Interview for BIZ magazine, marking the release of BrandRO – a study of the 100 strongest Romanian brands in 2019, conducted by the publication and Unlock Market Research.

Ömer Tetik, CEO of Banca Transilvania, has lived in Romania for about 19 years. He knows and uses local brands and has even helped some of them grow. Because BT is a Romanian bank, he has felt first-hand the challenges of a local brand and says it’s hard to compete with an international bank, which has dozens of countries in its portfolio. He admires brands that love their customers — and are loved by their customers. In other words, love brands.

•  BIZ: What Romanian brands do you use regularly?

Ömer Tetik: Romania has a history with a strong personality, and brands to match. Moreover, as we’ve also seen at BT, Romanians have a preference for Romanian companies — we could say for BrandRo — when they offer services that can compete with foreign products. On top of that, globalization, technology and how easy it is to travel today mean the lines between brands are increasingly blurred. We often have Romanian companies with foreign capital or using components (ingredients) from abroad, or foreign brands with a serious Romanian component — I mean capital and especially people, talent. Having lived in Romania for so long, I use many Romanian brands. A lot come to mind, but I’d mention Borsec, Fragedo, eMAG, Digi, Bookster, Autonom. For example, I like to do DIY around the house, and whenever I try to fix something myself I make a quick run to Dedeman, where I can find anything.

I’m glad there are strong brands in the food industry, and that as a country we supply food and food products (branded or as raw materials) to many countries. At the bank, the best part is that I get to speak with many clients, and it’s a source of pride for me to learn that, for example, the engines of some cars known worldwide are made in Romania, or that components for the aviation industry are made here and benefit travelers everywhere. I think Romanian brands are all around us in our daily lives, and we often don’t even realize how much we use them. For example, Untold, Electric Castle or TIFF are Romanian brands — festivals born in Romania that draw hundreds of thousands of Romanians and tens of thousands of foreigners, including visitors from America. Likewise, Simona Halep is a BrandRo, taking Romania’s name around the world.

• Which Romanian brands do you admire?

eMAG, Dedeman, BettyIce and Transavia are brands built from scratch in Romania that have become leaders in their markets, led by visionary entrepreneurs. Honestly, I’d love to spend time working alongside them because there’s a lot to learn. Of course, Banca Transilvania is among my favorite brands — not just as an employer and a story, but also as a customer; there are products and features I use every day. I appreciate Romanian brands and companies for their history and quality, and also because they managed to establish themselves in a market that, a few decades ago, was tougher and more unstable. For me, as a banker, it’s hard to separate the brand from the business, and every time I buy, say, Borsec water or a product from Dedeman, I think about the entrepreneurs’ tenacity and the thousands of Romanians who work in that company. I’m not a nationalist — I’m more of a fan of globalization — but I do feel a certain emotion when I use a Romanian brand, or brands from other countries I’m connected to in one way or another.

•  What are Romanian brands’ strengths?

Local brands everywhere are part of a people’s or a community’s history. So what greater strength could a brand have than the combination of history and emotion? Some Romanian brands are part of Romanians’ childhoods or other stages and moments in life. Most were born in the past 30 years and are companies that grew alongside Romanians, with whom people identify. It could be the café next to the office, the restaurant where we meet friends, or the online store where we buy all sorts of things. I’m happy to say that BT, as a leading supporter of entrepreneurs, has helped many Romanian brands grow.

We will continue to do so through the bank, by providing financing of tens of millions of lei to large Romanian entrepreneurial companies; through BT Mic — which helps small businesses (brands) grow; through Bucureştiul Întreprinzător — an online platform that showcases the people and ideas that have helped turn the capital into the country’s most entrepreneurial city; and through BT Club — our entrepreneurship education platform.

•  What are the main challenges for Romanian brands?

I think the main challenges are adapting to different markets, new customer segments and trends. There’s also competition from foreign brands, to which Romanians have always been drawn. I’d add another challenge that comes from within the brand, so to speak: attracting employees who can keep building those brands. For many brands, marketing and advertising budgets are a major challenge. Another challenge is sales, because that’s what allows a brand to stand the test of time. Romania’s market is still small, so expansion into other countries is necessary; that in turn calls for investment to build the right, attractive presence.

Because Banca Transilvania is a Romanian bank, we’ve felt the challenges of a local brand directly. It’s hard to compete with an international bank that has operations in dozens of countries and, when it buys software licenses or a mobile app, can reuse them across dozens of markets — something that’s harder when you’re local, especially because it’s more expensive. Even so, you gain the advantage of speed and focus — when you’re Romanian and selling in Romania, you feel the business, customer preferences and their feedback much more “viscerally”. A very good thing is that we’ve overcome the barriers of experience and knowledge — 25–30 years ago, when foreign brands began entering Romania, there weren’t Romanian specialists across all fields. Today we probably have in Romania the same specialization and skill levels as companies in the US or Japan. We are in no way behind, and that’s something I’m very proud of.

•  What Romanian brands would you recommend?

It’s hard to single out just a few brands — there are so many! In general, I admire all Romanian and foreign brands that do right by their customers, in a fair and responsible way. For example, I like Apple a lot — it’s not a Romanian brand — and I’m in love with FruFru as well. As I was saying, it’s hard these days to draw a clear line between Romanian and foreign brands because we live in an interconnected world; ultimately a company like FruFru probably buys its oranges from Turkey. So I admire all the brands that love their customers — and are loved by their customers.