Branding key to success of firms, says Ong Ye KungMDIS in the News

The brand name is one of the key driving factors of successful companies here, said Education Minister Ong Ye Kung last night.

Mr Ong told an audience of more than 500 business people at the Singapore Prestige Brand Award (SPBA): "All of our successful companies have built good brand names, which are anchored on capabilities and what your products and services stand for."

But behind the company brand, is also the Singapore brand, which has been built up over five decades, he added. "That is one reason why many foreign firms value our market, not because it is a huge market, but because if the product or service works in Singapore, it gives confidence to other markets around the world."

Stellar home-grown brands were celebrated at the event, jointly organised by the Association of Small & Medium Enterprises (ASME) and newspaper Lianhe Zaobao and held at The Ritz-Carlton.

Food and beverage player Toast Box was named overall winner in the established brands category.

Another big winner was B9 Dental Centre, the overall winner in the promising brands section. It was also inducted into the SPBA - Hall of Fame, which is reserved for outstanding local brands that have won over a period of time. The Management Development Institute of Singapore bagged the overall winner of the heritage brands and Novu was named overall winner in the regional brands field. Awards were also conferred on brands that have gathered the highest number of votes from the public in their respective categories. They were Toast Box, Natureland, Chin Lee Restaurant and Avalon.

Gardens by the Bay was honoured with a special merit award. Participation in this category is by invitation only and is reserved for government agencies and not-for-profit organisations. ASME president Kurt Wee said: "Branding is at the core of a business as a strong brand allows business owners to build on trust that transcends geography and time."

ANCHORED ON CAPABILITIES

"All of our successful companies have built good brand names, which are anchored on capabilities and what your products and services stand for."

EDUCATION MINISTER ONG YE KUNG

Lianhe Zaobao editor Goh Sin Teck noted that branding can also help enterprises expand abroad: "With many of these brands achieving international acclaim, it is a testament that local brands can also soar far and wide, beyond the shores of Singapore."

Source: The Straits Times, 2 November 2018 © Singapore Press Holdings Limited. Reproduced with permission. Click here to read the article.