FNB named South Africa's most valuable brand in BrandZ Top 30
First National Bank takes first place for the first time with a brand value of $2.795 billion.
First National Bank has been named as South Africa’s most valuable brand for the first time in the BrandZ Top 30 Most Valuable South African Brands ranking.
Despite difficult global and local conditions brought on by Covid-19 and a weak economy, FNB outperformed its rivals with a brand value of $2.795 billion in the third BrandZ ranking of South African born most valuable brands.
Standard Bank took the second spot with a brand value of $2.75 billion. Beer brand Castle came in at number three with a brand value of $2.72 billion.
Another beer brand, Flying Fish, was named the highest new entry, ranking 28 with a brand value of $333 million. Other newcomer, insurance group Hollard, also made it into the ranking at number 30, with a brand value of $285 million.
The cumulative value of the Top 30 brands in 2020 is $29.7 billion, down 20 percent from 2019. As in other regions, South African brands have been heavily impacted by Covid-19 and ongoing macroeconomic challenges faced by the country as its government debt was downgraded to junk status.
Woolworths was identified as the country’s most responsible brand due to its commitment to care for the environment, people and communities with activities such as responsible and sustainable sourcing of initiatives.
Capitec Bank performed best against the ‘purpose’ measure in the ranking, having focused on meeting consumers’ needs with initiatives such as using WhatsApp for easy communication, Sunday opening, and ‘human-centric’ financial advice available on its website.
Nando’s performed best against the ‘communications’ measure in the ranking, and Clicks performed the best against the ‘brand love’ measure in the ranking.
CEO of Kantar’s AME insights division Charles Foster said:
“On a macro level, this has been a difficult year for South Africa, with a global pandemic being only one of the headwinds brands have had to contend with. But in a country with a history of resilience and an ability to look to the future, we are seeing great examples of brands – driven by consumer expectations – redefining themselves, in recognition that the current climate calls for them to clearly determine their contribution to society. This investment in brand building is critical to address the equity deficit that many brands currently face, and it will pay dividends in a world where brands are increasingly expected to deliver social benefits that go above and beyond product functionality.”
The top 10 brands with their brand value were:
- First National Bank, $2.795 billion
- Standard Bank, $2.745 billion
- Castle, $2.724 billion
- Vodacom, $2.552 billion
- Nando’s, $1.997 billion
- MTN, $1.882 billion
- Absa, $1.123 billion
- Discovery, $1.091 billion
- Woolworths, $959 million
- DSTV, $892 million
BrandZ CEO of The Store WPP, EMEA and Asia, David Roth said:
“The importance of being a strong brand has been tested to the limit by the global pandemic and proved an imperative company asset. As brands around the world shoulder their responsibility to continue to meet consumer need, however much that has changed, it is a timely reminder of how and why to invest in brand building for the short and long-term. With South Africa’s additional challenges thrown into the mix, South African brands that do this will be in the best position for recovery – and will also be our headline stars in the next few years.”