Whether you and I like it or not, the world has become one big, chaotic barangay. For capitalists there may be value in targeting markets in other lands. This article in the Philippine Daily Inquirer written by Willy Arcilla says Vietnam is a good place to start.
An excerpt follows:
MANILA, Philippines–FILIPINO BUSINESSMEN are finding green pastures in Vietnam, and those that are already there are encouraging their colleagues to follow suit.
Here are some tips to guide those considering putting their money in the growing economy of Vietnam.
Ernst & Young Partner and Head of Advisory Services Jun Torres exhorts Filipino businessmen to be bold and brave. Otherwise, the windows of opportunity will vanish rapidly as thousands of more aggressive businessmen from Korea, Singapore, India, and even the Middle East, rush in and seize the opportunities.
Torres also allayed fears of businessmen about dealing with the Vietnamese, who used to have a reputation of being shrewd, by saying, if the Vietnamese are not trustworthy, then the country would not have attracted $10 billion in foreign direct investments in 2006, and another $20 billion in FDI projected for 2007.
Read the entire article here:
http://business.inquirer.net/money/features/view_article.php?article_id=95863
Other points in the article:
1. Treat the customer as king (or queen).
2. A critical ingredient for success in Vietnam’s FMCG (fast moving consumer goods) industry is innovation, consisting of new products, flavors and line extensions that constantly delight consumers and strengthen brand loyalty.
3. Go for simple yet effective marketing programs that build strong brand awareness and saliency, products that offer consumers a meaningful reason to buy, advertising campaigns that communicate rational and emotional benefits in an informative and entertaining manner, value-for-money pricing strategies, non-traditional media, such as proprietary TV soap operas, and aggressive expansion of distribution infrastructure.
4. Capitalize on the Vietnamese’ favorable cachet to establish an image of premium quality and appeal to the upper income bracket, because even the lower income segment will aspire to own and buy these brands.
5. Due to growing affluence and a positive disposition to foreign brands, consumer demand is not price sensitive. (Meaning, Vietnamese buy expensive products.)
(The author, Willy Arcilla, is regional director of ZMG Signium Ward Howell Inc. and co-organizer of the first Philippine-Vietnam Business Mission. He is also president of Business Mentors, a newly established management consultancy firm.)
I met Willy Arcilla during a recent Good News Kapihan briefing in Glorietta. If you are interested in the how-tos of targeting the Vietnamese market, let me know.
October 22nd, 2007 at 3:57 pm
[...] Check it out! While looking through the blogosphere we stumbled on an interesting post today.Here’s a quick excerptvietnam. Whether you and I like it or not, the world has become one big, chaotic barangay. For capitalists there may be value in targeting markets in other lands. This article in the Philippine Daily Inquirer written by Willy Arcilla … [...]