The old maxim that you need to spend money to make money is starting to dawn on many small- and medium-sized enterprises (SMEs) here when it comes to branding.
SMEs, which have often been averse to spending cash on brand-building, are now realising that a business boasting quality products and services is no guarantee of success.
Take Ms Yvette Chiang, 38, founder and chief executive of spa chain Rustic Nirvana, for instance. Three years ago, she realised that although her customer base was growing, many other potential customers did not recognise the brand name of her spa.
‘Most of our new customers tend to find out about our treatments through word of mouth, but it was not at that point where once you say ‘Rustic Nirvana’, people know exactly what kind of spa we are,’ she said.
‘So when we were planning to expand, my partners – who are strong believers in branding – and I decided it was time we got a brand consultant to help us with the branding process.’ More.