Branding strategy cited as key to surviving global competition

CEBU, Philippines -  â€œIf you do not change, you will be forced to change. Change or be changed.”

This according to Singapore-based Lexis Branding chief executive officer Jacqueline Alexis Thng who advised companies to adapt to change in the competitive business environment and to maximize branding as an excellent strategy to stay ahead of the game.

Thng was one of the resource speakers during the Mandaue Chamber of Commerce and Industry (MCCI) Business Summit 2013 that was held last August 16 at the Cebu International Convention Center.

The experienced brand strategist and consultant pointed out the need for companies to innovate and reinvent so as not to be left behind in the fast-paced global market.

She said that even businesses that have stayed for long in the industry need to be responsive to change.

“They need to change. You adapt to change to prepare for the future and defend your position in the market. To be successful in business, you get to continue to learn. You never stop learning,” she said.

She cited that a lot of companies encounter different brand problems since they believe that branding is all about creating a logo and name and sometimes even misinterpret their products as their brands.

“A brand is not just a product. A product is made in the factory; a brand is made in the mind. A product can be copied, a brand is unique. A product has a definite lifespan, a brand, if properly managed, can last forever. A product may die but a brand may live on,” she stated.

Thng added that most Filipino companies name their businesses after the initials of the owner’s name which she then discouraged. She said that it is better to think out of the box and come up with a unique name that would remembered by all.

“It may mean everything to you but it means nothing to your customers. And if you’re going global, make sure the business name does not sound offensive in other countries,” she continued.

She also said that logos of companies need to be consistent and iconic since most customers recognize and familiarize a business logo rather than the name.

She even clarified the wrong notion of most companies that cosmetic change solves branding problems. Instead, Thng said that brands need to be “in touch” with the market since people buy because of trust.

“Make sure your brand is trustworthy. Trust comes with reliability and design. A brand is a promise of an experience. Trust comes from meeting and exceeding customer expectations,” she stated.

Starbucks, Thng said, has become an icon for innovation and new culture of customer experience. Rather than being branded as a mere coffee shop, it has popularly become a place to hang-out and socialize.

“We live in a world where everything is similar. Dare to be different. Stand out as a brand. Being the first in the market really helps,” she said, who remind companies that creating brands is getting harder since more new brands are coming out.

She also mentioned Amazon.com, Google, Facebook, and Krispy Kreme as one of the good examples in the new world of branding.

“What they should also understand is that they cannot be a brand to all people. Brands come and go. Adapting to change does not mean everything needs to be changed,” she added.

Thng further reminded that businesses need to ensure that they do not just create generic products as this will also lead to effective branding.

“If your product is not good, that’s the first step to failure. If they appreciate your product, people will talk about it positively and recommend it to others. People look for good experience and they will interact with you to improve that experience,” she said.

In order to take advantage of design as a business strategy, she advised companies to study their competitors and understand what makes them work.

She also emphasized that a brand becomes stronger when the business has the focus as to where it is headed to and when the entrepreneur knows what to do.

“Do not create a product if you do not know what you want to be. There should be the sense of direction. At the end of the day, in any brands we make, consumers must be happy to use the product. We should make them happy,” Thng concluded. /JMD (FREEMAN)