While banks, tobacco companies and telcos still hold most of the spots, the top 10 in Kantar Millwardbrown's 2018 BrandZ ranking for Indonesia has a newcomer: transport service Go-Jek, which debuts in the ranking at No. 7 with a brand value of US$2.39 billion.
Go-Jek displaced Marlboro from the top 10, which otherwise has the same members as in 2017.
The ride-sharing company, which also provides package and food delivery among other services, recently announced plans to expand into Singapore, Vietnam, Thailand and the Philippines. In Campaign Asia-Pacific's Asia's Top 1000 Brands, Go-Jek debuted at No. 557 this year (among all brand across APAC), and ranked 41st in Indonesia. The Top 1000 is a consumer brand-perception survey, whereas BrandZ's methodology combines financial analysis and consumer surveys in an attempt to quantify the worth of the brand itself in the minds of consumers.
Other newcomers in this year's BrandZ ranking (below) include online travel agency Traveloka, telco IndiHome and retailers Tokopedia and Bukalapak.
Retailers including Ace Hardware fared well on the list of fastest-rising brands, and banks continue to see strong growth despite occupying the top positions since Kantar Millwardbrown first ranked Indonesian brands in 2015.
- The combined value of the top 50 is now US$80.84 billion, a 13% increase over a year ago. This rate of growth is lower than the global top 100 (21%) and the China top 100 (23%), but well ahead of Indonesia's 5.07% GDP growth in 2017.
- BCA (Bank Central Asia) is the most valuable Indonesian brand for the fourth straight year, with 20% growth in value. It also entered the global top 100 this year, in 99th position.
- The top 50 Indonesian brands are in good shape compared with leading brands in other markets in terms of brand health. Their average vitality score, which takes into account purpose, innovation, quality of communications, brand experience and consumer sentiment, is 110, where 100 indicates the average brand in the market. This is behind the global top 50 (113) and the US top 50 (114) but equal to Germany, China, India and Latin America, and just ahead of France and the UK.
Past Go-Jek coverage: