To spur more Singapore companies to adopt a branding strategy for their products and services, the Association of Small and Medium Enterprise (ASME) and Chinese newspaper, Lianhe Zaobao have recently launched the Singapore Promising brand.
The first of its kind in Singapore, the award will be given to a total of 30 most distinguished Singaporean brands. This recognition will not only set a standard for local brands but also shatter the myth that local brands are inferior to Asian brands. This will hopefully prove that Singaporean brands are capable of competing with global brands in the local market.
According to ASME’s president, a good product or service is no longer enough for companies to compete in the marketplace.
As prices become competitive and each product or service begins to look like its competitor, the distinguishing factor is the brand name. The company should realise that having that brand name registered, as a trademark is the best way of preventing others in the trade from using their mark and thus protecting their most valuable asset. With more local and global players in the market shouting their brand names, the companies who will be given the Singapore Promising brand awards would do well to gain the recognition and reward. Hopefully, they would go the extra mile to keep and protect their voice in the marketplace.
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