Brand building is always a difficult problem for many small and medium-sized enterprises (SMEs). Because brand development is a long-term activity, it needs to be carried out methodically. To implement this strategy, businesses must deploy a series of studies and detailed plans, guiding the organization to a reasonable path of brand development. So where should branding for SMEs start? Let’s find out the content below with Apexcorp.
What is branding for SMEs?
SME or SMEs is the abbreviation for the phrase Small and Medium Enterprise, translated into Vietnamese as small and medium or micro enterprise. According to statistics, SMEs account for 90% of the total number of businesses worldwide and create jobs for more than 50% of workers. In Vietnam, as of the end of 2019, the country’s statistics accounted for 95% of small and medium enterprises. It can be said that, despite their small scale, SMEs are an important component that helps promote national economic development.
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What benefits does branding bring to small and medium-sized businesses?
Enhance competitive value
Leading industry experts assess that the current level of competition has reached a fierce stage with the participation of both domestic enterprises and leading foreign brands. This means, small and medium enterprises need to create a competitive advantage to survive and develop. The distinctive brand is an important factor and an effective solution to this problem. Through logos, colors, messages, values, stories, brands help organizations attract and leave an impression in the minds of customers, enhancing their competitive position.
Attract potential customers, build a loyal customer group
With appropriate messages and communication methods, brands help create awareness and trust in customers. From there, the brand attracts potential customers and expands the product’s customer segment. Combined with product and service quality, a strong brand helps retain customers and turns them into loyal customers of the organization.
Where should branding for SMEs start?
Determine brand image
The first thing when starting to build a brand for an SME is to determine a consistent brand image. From logo, slogan, main color to message, brand personality, it needs to be clearly oriented. These are the most basic elements to create a thorough brand. These elements represent most of the enterprise’s owned media channels such as website, fanpage, internal newsletter to products, publications, posters, banners… The consistency of identity will be an advantage in creating a mark. public impression, awareness and familiarity.
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Build a brand development strategy
Building a strategy is the step of planning detailed plans, operating paths and brand development towards business goals. Businesses need to determine customer needs, market trends, resources, and organizational orientation to decide on the appropriate plan. Note that the leadership needs to find answers to the questions: What is the organization’s competitive advantage? What is the difference between products and brands? Who are the customers? What needs do they need to be met? Market segment of the product?
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Communication and brand promotion
Promotion is a way to bring a brand to target customers through media. Especially the online platform. Brand communication needs to pay attention to the implementation budget. And create content suitable for each channel’s audience. Make the most of your website and fanpage to provide consumers with basic information. Benefits and uses of products and services. Besides, businesses should use Marketing tools. To make the brand promotion process highly effective and fast.
With the above content, Apexcorp believes that SME has an overview of the branding process. For advice on building brand development strategies for small and medium enterprises. Please contact Apex using the information below.
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APEXCORP – BUSINESS STRATEGY & MANAGEMENT CONSULTANT
Head office: 88A Nguyen Trong Tuyen, Ward 8, Phu Nhuan District, Ho Chi Minh City
Consulting office: Business Center, Masteri Thao Dien, Thao Dien Ward, City. Thu Duc, HCM
Hotline: 0903 25 55 25
Email: info@apex.edu.vn
Website: apex.edu.vn
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