Billionaire Mukesh Ambani's four-year-old telecom venture Reliance Jio has been ranked the fifth strongest brand globally behind the likes of Ferrari and Coca-Cola.
The Brand Finance's Global 500 ranking of the strongest brands globally, which determined the relative strength of brands, is topped by WeChat, according to its annual report on most valuable and strongest global brands.
"Despite only being founded in 2016, Jio has quickly become the largest mobile network operator in India and the third-largest mobile network operator in the world, with almost 400 million subscribers," it said.
Jio was Mukesh Ambani's re-entry into the telecom business, offering free voice calling and dirt cheap data for mobile phones.
"Renowned for its incredibly affordable plans, Jio took India by storm through offering 4G to millions of users for free, simultaneously transforming how Indians consume the internet – known as the 'Jio effect'," said Brand Finance, the world's leading brand valuation consultancy.
It said brand strengths were determined through metrics of marketing investment, stakeholder equity and business performance.
The assessment of stakeholder equity incorporates original market research data from over 50,000 respondents in nearly 30 countries and across more than 20 sectors.
According to these criteria, Chinese mobile app WeChat usurped Ferrari to become the world's strongest band. Russian bank Sber is placed third and Coca-Cola fourth.
"The dominance of the (Jio) brand across the nation is evident from the results from Brand Finance's original market research.
"Jio scores highest in all metrics – consideration conversion, reputation, recommendation, word of mouth, innovation, customer service and value for money - compared to its telecom competitors in India," it said.
The brand, it said, has no major weaknesses within the sector, and unlike other telecom brands globally, Jio has shown that it has broken the mould, and enjoys genuine affection from consumers.
"Entering the ranking for the first time this year and claiming the title of the world's 5th strongest brand, is Indian telecom giant, Jio, with a BSI score of 91.7 out of 100 and the elite AAA brand strength rating," it said.
As well as being a standout brand for brand strength, Jio is the fastest-growing brand in the ranking in the telecom sector in terms of brand value, bucking the negative trend across the industry, with a 50 per cent increase to USD 4.8 billion.
The world's most valuable telecom brand, Verizon (up 8 per cent to USD 68.9 billion), has also recorded a healthy brand value growth, re-entering the top 10 for brand value following its absence in 2020.
According to the 2021 ranking, Apple is the most valuable brand followed by Amazon and Google.
Certainly! This article delves into Brand Finance's Global 500 ranking, showcasing Reliance Jio's remarkable rise as the fifth strongest brand globally within just four years of its inception. Reliance Jio, spearheaded by billionaire Mukesh Ambani, swiftly emerged as India's largest mobile network operator and the world's third-largest, amassing nearly 400 million subscribers since its establishment in 2016.
This success story primarily revolves around Jio's disruptive entry into India's telecom sector. Its strategic approach involved providing free voice calls and exceptionally affordable data plans, essentially revolutionizing how Indians accessed and consumed the internet—the much-discussed 'Jio effect.'
Brand Finance, a premier brand valuation consultancy, assessed Jio's brand strength based on diverse metrics like marketing investment, stakeholder equity, and business performance. Their evaluation incorporated original market research data from over 50,000 respondents across various countries and sectors.
What's intriguing is that Jio stood out in numerous aspects within its sector. It garnered the highest scores across several metrics, including consideration conversion, reputation, recommendation, word of mouth, innovation, customer service, and value for money, outshining its telecom competitors in India.
The brand's resonance across the nation was evident through Brand Finance's market research results. Jio exhibited no significant weaknesses within its sector and was deemed to have broken the traditional mold. It earned genuine consumer affection, a rare feat within the telecom industry.
Remarkably, Reliance Jio achieved a BSI score of 91.7 out of 100, securing an elite AAA brand strength rating and claiming the title of the world's fifth strongest brand. Additionally, Jio experienced unparalleled growth in brand value, reaching USD 4.8 billion, marking it as the fastest-growing brand in the telecom sector within the ranking.
Despite Jio's meteoric rise, the telecom industry's landscape also highlighted Verizon's noteworthy brand value growth, pushing it back into the top 10 for brand value, with Apple reigning as the most valuable brand globally, trailed by Amazon and Google.
Reliance Jio's rapid ascendancy in a competitive market, coupled with its unprecedented brand strength and value growth, solidifies its position as a disruptor and a powerhouse within the telecom sector, as affirmed by Brand Finance's comprehensive evaluation.
This analysis reflects how Jio's business strategies, consumer-centric approach, and innovative offerings contributed to its phenomenal success and strong brand positioning in a relatively short period, signaling a paradigm shift in India's telecom landscape.
