Businesses focus on building brands and increasing profits

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International visitors visit the booth promoting Vietnamese coffee. Photo: CTV

Many new opportunities

Recently, the difficult production and business situation, lack of orders and lack of markets have caused the business community to compete fiercely. In particular, the brand story is an important factor for businesses to have a foothold in the marketplace.

According to Dr. Vo Tri Thanh, Director of the Institute for Brand Strategy and Competitiveness Research, brand is the "price" that partners, customers, and consumers are willing to pay more for the product. Many Vietnamese businesses have such valuable brands. In particular, in the current context of deep integration, the brand is the appearance of the businesses. “Brand image in the international arena is very important, because behind is creativity, technology... In branding, if we can export to a developed country with a fastidious market. If we can export sustainably, this is a measure on the capacity, quality and reputation of the enterprise”, Dr. Vo Tri Thanh affirmed.

In particular, on the global playground, a brand is no longer just a means to promote and support sales, it is actually a valuable asset that can be valued, even valued at billions of dollars. Vietnamese businesses have also gradually caught up with global trends, investing in intangible values ​​of businesses, typically brand value, thereby significantly contributing to increasing national brand value of Vietnam.

Sharing about the story of branding, Mr. Gruber Alexander Lukas, Director of Saigon Professional Roasting Services Joint Stock Company, representative of the Alambe' Finest Vietnamese Coffee brand, said that Vietnamese coffee was famous for its big quantity and cheap. Therefore, it was necessary to invest in building a brand, creating unique quality, classifying coffee into good, premium, standard grades... Just like that, coffee export has added value. Accordingly, the company has invested in roasted coffee for export, premium ALAMBE coffee, creating added value through personalization of coffee and roasting and

Considering brands as strategic weapons

In another aspect, differentiation strategy is an important tool to affirm a business's brand. According to experts, differentiation strategy is a branding method that focuses on creating uniqueness for a business's products, services or brands compared to competitors. Creating a differentiation strategy aims to set up a unique position in the minds of customers, attract and retain customers, by providing them with different values ​​and experiences.

Sharing with reporters, Mr. Phan Van Hieu, Chairman of the Board of Directors, General Director of CVI Pharma said that on the global playground, Vietnamese businesses could not focus on competing on price or production scale but must focus on the brand story and strengths of typical products such as plants, herbs, and culture. Because international customers now cared a lot about how special the local cultural community created the product itself and how the sale of this product impacted their lives. “Currently, CVI Pharma has invested in production technology that meets the standards of most fastidious countries such as the US and EU. However, when exporting widely around the world, businesses must redesign and invest in R&D (research and development) to meet the strict standards of each market. The quality management system and post-inspection must be tightened”, Mr. Hieu shared.

Mr. Gijae Seong, Managing Director of Amazon Global Selling Vietnam, said that building and developing a brand were an important step, and it was necessary to be a roadmap to develop the brand sustainably. This was their effort in recent years to help Vietnamese businesses understand the story of branding and use advanced tools, technology, and solutions from Amazon. to develop an effective and long-term branding strategy.

In the past 5 years, the number of Vietnamese businesses participating in Amazon's Brand Registry program has increased 35 times. This shows the seriousness of businesses in the story of online export through Amazon. It is not just a story of selling products, operations, or how to optimize revenue, but also a story of building a brand for sustainable development.

However, the competition in online exports is also extremely large. For example, on Amazon there are many businesses providing products in the field of health care from India and Thailand and operating very effectively. Because those businesses have many years of experience selling on Amazon, the procedures for bringing products to the floor are very standard and quick, the quantity of orders is good, the price is good, and the designs are diverse and eye-catching.

Therefore, businesses need to consider the brand as a weapon, not just a tool. Only when possessing that weapon, businesses can compete fairly with other businesses and brands.