The Commonwealth Bank is the most valuable brand in Australia, valued at US $21.6 billion, as per the Kantar BrandZ Top 40 Most Valuable Brands 2023 ranking. The bank owns about 17% of the Australian Top 40 Brand Value, which has a total value of US$125 billion.
Distinctive branding helps CommBank stand out
CommBank is one of the seven banks in the Top 40. Its bright yellow logo and “Can” motto give people peace of mind when the economy is uncertain.
Investment in education and community helps build emotional connections.
CommBank has invested in sponsorships and partnerships, including Next Chapter, which aims to end financial abuse and women’s sport, because it is committed to bringing about change through education and community. Its engagement with both Indigenous communities and migrants raises its salience by creating emotional bonds with both current customers and those who are just starting out in the Australian banking industry.
Appealing to new customers is key
According to Ryan France, Kantar Australia’s head of brand strategy: “We know from Kantar’s Finding Financial Freedom research that CommBank has done well by investing in capturing customers who are entering the banking category for the first time.
“Building on its work appealing to first- and second-generation migrants to Australia, CommBank has recently been advertising at Australian international airports with the tagline, ‘Meet the bank more new arrivals to Australia choose’. With Australia’s birth rate below replacement rate, migration is the clearest source of population growth and, therefore, market expansion.”
Canva makes an impact with differentiation
Canva (US$16.1 billion), which came in second, is a relatively newcomer to the brand landscape and a local success story that has gained some international notoriety. Canva stands out in the eyes of consumers, but it hasn’t yet made a name for itself in a market where some of the biggest brands in the world already rule.
Growing salience by showing versatility
Ryan France says, “Canva continues to focus on the product, but also on communicating what makes it different and establishing relevance to a wider audience.”
“Canva has been working on exactly that, growing salience by showing how it can be used by consumers with a broad range of needs. Not just a tool for making presentations, it’s been showing how it can help with an ever-wider range of tasks, from advertising a home for sale to throwing a baby shower. The brand Canva can probably learn best from, though, is Canva! In Brazil, the brand has already grown its meaningful salience and is fast closing in on the market leader as a result.”
Diversity is key to Australia’s economy
Ryan France says that this year’s Australian brand ranking shows that any brand, old or new, can increase its brand value by knowing what makes it unique and by being important and salient. CommBank, with its long history and capacity for adaptation to shifting market conditions, does this with ease, along with other enduring brands like Bundaberg Rum, Coles, and Qantas, according to the author. “A brand’s ability to appeal to both current and potential customers is at the core of its value,” the author writes.
Sustainability matters for today’s consumers
However, current economic difficulties as well as escalating environmental and sustainability concerns have the potential to alter how Australians purchase and use goods and services. Brands that can demonstrate how they improve life—for people, for the community, and for the planet—will eventually find themselves on firmer footing with investors, employees, and customers. Our expectations of brands are changing; we want them to work.
Retail brands continue to dominate
With 10 retail brands in the Top 40, the second-most dominant category has a brand value of over $30 billion. Retailers have built resilience through digital transformation and supply chain management, while a focus on localization and community engagement has increased their salience. As a result, they have performed well throughout the pandemic and in the current cost-of-living environment.
Woolworths takes third place.
Woolworths (US$13.1bn) takes third place in the Top 40 with an 8% increase in brand value. Woolworths’ brand strength and localised focus have enabled the supermarket chain to retain market share against Coles, Aldi, and Amazon Fresh, which entered the Australian market in 2020.
Localisation and purpose increase brand value.
Brands that can connect on a local level and demonstrate a strong sense of purpose are thriving, said Ryan France. He further added that whether that purpose is to improve the lives of customers, employees, the community, or the planet, it needs to be authentic and reflect the core values of the brand.
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Overall, the Kantar BrandZ Top 40 Most Valuable Brands 2023 ranking shows that Australian brands have remained resilient throughout the pandemic, with strong performances in retail, banking, and telecommunications. The focus on localisation and purpose, along with sustainability and environmental concerns, will continue to shape the Australian brandscape in the years ahead.
