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Expert Warns Korean Brands Against Complacency

Top Korean companies such as Samsung, Hyundai and LG are fast becoming iconic brands, but Martin Roll, a leading expert in branding, warns against becoming too complacent.

In a phone interview with The Korea Times, Roll said it was easy for strong brands, especially those that have experienced rapid growth, to become complacent and arrogant.

"Companies should always raise the bar and never rest on their laurels," he said.

Roll cited Samsung, Hyundai and LG as successful examples of Asian brands that have gone global. Their success is even more phenomenal since these brands have grown rapidly in only the last decade or so.

"Samsung is still developing but it's been a fantastic journey. It's been underreported just how fast it has grown in the last few years. ... LG is still rising, but on a different path. Hyundai has also come a long way," he said.

Roll, author of the book "Asian Brand Strategy: How Asia Builds Strong Brands," said companies should also be willing to continue spending and allocating resources to build their brands. Strong brands focus on innovation and quality to maintain consistency.

The success of these top Korean brands will encourage other small- and medium-sized Korean companies to adopt their own brand strategy.

"We're looking at the next wave of Korean brands. The success of Samsung, LG and other brands will motivate them to nurture their brands. This is very much needed as the Korean economy will no longer be focused on manufacturing, but driven by IT, knowledge, as well as other areas," he said.

Korean brands have been helped greatly by hallyu (the Korean wave), which has increased their recognition throughout Asia, but Roll noted it will play less of a role in brand building in the future.

"Hallyu is still important but it will slow down. Hallyu was a huge opening statement from Korea. It showed the country's evolution and introduced Korea, which was a relatively unknown society then. It told the world what Korea has to offer," he said.

But now that Korean brands have already established a good reputation in Asia, there are more opportunities. Roll sees huge potential for Amorepacific, Korean Air, Asiana Airlines, the Shilla Hotel and The Face Shop to expand overseas.

Amorepacific, a cosmetics giant with over 10 brands, including Laneige, Iope, Sulwhasoo and Etude, is already dominant in Korea. Roll noted that Amorepacific is a good example of how a Korean company can create a brand based on its own culture.

The Face Shop is another example of a small Korean company that has successfully promoted its brand in Asia. It changed the mindset of Korean consumers that low price means lower quality, by offering good quality cosmetics products at affordable prices through aggressive marketing campaigns.

When he first visited Asia in 1992, Roll saw that Western brands were dominating the landscape and except for a few Japanese brands, there were not many Asian brands.

"For Asian brands, there were a lot of fundamentals then that were not happening. Asia was a trading region. Asians were good traders, but there was a lot of focus on volume and low costs, and not on design or innovation. They didn't realize that branding was not just about promotion and communication," he said.

Asian brands also had to overcome a so-called inferiority complex, where Asian consumers believed that foreign brands are superior to local brands.

While several Asian brands have become global leaders, Roll said many business leaders have yet to realize the importance of branding. He offered tips for Asian companies trying to create global brands.

"First, don't be a copycat. Make a strategy, build and sustain the brand. Building the brand should not just be done by the marketing managers, but it should be led by the CEO and chairman," he said.

Next, companies' marketing strategies should be pushed by a chief marketing officer, and should be supported by the entire organization.

Asian brands should also be able to capture the spirit of Asia. "Find out what the brand is all about. ... Make the brand different and offer something different in terms of technology, distribution, design and service. Then, deliver on that promise, to become a top-level brand," Roll said.

Companies should also keep an eye on the "touch points," which involve consumers' interaction and experience with the brand, Roll said, adding that brand building is a long and expensive process, but the benefits will be worth it.

Excerpt: The Korea Times
Source: http://www.koreatimes.co.kr/www/news/biz/2010/04/123_64998.html
 
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