What does having a good nation brand really mean

What does having a strong nation brand really mean in practical terms? Many things of course, but generally speaking countries enjoying a good (and strong) nation brand typically enjoy at least these 10 benefits:

  1. They are better at attracting talent – people like scientists, researchers, students or entrepeneurs are better disposed to move there than to other countries
  2. Exports coming from that country sell more, and sell for higher prices, which means turning greater margins back to the country
  3. Countries with a good nation brand pay less risk premium than countries with less positive international standing when raising money. On the other hand, their bonds are more desirable, making them more profitable
  4. More tourists visit the country – foreigners have more interest in good-branded countries and accept to pay higher prices
  5. Their culture (language, costumes, traditions, movies, books) is perceived to be more attractive abroad and consequently more succesful
  6. Their diplomatic interests are reinforced – most countries want to have that good-branded countries in alliance
  7. They are less vulnerable to changes in people’s trends, appetits, wishes – they enjoy greater nation brand loyalty
  8. Their population is more likely to be respected abroad, be they travellers, sportsmen, tourists, artists, migrants or businessmen. Nationals overseas are more likely to get good jobs – foreigners trust people coming from that country more than people coming from other countries
  9. They compete from a privileged stand to atract FDI and other sorts of inwards investment
  10. They are better positioned to advance their international policy agendas, because they are considered and trusted

These benefits of a good nation brand are very general, but also very real. A good and strong nation brand helps virtually every aspect of a nation’s life. Some say nation branding can cost millions of dollars, but do never forget that having a good nation brand is worth billions.

Article by Andreas Markessinis