Bich Ngoc | vir.com.vn | Mar 28, 2011 10:00 am
red contribute to the debate in Vietnam Financial Review Magazine
“A timely read given that a number of shopping malls in Vietnam have failed or are suffering due to the lack of having the right vision, team or processes in place. Thank you Chris Mears.
To add to the recommendations given, as a branding & marketing consultant, I would also recommend that management teams need to include a strong branding and marketing partner within their midst at the earliest to ensure a greater return on the project investment.
All too often in Vietnam shopping malls are developed with little or no thorough consideration given to how the mall will be really different from the competition or branded and marketed to really appeal to specific target audiences over the long-term.
My brand building advice to management teams would be to:
– analyze what the competition is doing/planning in the future very closely
– identify specific target audience segments that are currently not being satisfied within a given area – make appealing to and satisfying these target audiences central to your planning – develop a branding strategy that really differentiates your mall from all the rest
– ensure you have a strong marketing, promotions & events plan and budget (that your tenants collaborate in) allocated that goes beyond supporting just the opening ceremony
– make your mall a ‘destination’ by giving your target audiences compelling reasons to keep coming back again and again
– and to invite their friends and family along too
In short, recognize that your shopping mall brand, built in the right way, with the right team and proper investment, can grow to become your greatest asset, an asset that can drive tenant and customer preference, your rental price premium and overall profitability. A wise investment I would argue.
Chris Elkin, Managing Director, red brand builders. www.red.tm