Honda Ranks 20th on Interbrand’s “Best Global Brands 2014” List
Honda Ranks 20th on Interbrand’s “Best Global Brands”
The Honda Motor Company was just voted the 20th most valuable brand on Interbrand’s 15th annual ranking. Interbrand, the world’s leading brand consultancy, ranks brands based on a calculated valuation converted into a dollar value. Honda maintained its position from the same ranking last year at 20th, but they did value the brand value with and increase in value of 17% over last year.
Honda’s Brand on the Rise in Formula 1
The reasons for the increase in value stated by the report have to do with Honda’s return to involvement in Formula 1. Honda recently signed on to be the engine supplier of engines to McLaren. Honda did previously supply engines to McLaren, but that was more than 20 years ago. As a brand, they are hoping this partnership will increase brand awareness to its former glory Honda enjoyed during previous campaigns such as the “Powered by Honda” years.
To this same aim, Formula 1 is enjoying a growing fan base as BRIC markets join in on the fun. Honda already has a large presence in BRIC countries due to its motorcycles and have high growth potential for as markets for Honda cars and trucks. Honda plans to capitalize on the market growth through Formula 1 as well as making products that cater specifically to the region.
Honda also aims to capitalize on the technological developments behind Formula 1, which have shifted the toward smaller, turbo charged engines. These are similar to Honda’s well known production engines, which could help Honda to stand out from the crowd by displaying their expertise.
Honda is looking to leverage their current “Power of Dreams” campaign during this time to significantly increase brand awareness to the level of yesteryear. Let us know what you think in the comments below.