Ecopetrol is the leading, as well as the largest, oil company in Colombia and one of four main oil companies in Latin America. Recently granted a shared 20-year patent with Universidad Pontificia Bolivariana and Ecopetrol for their wind power generator, designed in partnership, the company is strategically working to integrate innovation and corporate citizenship and sustainability.
The brand has just announced that once again The Chartered Institute of Purchasing & Supply of the United Kingdom has recognized it with CIPS (Certification Organizational Excellence in Procurement Policies and Procedures) for its supply chain. Ecopetrol is one of only two companies in Latin America to have received this recognition. As the brand continues to realize its objective of transforming energy sources into valuable assets for clients and stakeholders - while ensuring social integrity, safety and environmental sustainability is part of its processes - Ecopetrol sought Interbrand Mexico City for a brand valuation.
The only ISO-certified brand valuation methodology in Mexico, Interbrand brings together market research, competitor data and financial analysis of the brand to create a framework to assess a brand's performance, the value of investing in the brand and areas needing improvement. This valuation is thus a strategic tool for brand management, strategy, internal brand engagement and communications.
We analyzed Colombia's market research and extensive performance and financial data from Ecopetrol. We focused our study of the brand, its market, strategy and ways through which the brand was creating value on five representative segments of the brand: exploration, refinement, transportation, commercialization and R&D.
We identified Ecopetrol's demand drivers and evaluated its risk profile, enabling us to quantify the brand's value. Conducting our analysis and quantifying the brand financially allowed Interbrand to then define opportunities for added value.
Ecopetrol and Interbrand Mexico City established that this valuation process will take place periodically to maintain regular diagnosis of the continuous growth in brand value for the brand's clients and stakeholders.