PREFACE
MOST LOVED BRANDS
LMD readers’ choice
Amazon Founder Jeff Bezos once said that “your brand is what people say about you when you’re not in the room.” This is the core of branding, as organisations aim to influence lasting perceptions and consumer engagement.
Contrary to popular belief, companies aren’t merely selling products and services; they’re selling experiences, emotions and ideologies.
In ancient times, branding primarily served the purpose of ownership dating back to 2000 BC when farmers branded their livestock for ease of identification. But as we know, branding has evolved beyond mere ownership over the centuries.
The Industrial Revolution heralded a historic shift in the concept of branding, transitioning from a focus on mere ownership to one in which consumers are inherently drawn to symbols and visuals. From early civilisations to modern society, we’ve utilised symbols to communicate and identify the values that are inherent in a brand.
This innate inclination towards symbolism has shaped the branding practices we observe today –although times are changing once more and the scope of branding continues to evolve.
The 2024 edition of the Brands Annual is being released amid innumerable uncertainties and a marketplace that has ‘volatility’ written all over it. It is in such an environment that our readership’s most loved brands are being recognised – for their resilience in trying times.
Although Sri Lanka is cautiously navigating the economic and financial challenges it continues to face, the business landscape has undergone a profound transformation; and it is accompanied by a noticeable shift in consumer behaviour, which remains muted.
During such unpredictable times, the role of branding becomes ever more crucial.
Brands serve not only as symbols of quality and reliability, but also as tools of stability and trust in uncertain times. As renowned author Philip Kotler aptly stated: “Marketing is not the art of finding clever ways to dispose of what you make. It is the art of creating genuine customer value.”
Reflecting on the resilience of businesses and the economic hardships that they’ve had to face, this edition of the Brands Annual offers invaluable insights into the shifting preferences and priorities of consumers. It captures the essence of innovation and adaptability that defines successful businesses – and their brands – even in the face of adversity.
For the 2024 edition, we set out on a bold endeavour by turning to LMD’s readership to nominate their most loved brands. This fresh perspective sets the tone for the one of a kind magazine, reflecting our commitment to delivering insights that resonate with a discerning audience.
With a readership exceeding 67,000 – as reported by Survey Research Lanka (SRL) some years ago – LMD caters to a diverse audience of business leaders, opinion shapers, influencers, senior managers, professionals, academics and many others.
Recognising the wealth of perspectives within LMD’s readership, this marks a new chapter in our annual recognition of brand power, which is based on a unique survey commissioned to PepperCube Consultants.
So the new look Brands Annual signifies a fresh beginning in our collaborative efforts to deliver valuable insights to LMD’s readership.
This special edition is also a tribute to the visionary leaders, dedicated professionals and forward-thinking entrepreneurs whose brands are most loved by readers of Sri Lanka’s pioneering business magazine.
A brand holds immense power: it shapes consumer perceptions, drives purchasing decisions and forges lasting relationships. It’s the very essence of a business.
But what exactly is a brand? Is it a logo, an icon or a colour scheme?
While visuals matter, a brand encompasses much more – it projects your company’s identity, values, promises and offerings. It showcases how you present yourself to the world… and indeed, how consumers perceive you.
