Thursday Nov 14, 2024
Thursday Nov 14, 2024
Friday, 30 June 2023 00:02 - - {{hitsCtrl.values.hits}}
Brand Finance recently released its inaugural City Index where London was named the best city brand in the world, followed by New York and Paris. The ranking is based on a global survey of close to 15,000 members of the public conducted in April in 20 countries on all continents to measure perceptions of the world’s top 100 cities.
The study is the most comprehensive one of its kind, capturing 7 different dimensions or pillars. It also includes comprehensive global perception data on many attributes under each pillar, which become useful in developing strategies.
The methodology involved asking people›s opinions and measuring these 7 pillars, which were then combined into a single overall score to rank the best cities. The same respondents were asked to provide responses to 45 attributes across the 7 pillars for more detailed understanding of perception drivers.
Successful cities have relevant offerings to its diverse stakeholders who visit for business or pleasure or both! The people living in the city are critical too as they have the biggest stake, however, this study is an outsiders’ perspective, so they can be made aware of these views and support future initiatives. The objective should be to make the city a sought-after place to visit, work or invest in, thereby making it a more vibrant and desirable place to live in.
To ascertain this holistic view of a city, the seven main pillars being studied are: Business and Investment, Culture and Heritage, Governance, Education and Science, Liveability, People and Values, Sustainability and Transport.
Colombo’s performance
All the cities in South Asia on the Brand Finance City Index are placed in the last quartile among the 100 which were researched. Colombo which is at 83 is the best performing among them, the others being (in descending order) - Delhi, Bangalore, Dhaka, Mumbai and Karachi which took the very last spot. Despite Colombo’s relatively poor placement, it is seen to be the most liveable among all the other mega cities of South Asia. This would be true with less than 1 million people and therefore much more manageable in scale, it would seem to have significant potential to be placed higher up on the index if effectively repositioned.
Hence, a deeper analysis is required, to determine what opportunities exist to change and enhance how Colombo is perceived. To do so, we used the research data to benchmark Colombo with 2 other cities which were ahead on the index and which are also that country’s main trading port while having strong reliance on tourism for the economy. Based on this, Istanbul at 64 (higher by 19) and Bangkok at 47 (higher by 36) places over Colombo were selected.
Colombo vs. Istanbul
Compared to Istanbul, while Colombo performs relatively well on 5 pillars, it falls short on 2, which are the most important ones on the index because of the weightage attributed to them. This warrants a closer examination of the Culture and Heritage and People and Values pillars.
Looking deeper at the individual attributes that make up Culture and Heritage reveals where Colombo falls short: great shopping restaurants and nightlife, rich history and heritage, beautiful architecture, great museums and art galleries, great theatre and music venues, and outstanding cultural festivals. It would seem Colombo has much potential on these attributes and needs to properly leverage them to strengthen the external perceptions of the city.
It is interesting to note that Colombo outperforms Istanbul only on a single attribute on this pillar, which is having famous sports teams and clubs. This is most likely due to the global coverage Sri Lanka Cricket receives which further highlights the importance of ensuring the integrity of this asset because of the positive impact it has on the city and country.
On the other pillar of People and Values, Colombo is stronger than Istanbul in being trustworthy and open and welcoming but falls short on fun, a city with a strong identity, diverse and multicultural. On the attribute of friendly, both cities have similar scores.
Colombo vs. Bangkok
Bangkok, which is higher up on the index scores better than Colombo on a majority of the pillars. Bangkok also performs better on the same two pillars that Istanbul was strong in, which are Culture and Heritage and People and Values. On Culture and Heritage too, Bangkok outperforms Colombo on all the individual attributes with exception of famous sports teams and clubs. In museums and art galleries, both cities perform similarly poorly.
On the People and Values pillar, Bangkok is perceived to do better on being open and welcoming, friendly, fun, a city with a strong identity, diverse and multicultural while Colombo’s only strength is being more trustworthy.
Way forward for Colombo
The strategic way forward for the City of Colombo is to enhance its global perception through a focused approach based on these findings. The emphasis should be to build on the 2 critical pillars of Culture and Heritage and People and Values. These are also relatively easier pillars to work on as the city already has much potential, though in a dormant state.
The biggest challenge is that it needs a concerted public and private sector partnership and alignment at a senior government level on the proposed approach.
Once the Cinnamon Life project – a full-fledged lifestyle mixed development – has been completed in late 2024, it will enhance the entertainment value of the city leading to strengthening many of the attributes that were identified – great shopping restaurants and nightlife, fun etc. However, to supplement this there needs to be a coordinated effort behind other landmark establishments such as museums, art galleries and events around local and international music, theatre and arts festivals through planned activities all year round.
Many of the dormant experiences highlighting the multicultural nature of the city with entertainment and fun experience tours need to be curated to international standards. Much of the work can be carried out through private sector initiatives as they could be financially viable, but government commitment to the task will also be required. For example, the transformation of the imposing and uninviting museum located in the centre of the city to a dynamic, interactive centre of creative story telling of our heritage is one such initiative that will also bring this important institution into the 21st century. Other initiatives such as boosting the fledgling Museum of Modern and Contemporary Art Sri Lanka and a new South Asian film festival among others could add further value of stamping the cultural richness of the city.
On the People and Values pillar the focus should be on engaging the citizens of Colombo to deliver a more pleasant experience to visitors across all touch points free of hassles and scams. An integrated communication campaign with emphasis on the multiple religious festivals will also add to the attributes which are seen as lacking.
The Brand Finance research has many dimensions of information on a city. These include aspects such as ranking the cities on remote working, investments and as retirement destinations. In addition, aspects such as familiarity, consideration and reputation are measured. The challenge then is to analyse the data leading to a plan to unearth the hidden treasures of Colombo, which will reposition it in the eyes of the world, as one that is well worth visiting, working or investing in.
