Branding becomes the top interest for enterprises, particularly to small and medium sized ones, as competition through using traditional methods such as utilising advertising boards/signs is no longer effective, according to leading experts.
“Corporate governance has always been a major issue in Vietnam, to have a well-governed nation we must first have a well-managed business,” said Han Manh Tien, President of Vietnam Association of Corporate Directors (VACD).
The conference of “Corporate Governance in the era of Integration and Technology Boom” was just held at Phu Son centre of Cultural Tourism Sport in Bac Ninh city, in order to raise awareness of businessmen in the importance of branding in the 4.0 generation industry.
Besides the advantages, the 4.0 industrial revolution has also come with several challenges for enterprises in current market. The rapid internet growth with a wide range of services and the boom of smart phone have changed the consumer behaviours, creating incentives for e-commerce.
Today, most consumers choose their products and services by brand, which helps businesses expand their vision, think and build a clearer business strategy. However, due to insufficient knowledge, the branding of Vietnamese enterprises lacks scientific and long term strategy, many new businesses are still interested quick profit, rather than focusing on long term branding.
Bui Quy Phong, member of the Executive Committee of VACD, Vice President of Sales and Marketing Director Club, Director of Asian Brand Consulting said that when talking about branding many people often think about distinctive logo, slogan, advertising or brand story, those are not true anymore.
“92% of customers trust in the recommendations of their friends and families, the experiences of customers with a brand hence matter tremendously,” said Bui Quy Phong.
In this intensive competition, small and medium enterprises should focus on creating a space of experience that focuses on boosting customer emotion as it is the key factor deciding the quality of a product rather than the actual function of a product.
For instance, Phong mentioned the example of TD Bank, an American bank that turned their ATM into an automated 'thank you' machine, customized their customers experience by giving gifts and thus, creating unforgettable experiences for their customers.
"A strong brand is not just a well-known brand, but a well-known brand is loved, respected and trusted," he said.
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