Have you considered this for your brand?
We share an excerpt from Hans Rosling’s #1 Sunday Times Bestseller ‘Factfulness’. We recommend everyone read it, but there is a particularly thought provoking piece around what is possible for brands and who they can connect with right now.
Branding Before Breakfast Ep 102 Have you considered this for your brand?
Good morning. I have been reading a book called Factfulness. And I wanted to give you a slightly different format this morning because I read something in here that was really thought-provoking to me, very inspiring. And I wanted to share it with you to see if it gets you thinking differently about what you can achieve with your brand.
It talks about how for years after the global crash of 2008, the international monetary fund continue to forecast 3% annual economic growth for countries on level 4. Each year for five years, countries on level 4 failed to meet this forecast. Each year for five years, the IMF said, next year it will get back on track. Finally, the IMF realized that there was no normal to go back to. And it downgraded its future growth expectations to 2%. At the same time, the IMF acknowledged that the fast growth, above 5% during those years, had instead happened in countries on level 2. Like Ghana, Nigeria, Ethiopia, and Kenya in Africa, as well as Bangladesh in Asia.
But why does this matter? If you work for a company based in the old west, you are probably missing opportunities in the largest expansion of the middle income consumer market in history, which is taking place right now in Africa and Asia. The local brands are already establishing a foothold, gaining brand recognition, and spreading throughout these continents, while you are still waking up to what’s going on. The western consumer market was just a teaser for what is coming next. I’d love today for you to have a think about what is possible for your brands. Could you shift your mindset over who it’s applicable to and where you could really make an impact?
All right, that’s it from me. Time for brekkie.
Written by: Jo Whelan
Published: February 24, 2022