TOKEN OF APPRECIATION: Ng (second left) presents a memento to Lim.
KUCHING: Entrepreneurs must come up with their unique brand to rule the market or they are powerless against their competitors.
Pointing this out yesterday was Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) president Dato’ Lim Kok Cheong, who asserted that a brand made the best guarantee for sustainable growth of an enterprise.
“Many entrepreneurs are troubled by the fact that their products or services are not known to consumers. Thus, creating an own and unique brand is critical to the success of a product or service.
“And branding is a must for entrepreneurs to create and enhance awareness of the product or service in the minds of consumers,” he said when opening the ACCCIM Young Entrepreneurs Conference 2013 at a hotel here.
More than 300 delegates from across the country attended the conference themed ‘Create Global Branding Through Youth Innovation’.
Lim, who is also group managing director of Yee Lee Corporation Bhd and chairman of Spritzer Bhd, called on young entrepreneurs to ponder why world famous electronic brand, Apple managed to garner millions of staunch supporters.
He noted that Apple products such as smart phones and tablets had captured a lion share of the global electronic gadgets market given its quality and reputation.
He reminded delegates of a change of consumer’s needs amid rising awareness in consumerism, adding: “They are no longer contented with cheap products.”
Many consumers had started paying attention to product features, packaging, corporate culture, after sale service and store decoration, stressed Lim.
Besides, he said it was a misconception among some entrepreneurs that branding could simply be achieved by extensive product advertising.
Building up brand loyalty could not be done overnight, he said, adding developing consumer’s confidence over long period of use of products and services would help.
“Without a doubt, creating a brand requires much investment and long-term efforts, but if it succeeds, the rewards will be long-lasting. It is therefore imperative for entrepreneurs to seriously deliberate the pros and cons of branding, and chart the direction of their business with a detailed and focused branding roadmap.”
Earlier, ACCCIM Young Entrepreneurs Committee chairman Datuk Ng Yih Pyng urged entrepreneurs in the country to join the respective Young Entrepreneurs Committees to expand their network and create conducive conditions for business opportunities.