Branding strategy is not a sole concern for an MNC, it is also of paramount importance for an SME, especially for expansion purpose.
If yours is not a brand, you are competing as a commodity, that is solely on price. However, an SME probably does not have the financial muscle to grow your volume as a commodity trader does. In addition, brand promotion may not be expansive as you think, especially funded partially by Enterprise Singapore.
Branding's benefits are not as apparent for it takes time to build.
Some of my food and beverages clients told me that they were very successful in their current location, but they failed poorly when they set up outlets in other districts. I think one of the reasons is that they have had the brand advantage in their own turf while they were new in other locations, except for those SMEs that are well-known nationwide.
A brand is more than an easy-to-remember name and/or a popular slogan. It is the personality of the company and carries an emotive relationship with the clients. If an SME desires to expand locally and/or overseas, a branding strategy is absolutely necessary for it to succeed. As a financial management consultant specialized on expansion strategy, Kairos Global will assure you that branding is the way to go.
Apart from our omni-marketing EDG modules, we have developed our "Branding and Marketing Strategy" modules for SMEs.
The main scope of work of an EDG project, subject to SME's special needs and Enterprise Singapore's approval, is as follows:
- Brand marketplace and customer review - Conduct primary research through customer survey and review online comments from customers.
- Brand SWOT Analysis - Identify the Company's brand strengths, weaknesses, opportunities, and threats.
- Brand Sales & Competition Analysis - Compare the Company's products, pricing, locations, services, demographics of target patrons and digital presence.
- Brand Strategy: Recommend improvements to its product provision, pricing, delivery, risk mitigation and business processes.
- Brand digital campaign idea - propose one digital or omni-marketing campaign idea to implement the proposed brand strategy.
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