BRICS Nations: who are they? Brazil Russia India China South Africa
Fast facts: BRICS Nations BRICS countries occupy 30% of the world They re home to 43% of the world s population BRICS account for 17% of world trade BRICS combined foreign reserves are estimated at $4.4 trillion BRICS counts for one-fifth of global GDP, estimated at $13.7 trillion BRICS contribution to global economic growth over the last decade has reached 50%
Brazil With a GDP of $2.425 trillion in 2012, Brazil is the world's seventh largest economy. It holds only a modest place in world trade activity, however, and experienced sluggish growth of one percent last year. The Brazilian economy, with its population of 198 million people, is forecast to grow 3.5% this year.
Brazil top incentive tips Technology is king web/mobi/sms/online claiming Catalogue phasing out open loop single use (3 months) gift card preferred option No maximum upload known of When presenting very visual with all comms& design up front Lifestyle experiences/travel tips very large uptake
Key tools for working with Brazilians Elegant and optimistic approach when dealing and negotiating Use and apply emotions and personality Samba, Copacabana and football are very relevant values Affection and eye contact are required Flexibility required for time management and events planning
Russia Ranking ninth on the list of the world's biggest economies, Russia accumulated a GDP of $1.953bn in 2012, boosted mainly by its gas exports, making it the world's eighth largest exporter. With a population of 141.9 million, Russia has managed to fend off much of With a population of 141.9 million, Russia has managed to fend off much of the financial fallout caused by the European debt crisis, and despite experiencing a slight slow-down in economic growth in 2012, its economy is forecast to jump 3.7% in 2013.
Russia top incentive tips High end merchandise rewards desirable Clear, defined rules necessary some mistrust in free rewards Mobile and online programme audiences not prolific Data verification required high fraud
Key tools for working with Russians Clear and direct language when dealing and negotiating Motherland and Father Frost are deep-rooted values Connections, networks and hierarchies to build business Closed ties, long buy-in period Rough negotiations rough socialising (drinking)
India Despite its population of 1.22 billion, India remains a smaller player among the world's economies, falling into a 10th place with a GDP worth $1.946 trillion. After shrinking from 7.9% to 4.5% growth between 2011 and 2012, India's economy is expected to expand by 5.9% this year.
India top incentive tips Patience with selling process Relationships are key High end catalogue items desirable Mobile money & reloadable cards king Reputation means everything established credibility required
Key tools for working with Indians Know-how and expertise must be visual when dealing and negotiating Consider complexity and cultural diversity Respect religious background and peculiarities Prepare about history and geography (neighbouring conflicts) More haste, less speed
China Boasting the world's second largest economy - trailing only the United States - economic power-house China has become the informal leader of the group. With a gross domestic product (GDP) of $8.25 trillion in 2012, the IMF estimates that the Chinese economy will climb by a whopping 8.2 percent in 2013. (looking shaky) In 2011, it clinched the No. 1 spot as exporter of goods. It remains the globe's most-populated country, with 1.35 billion inhabitants.
China Boasting the world's second largest economy - trailing only the United States - economic power-house China has become the informal leader of the group. With a gross domestic product (GDP) of $8.25 trillion in 2012, the IMF estimates that the Chinese economy will climb by a whopping 8.2 percent in 2013. In 2011, it clinched the No. 1 spot as exporter of goods. It remains the globe's most-populated country, with 1.35 billion inhabitants.
China top incentive tips Take into account varying generational needs Be prepared to expect different measures Disconnection between cities and outlying districts Ripe for mobile money solutions
Key tools for working with Chinese Respect and apply seniority-factor in dealings and negotiations Age and experience before energy and initiatives Patience and connection building long buying cycle Quantity before Quality, unfortunately Flexibility and harmony
South Africa Smallest of the Bricseconomies is South Africa. Placed 41st amongst world exporters, the country has a GDP of $390 billion and a population of 51.4 million. Having suffered amid the global financial down-turn, South Africa's economy Having suffered amid the global financial down-turn, South Africa's economy is forecast to grow by 2.8% this year and by 4.1% next year.
South Africa -top tips Provide fast, instant rewards Talk to daily needs Fun, relevant, comms Constantly evolving programmes Aligned with first world technology & solutions Springboard into rest of Africa
Key tools for working with South Africans Traditional and neat approach when dealing and negotiating Avoid established-nations know-it-all attitude Appreciate recent development as people and as economic power house Endorse and apply multi-cultural elements and opportunities Formal protocols/business style
Different but the same Commonalities Large areas to consolidate with poor inter-regional infrastructures High motivation/low competence in terms of execution Huge divide between have/have not s Technologically advanced in major cities Mobi sites used more than traditional websites Growing populations with increasing wealth and access to technology
SWOT per country Incentive strengths Incentive weaknesses Incentive opportunities Incentive threats Brazil Russia India China South Africa Growth market Vibrant culture Clients willing to invest Fraud Participantlack of assertiveness unclear guidelines Social status conscious Aspirational base Culture recognises achievement Online portals Low adherence Complicated measures Clients unwilling to let pro s take charge Starting to recognise potential Like to reward with high values Tough negotiators who you know Closed ideas re reward types Great networking culture one in, all in Western cultural aspirations Rough negotiators Needto be convinced of long term benefits Semi-est market Large basesfrom low performance rates High take up High fraud Low online level High staff churn Low margins Instant rewards Reloadable cards Call centre client & channel opportunities Staff retention Client buying signals Negotiating culture High ROI demands Unique requirements Challenge norms Price sensitive Low engagement Counterfeit reward culture New ideas welcomed Audiences open Reward& Rec prominent Culturallydifficult to connect Gen/Traditional differences Est market Fast reward demands High online take up Catalogue exit Lack of best practice sharing Apps for claims Unbanked markets Virtual rewards Entitled audience Cashsolutions popular Economic crunch
Brazil Russia India China South Africa Incentive matrix Channel Incentives X X X X X Loyalty X X X X X Reward & Recognition Online solution Merchandise rewards Gift card rewards Service offerings per country X X X X X X X X X X X X X X X X X X X X Travel rewards X X X X X