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Nations are now becoming image conscious. This is a recent phenomenon which is very different from the “devil may care” attitude that was common in the past.
Countries are now employing top-notch professional public relations agencies and advertising agencies to carefully cultivate and then improve their brand image. This was earlier done exclusively by corporations.
Events such as World Economic Forum have now become a platform where representatives from different countries gather and each tries to promote their own nation.
In this article, we will have a closer look at how the concept of nation branding has evolved and what it means for the future.
Nations have now become aware that their image goes a long way in providing financial benefits.
Many countries are carrying negative images. For instance, Britain may be known for colonialism. On the other hand, African nations may be known as being poor and underdeveloped.
Recently Mexico has been branded as a country where drug violence is out of control. As a result, the tourism industry in Mexico has suffered greatly as international tourists try to stay away from a place where violence and lawlessness is the norm.
These perceptions influence whether people in the international market allocate their finances towards these nations. Many nations are therefore spending top dollar to rebrand themselves. They want to carefully select and cultivate an image and break free from the shackles of their dark past.
For instance, consider the case of countries like Slovenia and Croatia. They were facing dire economic times after they disintegrated from the former Soviet Union. However, these nations were quick to brand themselves as exotic tourist destinations. Because of their marketing efforts, these countries came on the radar of international tourists from developed nations. In the end, the economies of these nations improved significantly thanks to nation branding efforts.
It is important to note that nation branding efforts need to be undertaken by the government or some government authorized agency. The private sector cannot really undertake nation branding efforts.
There could be several objectives for nation branding. Some of the most obvious ones have been listed below.
Many countries still brand themselves as offbeat destinations. It is not uncommon for national governments to run full-fledged advertisement campaigns in other countries where their target tourists are.
Foreign investors have seen their investments being usurped by several tyrannical governments in the past. They want to ensure that the government where they invest money honors free market rules and will allow free entry and exit of capital investments.
This is why the leaders of many nations attend economic summits. These summits are where the most wealthy investors and leaders of the world come together. India has been able to increase it’s foreign direct investments by leaps and bounds thanks to their branding efforts.
The rise of nation branding has had several positive and negative impacts on nation branding.
A lot of the time branding is prioritized over bringing real reforms in the economy. This is when nation branding becomes wasteful and unnecessary
To sum it up branding is an important tool in the government’s arsenal. However, more tangible reforms should not be neglected in favor of nation branding.
It also needs to be noted that the success of nation branding requires collaboration between the nation’s political and administrative wings at the highest level.
Many nation branding efforts have failed because of lack of coordination between different government bodies.
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What the Current Wave of Protectionism and Populism mean for the Future of Globalization and Free Trade
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