Nowadays, many manufacturers have gone astray in their branding of their products. Meanwhile, the ultimate goal of a business is to effectively build a strong brand in the subconscious of customers.
The battle for brand names is still fierce in the Vietnamese market in particular and the world in general. However, many companies in Vietnam only build brands with the purpose of keeping the product, not necessarily paying attention to its meaning and importance. “Most businesses have forgotten the three key factors in brand success: creating relevance, differentiation and credibility.
This will lead to the erosion of the original meaning of the brand and reduce customer trust," said Mr. Dao Dinh Hoang, CEO of Masso Consulting.
According to Mr. Hoang, Vietnam is on the threshold of WTO integration, the issue of a strong enough brand to compete and maintain the domestic market, while being able to penetrate the world market, is being posed as a top challenge for businesses that want to survive and develop.
How to build a brand effectively? Many consultants from Ernst & Yong and Andersen Consulting have given advice: First of all, it is necessary to follow the right method, not just invest effort and money. Enterprises need to persistently provide expectations, consistency and continuous efforts for customer commitment from the brand; at the same time, there must be a breakthrough marketing strategy, a superior technology that quickly attracts consumers and maintains their loyalty. Because the brand is not simply creating a product but also telling the story of a person, an idea and the country it represents.
Branding is a business strategy, so to build a strong brand, businesses must define goals, research market information and consumer psychology, including distribution channels. At the same time, implement and test market results before building specific strategies and plans.
In fact, many businesses have been successful in using this strategy to build a brand for their products, such as: Apple is the fastest growing brand in the world (reaching 6.8 billion USD last year, up 42%). Apple has succeeded in transforming from a computer company to a consumer electronics company and has brought perfectly designed electronic products to meet market needs. Coca-Cola is valued at 67 billion USD and is the most valuable brand in the world.
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