(ABOVE: Mr Chan (left) says the downturn is a good time to strengthen branding as the market "less cluttered". Mr Tan says a good brand must be clear on its business fundamentals -- its strategic intent, product delivery and how it is differentiated. FILE PHOTO.)
By Melissa Tan
COMPANIES should make branding a priority, even in tough times like these, as a way of gaining ground on their rivals.
The advice came from business leaders at the launch of the Singapore Prestige Brand Awards at the Marina Mandarin Hotel on July 8.
Mr Chan Chong Beng, chairman of the award's organising committee, said that businesses should use the downturn to 'gain a stronger foothold in the market', so they can reap the benefits when the economy rebounds.
Branding programmes are cheaper now and 'the market is less cluttered', he said.
Mr Tan Chia Seng, Citibank's commercial bank head, told The Straits Times at the event: 'A good brand must be absolutely clear on its business fundamentals - its strategic intent, its product delivery, and how it is differentiated.
'Most companies think that branding is just about marketing and advertising, but that should only come later.'
The Citibank unit CitiBusiness sponsors the awards, which are given to businesses, mainly small and medium-sized enterprises, with strong brands.
There are awards for promising, established and heritage brands as well as the CitiBusiness regional brands and a new special merit award for government agencies and non-profit groups.
Each category can have more than one recipient, but only one overall winner. The public can also vote on the five winners with the top pick earning the most popular brand prize.
Last year's winners were Food Republic, Mr Bean, Pet Lovers Centre, and The Hour Glass.
Judges from the public and private sectors will evaluate submissions based on brand identity, management and performance. Last year, there were 44 recipients out of 133 applicants for the awards, which are jointly organised by Lianhe Zaobao and the Association of Small and Medium Enterprises.
The deadline for applicants is Aug 14. The award secretariat can be contacted on 6513-0349 for more details. Winners of the awards will be announced at a ceremony in December.
