Enterprises strive to improve brand positioning
According to economic experts, brand positioning is one of the decisive factor to develop production, business activities to gradually dominate the market.
However, in reality, enterprises do not pay sufficient attention to this aspect.Competing in the market based on product’s quality
Starting a handicraft business 10 years ago, but economic crisis has lead Trinh Xuan Dai’s company (Ha Dong District, Hanoi) into a hard time and gone bankrupt. In 2016, Trinh Xuan Dai chose a different path in tourism by establishing a tourist operator named Viethome. However, as a small and medium enterprise (SME), the business is facing difficulties in a fierce competitive market. “Despite we understand the importance of developing brand, however, we are currently in the phase of preliminary design the brand, and are not yeat at the process of protecting the company’s brand in domestic and abroad” – Dai said. Citing the limited financial capability, Trinh Xuan Dai said, brand development is a long term strategy, which cannot be done in a few days, while the company has to choose an appropriate time suitable for the its capability.
From this story, according to economic expert, many local enterprises do not pay sufficient attention and invest appropriately for brand developing and positioning as a long term strategy. According to brand analyzing expert Vu Xuan Truong, the majority of SMEs in Vietnam has weak financial capabilities, so that they are not willing to pursue a long term strategy. Mr. Truong warned, if business and production are carried out with short term’s gain in mind, brand strategy may be inefficient, or even excluded. “It has been a long time with thinking brand developing is simply to design a logo, or a product’s label. Competition in the context of globalization should focus on getting the customer’s awareness on the quality of the products” – Mr. Truong stressed.
Looking for difference
Mibrand director Lai Tien Manh shared, in order to develop brand successfully, enterprises must position their brands clearly with sufficient difference and attraction to customers, in which paying appropriate attention to the product’s quality and competitive price. With regard to concern over expense for brand development, Mr. Manh said, enterprise itself must put up effort in finalizing products, services, customer service and building customer relationship. These activities are enterprises’ daily activities which do not cost much. From the Japanese’s experience, with each day goes by, product must be improved to be better, Mr. Manh recommended this is the right direction for Vietnamese enterprise to follow. Enterprises should set aside the financial issues and redefine the brand development process is customer service, so that they will return and are willing to promote their products.
Meanwhile, the Head of the Trade Promotion Department (Ministry of Trade & Industry) Bui Huy Son said, in the process of globalization, brand value is an essential instrument to improve enterprise’s competitiveness and get a foot hold in the market. Mr. Son said, enterprise can join training program on brand development to improve its competitiveness in each sector and in accordance with scale.
Improving enterprise’s competitiveness is an opportunity to promote national brand, contributing to export promotion and an increasing growth of Vietnamese’s national brand in the world market - the Head of the Trade Promotion Department (Ministry of Trade & Industry) Bui Huy Son.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years