers at home. public ownership of the company, which now trades on New York Stock Exchange under the symbol TEO.46 BrandZ Top 50 Most Valuable Latin American Brands 2012 BrandZ Top 50 Most Valuable Latin American Brands 201247 23. Argentina CommentaryMedia Shoppers SeekInvestment DiscountsGrows Sharply As inflation increases pricesImpacted by inflation and new lawArgentinas GDP expanded by a healthy 8 percent looking for maximum value during a period of FIDEL LARIVA Media investment grew 31.5 percent year-on-year increase competition in an industry where powerduring 2011, but is likely to slow because of bothrising inflation. Carrefour, for example, offeredBusiness Planning Partnerin 2011, reaching $4.2 billion (Please see chart).has been concentrated in a few companies.domestic and international factors. discounts of 20 - to - 25 percent to drive customer Mindshare But, as in recent years, inflation contributed muchtraffic on designated days. As discountingof that improvement.The law, requiring a higher proportion of contentGlobal demand contributed to the strong economicdeclined, however, consumers shifted back toMARTIN CURIAto be produced in Argentina, affects advertisingexpansion, as the price of raw materials reachedshopping in the traditional retail channel.Research and ConsumerIn fact, the growth rate was greater than previousproduction because it increases the cost of TV andhistoric levels. Inflation, however, remained a Insight Director, Mediacomyears mostly because of the new media law.cable. The governments goal of increasing theserious concern. Although the inflation rate wasDespite these challenges, effective marketing Passed at the end of 2009, the Audiovisualdigitization of media also impacted the industry.11 percent, according to government sources,drove sales. The FMCG basket was filled withCommunication Services Law is intended to The first digital-only television programs appeared.private estimates put the rate as high as 25 percent. many examples of brand and product innovation,And many newspapers launched their digitalespecially in the home care category, which platforms.In fact, the price of a Fast Moving Consumerenjoyed a sales increase of almost 4 percent. SomeGoods (FMCG) basket grew 24 percent. Perhapsbrands delivered more premium products andbecause inflation made the goods more expensive,others offered value-for-money. In each case, whenTotal Media InvestmentFMCG sales remained flat, expanding by only 1 the strategy was clear and well communicated, $ 1.604 $ 1.928 $ 2.351 $ 2.654 $ 3.159 $ 4.156 US$ Millionspercent. Interestingly, any growth came not fromresults were solid. 100%the middle class, but from consumers in lowerincome levels with purchasing power enhancedRising inflation is likely to continue throughout80%40% 39% 39% 39% 39% 37% TV FERNANDO COMENDEIROby government programs. These consumers 2012. The governments nationalization of the Senior VP Marketing andincreased FMCG spending 4 percent, while theoil company YPF reflects a larger strategy for Cable Communications middle class reduced its FMCG spending to affordencouraging the development of local brands. Investment60%7%Newspapers 7%7%8%9%8%the rising prices of other goods and services, such Government policies also attempt to reduce Magazines CECILIA ALVA as education and insurance. unemployment and stimulate the economy with40%Radio Managing Director, Southernpublic spending on infrastructure. These measures35% 34% 33% 32% 33% 35% Cone RegionBecause of inflation and rising prices consumersshould stimulate economic expansion, at least forOut of Homeshopped for discounts. Early in 2011, deepthe near term.20%Cinema 6%5%5%5%5% KANTAR WORLDPANELdiscounts at modern retail stores drew consumers 6%3%3%3%3%3%3%5% Internet7%6%7%7%6% 1% 2%1%1% 1%2% 4%6%2%3%3%3% 0%Kantar Worldpanel is the world leader in consumer 200620072008200920102011knowledge and insights based on continuousconsumer panels.Media investment in Argentina increased significantly over the past few yearswww.kantarworldpanel.combecause of inflation and the impact of the new communications law.Source: Monitor, Scopesi; Mindshare48 BrandZ Top 50 Most Valuable Latin American Brands 2012 BrandZ Top 50 Most Valuable Latin American Brands 2012 49 24. Argentina Internet251.90 PAULA BERNASCONIGeneral Manager Commentary Most brands are developing digital or Internet campaigns and expanding rapidly into social Investment Ogilvy ArgentinaCreative media. Investment in Internet advertising almost doubled in 2011. (Please see chart). At the same time, the largest advertisers still rely on TV forInvestment (US$ Millions) broad communication of their campaigns, evenFitness 134.65 though TV ad rates have increased substantially. Changes in telecommunications also impacted the 92.40 Argentine media industry, as the market experienced73.05 greater convergence of telecommunications and content. New platforms and devices continue to48.27Adapting develop, with penetration growing steadily. But the rapid pace of change has raised important 10.64 29.78to Constant Change issues, such as the questions about intellectual 5.755.158.07 property infractions.2002200320042005 200620072008 200920102011A general law of nature states: adapt or perish;that a frequent gym-goer keeps physically fit.Reinventing brands to be more Internet investment increased steadily during the past decade, with a sharp rise re-invent or wither.Flexibility, the capacity to be a jack of all trades, unpredictable than events after Argentina implemented the new communications law in 2009.to avoid being pigeonholed in just one specialty, MediaCom is one of the worlds leading media agencies. This law not only applies to wildlife, but to business- to take life with humor and see the glass half full;Creativity. Brand marketing success in Argentina www.media.comSource: CACEM/ComScore, Mindshare related activities as well (which can sometimes beThese are some features that define Latin Americans requires constantly finding strong creative ideas that Mindshare is a global media and marketing services network.quite wild).and especially Argentines.stand out. At Ogilvy we call it pervasive creativity. www.mindshareworld.com We are conscious we are in this industry to sellIn Argentina, new and surprising economic and or else, as our founder David Ogilvy once said.political news appears every day and makesWhen crisis is the everyday normalArgentines very quick to react, adjust and find So ideas need to be effective. We go for theTNS Digital Life: their way through.This ability to adapt to change can be seeneverywhere, everyday: in a housewife doingTwin Peaks: Creativity and Effectiveness. Thesetwo go together. They result in ideas that breakArgentina week Argentines spend online, they visit social Although not as influential as the television orA little background: The Argentine population miracles in handling her home economy, a smallthrough but remain relevant to consumers needsInternetnetworking sites like Facebook for 4.6 hours. word of mouth, online touch points play a key comprises people mostly of Italian and Spanishentrepreneur reinventing a business or a taxi and aspirations. They make an impact on clientrole throughout the path to purchase demonstratingdescent. The language is Spanish; the spirit, Italian.driver displaying vast knowledge about politics,businesses.Penetration HighAnd 40 percent of Argentine consumersreport being drawn to branded pages throughthe importance of integrated offline and onlinecampaigns.Argentina is the eighth largest country in the world. the economy or the latest scientific discovery.Ideas. Ideas keep us alive. Ideas keep brandsspecial offers or promotions. In another respectThe land is extremely fertile. There is a saying that Of course, this creativity applies as well to marketers differentiated and remembered. But ideas dontengagement is relatively low. Only 20 percent Consumers Comments Translateyou can drop anything anywhere, and it will grow. and advertisers who are many times forced tocome bottled up in a 30-second script or a print ad Internet penetration in Argentina always has beenof the population is friends with a brand onas Brand OpportunityResources are also abundant: gold, silver, copper,reinvent brands to survive within an economic crisisanymore. Its 360. Success requires working with relatively high compared with other markets in a social network, significantly lower than thegas, petroleum and uranium and many more, pluswith new rules, limitations and restrictions. Brandsmultidisciplinary accounts, planning and creative Latin America. Because of this history, the online global average.Posting comments online is an effectivethe countrys famous livestock. transform to meet these changes, while facing people altogether. Looking for ideas. population in Argentina in many ways resemblesway to influence companies 42% fierce competition and increasingly demanding that of more developed markets.Nevertheless, 42 percent of Argentines believeAfter being one of the worlds 10 wealthiest nationsconsumers.When we focus on finding ideas, it doesnt matter inthat posting comments online is an effective wayat the beginning of the twentieth century, Argentinawhat media they initially fit. Today an idea crosses I expect companies to contact me if Argentines are heavy social networkers, whichto influence companies. This finding indicates I write something about them 39%went through crisis after crisis, both economic and We need to be creatively fitexercised, trained,all media; sometimes it might start off in Twitter, matches the behavior of other Latin American that swift and appropriate responses by brandspoliticalfrom 200 percent monthly inflation in quick, flexible. Being relevant and differentiatedfollowing up in an activation, and ending up as populations. Out of the average of 11 hours percan impact positively on the consumer.the 1970s and 80s to various devaluations and in a commoditized industry is the current globala viral video or hung in a website where it willOf people who post comments online, 42 percent believecurrency changes. challenge. In Argentina, you need to add to thatreach millions.that its an effective way to influence companies. Brands challenge the need to face and beat unpredictability.need to be aware that consumers presume companies are The continuous ups and downs have kept theHow is it that we find our way? Creativity. Ideas.And that new universenot even a thought onlypaying attention. Brands have an opportunity to respondand engage in dialogue.average Argentine creatively fit, in the same way a few years agois up for grabs. Lets go for it. By Juan Alexander Londoo, Regional Manager, TNS Digital, Latin AmericaOgilvy is one of the words largestmarketing communications agencies.www.ogilvy.com50BrandZ Top 50 Most Valuable Latin American Brands 2012 BrandZ Top 50 Most Valuable Latin American Brands 201251 25. CHILE 26. ChileOverview Chile Key Facts Chileans Enjoy Free Market Brand importance increasesLand AreaGDP The factors that drove Chiles rapid economic 756,102 Km22010 US$212.7 billion improvement include increased foreign investment.292,260 Mi2 2000 US$75.2 billion Prosperity Direct Foreign Investment surpassed $15 billionChange +182 percent in 2010, according to the World Bank.Comparison Chile is the thirty-eighth largest Comparison Wide availability of affordable credit, not only country in the world in land area,The GDP of Chile is slightly larger than from banks but also, in a distinctively Chileanranked just after Turkey. Irelands but smaller than Israels. phenomenon, from major retailers also played But now face middle class problemsan important role. In addition, a relatively low tolerance for official corruption distinguishes Chile from some of its neighbors. Population GDP per Capita Chile seems like the perfect test market. Brands are important. Chilean consumers prefer 2010 17.1 million 2010 US$12,431 In a nation of only 17 million inhabitants,Pinochet regime controlled Chile it introduced a local brands for certain items such as wine. 2000 15.4 million 2000 US$4,878 consumers find enormous choice across most free market economy open to international trade. International brands are strong in apparel and Change +11 percentChange +155 percent product categories, much aimed at the broad luxury. People also spend disposable income middle class but also with price points for both The free market model fit well with Chilean culture. on travel, with LAN, Chiles national airline, ComparisonComparison the wealthy and the poor.Historically, Chile had been relatively isolated and promoting inexpensive flights to domestic In population, Chile is about the size In GDP per capita Chile ranks justself-sufficient, a thin ribbon of lightly populateddestinations and neighboring countries.of the Netherlands. above Poland. Cars are a good example. The choice includes land with few natural resources, set between not only the expected US brands, or even imports the Andes Mountains and the Pacific Ocean. Many brands market extensively, relying on from France, the UK and Italy or Japan, but also Local entrepreneurship emerged naturally fromtraditional media to reach a mass audience. This Chinese and Indian brands. The range reflectsnecessity. broad-brush approach reflects the influence of Median AgeForeign Direct Investment both the nations openness to international brandssome of Chiles most active marketers, its retailers. and the ready market at all economic levels. ItChile today is predominantly middle class.2010 32.1 years 2010 US$15.1 billion was not always this way. Between 2000 and 2010 GDP per capital grew The major Chilean retailers all issue widely 2000 28.8 years 2000 US$4.9 billion155 percent to almost $12,500, according toaccepted credit cards, enabling the retailersChange +208 percent In the 1970s, hyperinflation gripped the country. It the World Bank. Chile has become a major to collect and maintain an enormous amount reached 150 percent in 1973, the year of a brutalconsumer market. In 2010, it became the firstof data about customer purchases. They use Comparison coup in which commander-in-chief of the army,Latin American member of the Organizationthis information minimally for target marketing, In FDI Chile ranks below Mexico and General Augusto Pinochet seized power from the for Economic Cooperation and Development however, and instead set the nations advertisingabove Indonesia. democratic and leftist government of Salvador(OECD), an international group devoted totone with a focus on price promotions, usually in Allende. During the 17 years that the repressive improving economic and social wellbeing. traditional media. Sources: CIA World Fact Book, United Nations, World Bank54 BrandZ Top 50 Most Valuable