Branding is an important part of business, and even nations seek to brand themselves. Countries aim to enhance their reputations for both economic reasons and international relations.
According to branding consultancy company Brand Finance, the effect of a country’s national image on the brands based there and the economy as a whole is one of the most important assets of any state in this global marketplace. Nation branding adds value to exports, attracts tourists and draws skilled migrants.
The endeavors to market Kenya as a brand in investment and tourism has paid off after the country was ranked third in Africa, and fourth in the world as the best performing brand.
In the report by Brand Finance published in the Foreign Direct Investment (FDI) also ranks Kenya at position 77 worldwide as the Most valuable Nation Brands.
The country’s brand value is attained after accounting for the performance of trade and investment in governance, tourism, education and other sectors of the economy.
Kenya is among the best seven African countries ranked by the report. The East African country recorded a growth of Sh5.2 trillion in 2018 in comparison to Sh3.8 trillion in 2017 making them one of the future entities of global economic growth.
The countries include; Democratic Republic of Congo, Egypt, Kenya, Tanzania, Ethiopia, and Ghana.
The report further stated, “Starting from a low economic base and still troubled by political instability, Africa is nonetheless beginning to demonstrate its true potential.”
The tourism industry last year reported growth to Sh157.4 billion in revenue after a shakeup in 2017.
More than two million tourists arrived in the country in 2018 representing a 37.33 percent growth from 1,474,671 visitors in 2017.
The president, Uhuru Kenyatta observed that the economic growth was propelled by the relaxed political temperatures, making the country a conducive environment for business and investments.
For their 2018 report on the value of nation brands, Brand Finance measured the strength and value of the nation brands of 100 leading countries using a method based on the royalty relief mechanism employed to value the world’s largest companies, meaning, the price a company would pay to license the brand.
Brand Finance determines the strength of a brand by performance on dozens of data points across three key pillars, including goods & services, investment, and society. They then value the brand based on the royalty relief method.
Is Kenya worth it?