Recession may not be bad for companies

Recession periods (periods of general economic decline) could be used to create higher profiles

for their branding for homegrown companies and non-profit organizations, said Singapore

 Prestige Brand Award (SPBA)’s chairman, Mr Chan Chong Beng.

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He says that it would be ill-advised to decrease spending by cutting down on efforts to improve

on branding. This was because during an economic downturn, the attention of competitors will

be diverted, which spells a plus point as companies can now concentrate more on its branding

 efforts. In addition, the economic downturn would cause implementation efforts on branding

to be less expensive. Hence these would result in an increase in available time and favorable

 circumstances for the organization to build up on its branding.

Mr Chan also explains that many companies which had adopted this method of ‘increasing its

branding during recession have reaped benefits, as shown by the many studies conducted.

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One of the ways of improving branding is by achieving the SPBA, as this would mean that the

companies have met the strict standards set. Companies use this award as a yardstick against

their competitors in the market.
SPBA does not discriminate or favor companies by the duration it has been in its particular

industry. Distinct definitions of accessibility promote new brands to take part in achieving the 

SPBA as well. By participating in SPBA, the company brand will be able to gain from the award

because they would come to know the components in their branding which needs to be worked

upon, Mr Chan says.

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Mr Chan adds that previous achievers of SPBA have been credible representations of the award,

and have been promoting to their business partners and consumers the advantages of taking part

in SPBA.

Business Talk in Singapore, Recession

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