Strong brands raise Malaysia's economic profile
BUILDING IMAGE: Leading names help country exhibit credentials to global business community
MALAYSIA has clear objectives to develop its economy and build world-beating businesses.
A stable macro-economic and political base has provided a platform for Malaysian brands, as the country has emerged strongly from the recent financial crisis, ready to expand across the world.
Brands contribute to building the economic profile of their home countries in several ways: as well as generating income directly, they raise the profile of a country, promote its abilities in goods and services, and enable it to exhibit its credentials at the cutting edge of business practice.
Strong brands capture and project these values to immediate consumers and wider opinion-formers in the government and the media.
For example, the recent purchase of Battersea Power Station in London by a consortium led by SP Setia Bhd and Sime Darby Bhd has raised Malaysia's profile and international image.
The fact that Malaysian brands have had the vision to take on such a challenging project has impressed London's business community and built value in brand Malaysia.
Other leading Malaysian brands are developing the country's brand image in a number of ways - by illustrating their brands' relevance to cutting-edge consumer trends, developing differentiation and authenticity, and innovative use of new marketing media.
Relevance is one of Interbrand's key brand strength factors - is the brand's positioning aligned with the needs of its consumers?
Consumer needs are continually evolving, and companies need to be nimble to adapt their brand portfolios and stay current.
AirAsia is one Malaysian brand that has shown this ability. Despite battling increasing fuel rates, the airline has been able to consistently provide low-cost travel to the region. In 2011, they added 21 new routes, providing more consumers around the region the ability to travel further.
The airline has also shown a commitment to quality standards that consumers have come to expect, winning Skytrack's world's best low-cost airline from 2009 to 2011.
Investment in brand touchpoints is a vital part of consumer satisfaction, and AirAsia's investment in new planes and options for Malaysian food and entertainment shows an understanding of the complete consumer experience.
Being responsive to consumer trends is also an integral necessity for any brand and is an area that F&N has been able to achieve.
Despite being founded 128 years ago, the company has responded to consumer's growing demand for healthier products with its "Pure enjoyment, Pure Goodness" message in a 2011 campaign, launching 100Plus in Thailand to increase the sports drink's range.
F&N's continued investment in refreshing the image of its products has allowed the company to weather the years and remain an important player in the beverage industry.
Another important factor is authenticity. Consumers expect brands to be true to who they are, and this sense of identity can be drawn from a brand's home origins.
Authenticity needs to be felt as much as claimed. For instance, OldTown White Coffee offers consumers a taste of a special brew of white coffee created in a Malaysian coffee shop that embodies the relaxed, friendly and sincere side of Malaysian culture.
Contemporary brands also need to be aware of the need to use digital media. Consumers expect brands to be responsive to their enquiries - and are quick to voice their opinions if they are not. Not only this means that the distinction between online and offline branding is disappearing, it also indicates that the distinction between national and international brands has vanished.
This is both a challenge and an opportunity. Malaysian brands now have an equal platform to promote themselves to the world through Facebook, Linked-in, Twitter and their own websites.
CIMB is one brand that has excelled in this area, boasting one million Facebook fans and has an online channel for feedback and complaints via Twitter.
Its digital efforts have been recognised by the industry, having been awarded the Best Social Media Engagement in Asia, Africa and the Gulf by The Asian Bank. It was also named the Best Internet Bank in Malaysia by the Global Finance Magazine in 2011.
Brands can help build Malaysia's economic and profile by developing relevant, differentiated and authentic experiences that can appeal to consumers across the world.
By looking at who they are and basing their brands on a truth derived from local experiences, brands can provide a showcase of Malaysia's unique skills and culture.
Robert Allen is an associate director, brand strategy, of Interbrand Singapore
Source : New Straits Times
Date : 18 September 2012
afternoon highlight (19/09/12/161/636)
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