How do small firms and start-ups establish own identity? This is the main question discussed at a conference on branding that took place on Wednesday morning in Hanoi. More than 500 enterprises and well-known experts attended the event.
Vietnamese businessman Pham Dinh Nguyen bought Buford town in the US state of WYOMING 2012. He changed its name to Buford Phindeli Town to reflect its new status as a regional hub for his Vietnamese coffee brand. The businessman promoted PhinDeli to an international level in a short period time.
"First we have to be different in order to survive. Second, because we are a new player, we have to avoid traps posed by famous brands. Third, we have to boldly introduce our products and receive feedback, then adjust and make changes", said Pham Dinh Nguyen, Founder, PhinDeli Joint Stock Co.
PhinDeli’s success is only a rare case. Many start-ups are still struggling with branding issues. Experts at the conference pointed out that one of the solutions was as simple as just being different.
"In fact, it’s very difficult to be better because you’ll need good staff. But if you are different, you’ll be much better than your rivals. You don’t need human resources to be a unique firm", said Nguyen Duc Son, Brand Strategy Director, Richard Moore Associates.
Many businessmen also said that branding came from their core values. The reality of business and a company’s strategy pave the way for brand strategy development. This is especially true for newly opened businesses.
"Firms will change their operations in response to external demand. Then, they will see new products they need to launch. Only after that they will start to think about branding and then that stage begins", said Vu Minh Tri, General Director, Microsoft Vietnam.
New players are not necessary disadvantaged. Any firm can go out of business. Defining a brand is a journey of self-discovery. Even though it is difficult, time-consuming and uncomfortable, every business needs an effective brand when competing in a global market place.
