In Vietnam, many large enterprises also reposition their brands on different scales to renew their image and reach new heights.
The value of the brand
Apple's brand value in 2023 is $880 billion. The tech giant continues to top the Kantar BrandZ Global Brand Value Ranking, showing that meaningful, differentiated, and distinctive brands are strong brands that can weather the global economic downturn.
Nearly four decades ago, in 1988, the concept of brand equity was first officially listed in the audit portfolio of a British company and accounted for 59% of the company's total assets. Later, American branding guru David Aaker introduced the brand equity model and the brand identity building model.
Many businesses decide to reposition their brand when facing milestone development stages.
According to David Aaker: “ Brand equity is a set of intangible assets associated with the name and symbol of a brand, which contribute to increasing or decreasing the value of a product or service to the company and the company's customers ”.
In the era of technology 4.0, brands play an extremely important role in the strategy that makes a business successful. For brands to become assets, companies must work hard to build the pillars of loyalty, brand awareness, perceived quality, brand association and other asset values.
When the brand name, symbol, slogan, company logo and product are remembered by customers, the company has succeeded in building brand equity. However, this asset is not constant but increases and decreases.
Marketing experts say that no matter how successful a business is, at some point, its brand needs to change to match a new development strategy. At this point, the business needs to reposition its brand to strengthen loyalty and increase awareness of these changes.
Why do businesses rebrand?
Back in 2007, when making history with the first iPhone, Apple Computer also officially announced to drop “Computer” from its brand name because the old brand positioning was no longer suitable. Or Starbucks Coffee also changed its name to Starbucks Corp when the company had more products than just coffee.
Few people know that Sony used to have a very long name, Tokyo Telecommunication Engineering Corporation. This name was changed when the company expanded its development field and reached out to the world.
In Vietnam, many businesses have also launched attention-grabbing rebranding campaigns. For example, Vincom has a new name, Vingroup Corporation; Saigon Thuong Tin Real Estate Joint Stock Company (Sacomreal) has changed to TTC Land; Kinh Do Company has changed to Kido.
In early 2024, TNG Holdings Vietnam, a multi-industry corporation, also officially announced its new name, ROX Group, along with a new brand identity. This is part of the company's brand repositioning strategy.
Ms. Nguyen Thi Nguyet Huong - Chairwoman of the Board of Directors of the Group at the moment of announcing the ROX Group brand.
Accordingly, ROX Group positions itself as a multi-industry investment group, a pioneer in creating convenient values for life through the ecosystem of Urban Development and Industrial Parks, Services, and Finance; reputable for its capacity to implement large-scale domestic and international projects. The Group's mission in the new development phase is "Convenient Creativity".
The name ROX has two meanings. First, ROX means cornerstone - representing the strong certainty, the foundation that the business inherited after nearly 30 years of building from the first faltering steps. Second, ROX means excellence - representing the spirit of always moving forward, overcoming all difficulties and obstacles to reach the peak and perfection.
The new logo consists of the brand name ROX and a flower of convenience created by 4 orange-yellow V letters, forming a solid rectangular frame, forming a unified - strong - inseparable entity.
Along with the launch of the Group's new brand, ROX Group also simultaneously deployed a new brand strategy for its member units. For example, TNG Realty changed its name to ROX Living; TNCons Vietnam converted to ROX Cons Vietnam; TNG Asset became ROX Asset; TNG Capital became ROX Capital.
For many businesses, trademark registration was not given much attention in the past. However, in the 4.0 world, brands and trademarks appear a lot in the mass media. This poses a problem for businesses: how to affirm their own brand mark.
It is known that the important reason leading to the decision to reposition the brand of ROX Group is due to the inability to register trademark protection in the fields being invested in, both domestically and internationally, with the name TNG.
ROX Group representative said: Changing the name from TNG Holdings Vietnam to ROX Group shows the professionalization in copyright and trademark protection in particular and the general brand strategy of the enterprise in the new business context. The new brand is a combination of past foundation and present strength, of sustainable development and innovative creativity.
According to experts, not protecting a brand will hinder a business’s long-term development. This is also a lesson for start-ups: it is necessary to create a protective shield for the brand right from the start-up stage in an increasingly competitive environment.
The process of brand transfer will create a gap in the minds of customers. Businesses will spend more time and money to fill this gap. However, if calculating the long term, repositioning will help brands go faster and further in the 4.0 era.
Bao Anh
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