Findings show that brand investment is SMEs greatest challenge
BIZSPHERE Brand & Marketing Group released their latest findings from their survey showed that the high cost of brand investment is the top key internal and external challenges faced by SME’s.
The SME online survey entitled “Maximising Brand Potential for Malaysian SMEs” was part of BIZSPHERE’s knowledge sharing initiative to drive Malaysian SMEs brand and business to the next level.
It was found that ‘insufficient funds for brand and marketing’ was most voted (53%) as SMEs top internal challenges while the “high cost in brand communication” ranked top (52%) as external challenges.
“SMEs can be more cost effective by selecting only the most relevant and effective media and programmes for their brands instead of just following others,” said Keng Teck, BIZSPHERE Managing Consultant.
The study observed that SMEs are moving towards digital communications to promote their brands. Digital Media was voted as the most effective communication channel (58%) compared with engagement activities 39% and conventional media 16%.
BIZSPHERE Brand Manager, Yip Wai Ling is not surprised by the result as Malaysia has one of the highest ratios of online social communities and active users in the region. BIZSPHERE urged SMEs to choose agencies that understand their branding needs and link it back to the business growth strategy.
Furthermore, the study reported only 8% of SMEs have participated and benefited from the programs offered by government agencies and trade associations. Keng Teck also mentioned that he has met with many SMEs who know about the programs offered however they are reluctant to participate under the pretext of a time-consuming and tedious process.
Keng Teck also stressed that the government agencies do not appoint any grants. He advised that SMEs need to stop thinking that there will be guaranteed results by going through such ‘agents’.
The Infographic of “Maximising Brand Potential for Malaysian SMEs” survey can be found in BIZSPHERE website whilst full survey report is available for download at http://www.bizsphere.com.my/smebrandsurvey2017
Covered by Marketing Magazine