By Binh Nguyen – The Saigon Times Daily
HCMC – Vietnamese companies need to work out long-term consistent plans to build their strong brands so as to reap business success and stand out from fierce competition, said an international consultant at a function here last Thursday.
“A strong brand drives business success,” said Chris Elkin, managing director of the brand consultancy and marketing agency Red Brand Builders, in the business luncheon “How to Leverage Market Research and Build Your Brand with Impact.”
A good brand is consisted of a strong personality that had emotional connections with its specific target audiences, Elkin explained to the Daily after the event. “A strong personality allows for differentiating the brand from the competition so that the brand has a higher chance of being chosen.”
Elkin said the challenge of brand building in Vietnam and other parts of the region was to match what the chief executive wanted and what the marketing team recommended to find the best solution to building and positioning their brands. As they do not fundamentally understand what their brands represent, they cannot communicate correctly.
“Unfortunately, many brands in Vietnam are not clear and not consistent with communication about what they stand for and how they differentiate themselves. They may spend a lot but often they send the irrelevant message to the target audience and so people forget what you stand for and how you can benefit them,” Elkin said.
There are still businesses misunderstanding what their brands fully mean. Elkin said a brand was a complete experience that customers had with the company and that could be a product they drank or ate; the service they used; the logo, the name and color they saw; the communication for its products and the website.
Therefore, it is important for enterprises to identify who are customers they want to appeal to, the core benefits that set them apart from competitors, and the areas where they can gain a competitiveness advantage.
Elkin said brand building was a long and on-going process as reality showed that successful companies around the world continued to invest in building their brands, understanding their customers’ needs and what their competitors were doing.
“The needs of consumers, the marketplace and competition are constantly changing due to economic challenges. So, your brands have to change with the needs you want for consumers and you retain your strong competitiveness in the competition,” Elkin said.