Brand-building is essential for companies that wish to charge a premium for their products. However, spending lavishly on advertising is typically not an option for many small and medium-sized enterprises. So how do those firms get around that problem?
Perhaps they should listen to what Singapore’s Minister for Social and Family Development, Tan Chuan-Jin, said a couple of months ago about an alternative approach.
Speaking at the 14th Singapore Prestige Brand Award ceremony at end-October, Tan reminded the audience that branding is not just about focusing externally on customers. The business community must also look inward and think about brand-building in terms of a company’s value and social standing, the minister said.
“You should consider branding as an employer,” Tan said.
Putting more emphasis on welfare of employees or getting the staff to work as volunteers for welfare projects are some of the ways to boost a company’s public image, he added, according to a Straits Times report.
After all, a firm’s products and their quality are largely determined by the ideas and work of its staff. Customers are more likely to be convinced by a company that takes care of the employees and also cares about the society.
Hong Kong SMEs will certainly find it useful to heed those words of advice.
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