Reliance Jio to be among world's 100 most valuable brands: WPP, Kantar Report
Jio disrupted the Indian telecom industry with its deeply discounted prices for data consumption. We speak to experts about the advent of disruptions and their necessity in any system
A report by WPP and the Kantar Millward Board has revealed that Reliance Jio will be among the world's 100 most valuable brands. Jio has also been featured in the global 100 disruptive power brands.
The ‘Brandz Top 100 Most Valuable Brands 2019 Report said, “Jio disrupted the Indian telecom provider category with its deep discount prices for data consumption. It forced competitors to lower their prices and drove category consolidation”
The report also highlighted that all telecom consumers, not only Jio customers, benefited from Jio’s action. “Although launched in 2016, Indian consumers see Jio as meaningfully different as Airtel, which entered the market in 1995. Having attracted almost 300 million customers in just three years, Jio could potentially leverage this audience with the sales of advertising and content,” it said.
The disruptive power of the BrandZ™ Global Top 100 has increased significantly over the past five years, driving the overall volatility of the market and underscoring the necessity for brands to be able to disrupt and to defend against disruption, said the report.
Talking about the advent of disruption and its necessity for any system, Sabbas Joseph, Co Founder-Director at Wizcraft International Entertainment Pvt. Ltd, stressed on the fact that disruption is the new norm and it is consistent.
“Change is inevitable and it has to happen. With time, technology changes drastically, and with it, people have to also change to adapt the disruption,” he said.
Joseph cited examples of Jio, OYO and Zomato and explained how these business ventures have gained immense popularity and profit by causing disruption in their respective industries. “Disruption through technology has to be the best way forward for the industry to survive and sustain,” he added.
One of the benefits of being disruptive is accelerated value growth. The value appreciation happened not simply because these brands were disruptive, however, but because they were meaningfully disruptive. Consumers feel connected to brands because they fulfilled their needs in ways that are functionally and emotionally relevant.
"Disruption brings innovation. Some of the best innovations are a result of disruption in a product/service. Also, it realigns the market structures creating a much higher value for the consumers. Jio, Ola/Uber, Oyo, etc are all perfect examples”, said Piyush Nangru, COO & Co-founder, Sunstone Eduversity.
According to Kiran Khalap, Co-founder and Managing Director of Chlorophyll Brand & Communications Consultancy, “As far as creating digital accessibility is concerned, the timeline for India will be divided into BJ and AJ, like we have BC and AD. Every single parameter of information asymmetry has been crossed: Jio has changed number of GBs consumed, equalised male-female access ratios, almost equalised rural: urban access ratios”.
Khalap also sighted a Wall Street Journal article in which Reliance Industries Limited Chairman and Managing Director Mukhesh Ambani said, ‘I’m not building a telco, I’m building a digital platform company”.
“The key to disruptions is fulfilment of a human need. Therefore every single authentic disruption changes human life for the better,” Khalap concluded.
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