New Turkey Brand: Will Soon Be Evaluated
As New Turkey Brand and its logo has found wide usage, the brand is ready to leave the initial phase behind and results will be visible in the forthcoming term.
Turkey’s new national brand is experiencing a new phase. Following its launch in the previous autumn, the New Turkey Brand is visible at various locations and on diverse packages with its unique logo. Turkish Exporters’ Assembly and Ministry of Economy were the vanguard of this new development in Turkey’s economic understanding, which was immediately found support from Prime Ministry and even Presidency and eventually embraced by all components of Turkish economy; the government, NGOs and private sector.
This collaboration between the sides were crucial for the success, as New Turkey Brand is a national brand, it must be an umbrella which unites all components, merges and blends them in a unique way to create a gestalt contributed by all, yet broader and more effective than each alone. This was enabled thanks to efforts by Turkish Exporters’ Assembly, which hosted events, launched campaigns to increase events and cooperated with all possible parties.
Now the time to evaluate the impact of the new brand upon Turkish economy is approaching. It is important for institutions to evaluate the results of their activities, as it provides a useful insight regarding what to do and what to avoid.
Founded in 1996, Brand Finance is one of the world’s leading independent brand valuation and strategy consultancies. According to the ranking listed by Brand Finance, as of 2015, top 5 Turkish brands were Akbank, Türk Telekom, Türkiye Ðþ Bankasð, Turkish Airlines and Garanti Bank, respectively. The method used to determine the ranking would provide how an effective brand management can be done.
In its report, Brand Finance states that brand value is determined mainly according to two factors: brand power and revenue of branded sale. Brand power is a sum of brand investment, brand equity capital and brand performance. A valuable brand is the one strengthened by a good amount of investment and manages to increase the sales and revenue by branding.
Turkey Brand Monitoring Comittee was established to monitor the progress and held first meeting in May under chairmanship of Ðbrahim Þenel, Ministry of Economy Undersecretary. Besides Ministry of Economy, Ministries of Science, Industry and Techonology, Foreign Affairs, Youth and Sports, Trade, Culture and Tourism, and Health are represented at or above director-general level. In addition to the ministries, Turkish Cooperation and Coordination Agency, ISPAT, Presidency for Turks Abroad and Related Communities, Yunus Emre Institute, Foreign Economic Relations Board, The Union of Chambers and Commodity Exchanges of Turkey and Turkish Exporters’ Assembly are represented in the committee.
Another development regarding this process is a forthcoming Brand Conference, which will host many participants from foreign countries, domestic NGOs, private sector representatives and others. The event is planned to be held in February, which will mark another phase in the story of New Turkey Brand.
As New Turkey Logo is finding usage in events such as fairs and international organizations and on packages and advertisements of various Turkish brands, after a sufficient while consequences will be visible and documented. Will New Turkey Brand, with its slogan “Discover the Potential”, enable Turkey to activate its potential and bring observable success to all Turkish brands, having a positive impact upon the exports on the way to 2023 export goals? The question is likely to be answered in the forthcoming quarters.