Slovenia's brand is worth 56 billion US dollars, or 49.5 billion Euros. Such is the result of the latest Brands Finance Nation Brands report. The value of Slovenia's brand increased by 18 percent from 2013. With the value of 56 billion dollars Slovenia's brand ranks 60th, just ahead of Luxembourg.
The research was prepared by London based independent consulting company Brand Finance. The analysis measures the nation brands of 100 leading countries using a method broadly based on mechanisms used to value large companies. The method takes into account investments, tourism, people, skills, goods and services. The world’s most valuable nation brand is by far the United States of America. The US's nation brand is worth over 19 trillion dollars. China, in second place, lags far behind with its brand valued at “only” 6 trillion dollars. Slovenia’s nation brand value may seem negligible in comparison. On the other hand, Slovenia’s brand is worth almost as much as that of the two largest ex-Yugoslav countries, Croatia and Serbia, combined. Even more important, an 18-percent increase in value of Slovenia’s brand is rather impressive. The fastest growing nation brand value is that of Qatar, with 39 percent.
A nation’s brand is to some extent dependent on country’s size and – in the case of Slovenia – also its youth. The fact is that despite promotion efforts, the global public continues to confuse Slovenia with another young European nation, Slovakia (often to the chagrin of Slovenians and Slovakians). And Slovenia continues to be referred to as “an unknown quantity”, “a hidden gem”, or similar in global media and tourism blogs.
Other research measures a nation brands’ appeal to tourism. It is conducted by Madrid based Bloom Consulting, a company specialized in country branding. Its latest 2014/2015 Country Brand Ranking puts Slovenia in 24th place in Europe, just ahead of Finland and Luxembourg. In global terms Slovenia ranks 55th.
Interestingly, Bloom also evaluates country brand strategies carried out by national tourism organizations. The methodology is based on so called digital demand: “A Country Brand receives a higher rating if that country’s NTO focuses its strategic and promotional positioning on the tourism-related brandtags with the highest demand as measured by total online searches from international tourists.” For its strategy, Slovenia received the highest rating (AAA): in Europe only Germany and Estonia share the same rating.
This accuracy should lead to better visibility and in the end to an increase in the number of tourists visiting Slovenia – that is, if the suppositions behind Bloom’s research prove to be valid. And if this accuracy in a nation’s promotional strategy should also bring an increase to the nation’s overall brand value, that would be really good news. After all, as the authors of Nations Brands report emphasize, a country’s image is one of the most important assets of any nation.