Jakarta. State-owned telecom company Telkom Indonesia retains the title of the most valuable Indonesian brand this year after recording double-digit growth in brand value, according to the brand valuation consultancy Brand Finance.
Telkom’s brand value grew 22 percent from $3.9 billion last year to $4.7 billion in 2022. Brand Finance reported that Telkom’s brand promise to propel digitalization in Indonesia had resulted in the 22-percent-growth.
Bank Rakyat Indonesia (BRI) remained in second place in the rankings. BRI’s brand value went up 19 percent from $3.1 billion to $3.7 billion. In third place is Bank Mandiri, which climbed two spots after posting $3.15 billion in brand value, Brand Finance rankings showed.
Brand Finance unveiled its top 10 strongest Indonesian brands of 2022. Banking giant BCA was crowned as this year's strongest Indonesian brand with a brand strength index of 94 out of 100, as well as an AAA+ brand strength rating.
Brand Finance partially attributed BCA’s improving reputation to its sustainable business practices, as customers are becoming more aware of environmental issues. Bank Mandiri became the second strongest brand in 2022, scoring a brand strength index of 89.6 out of 100. Followed by Telkom Indonesia who recorded 89.3 in brand strength index.
State utility firm PLN and coal miner Bayan Resources doubled in brand value this year. This makes them the fastest-growing Indonesian brand this year, according to Brand Finance.
Data showed PLN’s brand value had gone up from $746 million last year to around $1.5 billion in 2022. Bayan Resources jumped 16 places to now ranking 52nd after having doubled its brand value to $134 million.
According to Alex Haigh, the managing director for the Asia-Pacific region at Brand Finance, both PLN and Bayan Resources are benefitting from the global energy crisis. PLN’s brand value also rose thanks to its investment in infrastructure and green energy as the world changes its energy needs.
“Some of the fastest growing brands are really benefiting from broader economic conditions,” Haigh said at the Brand Finance Indonesia Top 100 2022 awarding ceremony on Wednesday.
“Others like Telkom Indonesia are embracing digitalization spurred by the pandemic. They recognize that customer service now encompasses a much broader range of touchpoints than in the past," he added.
Many brands recognize that the winds are changing, and a sustainable business is becoming even more important.
"Those brands that have taken this on board like BCA are reaping the rewards of this strategy, and other brands should bear that in mind,” Haigh said.
Brand Finance Indonesia hosted the awarding ceremony in partnership with the business magazine Majalah Investor.