A continuation of our January article, it’s important to understand that “advertising” is a form of communication used to persuade or influence people, while “marketing” is the process of communicating your product or service’s value to others. But anyone can sell a product or service. Question is: Do you know how to sell a BRAND?
Ready? Here comes `Branding’!
OK, after all the hints we’ve been dropping, here’s what branding’s all about.
It’s a company’s main philosophy, with marketing as part of that philosophy, propelled by advertising.
Put simply, branding is intended to differentiate your product or service from those of your competitors’, therefore allowing you to establish a nice market for your company. And in case you think it’s merely a matter of putting a `logo’ on your letterhead, think again.
The art of branding encompasses the following elements: Names, Logo, Tagline, Graphics, Shapes, Colours, Sounds, Scents, Tastes, Movements, and Customer Relationship Management (CRM).
According to a Business Insider (May 2013) report, the world’s top 5 brands are – with their estimated brand values alone – Apple (US$185 b), Google (US$113.7 b), IBM (US$112.5 b), McDonald’s (US$90.3 b) and Coca-Cola (US$78.4 b).
Now, what do these top 5 global brands have in common? They know that brand-building via advertising is a process requiring time and investment!
You don’t have to – and probably can’t afford to – spend millions, let alone billions, on brand-building.
You won’t have to.
The good news is, the branding industry in Malaysia is still pretty much in its infancy stages, with only very few home-grown brands recognized overseas so far (like “Royal Selangor”).
In short, there’s still plenty of room to GROW.
No, you don’t have to be a global conglomerate to build a brand people care to remember. It’s in the approach; not how fat your cheque-book is.
SMI Malaysia reports that Malaysian SMEs and SMIs form the backbone of the domestic economy, making up 99% of total active businesses and contributing 32% of GDP. SMEs and SMIs also command a 56% share of total employment in Malaysia, as well as a 19% share of exports.
Yet, isn’t it ironic that there’s really NO Malaysian SME/SMI that has made its mark overseas yet?
Stayed tuned for the 3rd and final part of this article, where we can hopefully convince you that you can indeed “make the forgettable, unforgettable”!