Branding is one of the most vital parts of growing a business. Being able to have a name in the market that would be able to sell to consumers is a big edge against the competition. Generally, branding is what a company is able to give to its customers. It is what differentiates a company from the other competitors. The brand is what the company is able to offer to its company and it tells what kind of experience consumers would get if they would avail of the company’s products or services. Simply, the company’s brand is how the company wants to be conceived by its customers.
Today, the world is dominated by global brands such as Apple, Google, Microsoft, Coca-Cola, Toyota, and McDonald’s to name a few. These brands are household names that are leaders in their respective industries. For example, when a person talks about computer operating systems, Microsoft is always a name that comes into the mix. These industry leaders have committed themselves to developing their brand in order to be talked about by consumers. These companies are relied on by its consumers to provide the promise that these brands have committed into. Moreover, consumers tend to patronize the leading brands because of the reputation that the brand has, even if it is much more expensive than other brands. For example, a lot of people buy Apple products because of the prestige that an Apple product gives a consumer rather than buying a cheaper phone with almost the same design specifications. The company is able to market its brand in a way that if consumers avail of it, it gives them a whole different experience.
Over the past years, China has been developing into one of the most dominating countries in the world in terms of economy. Experts believe that the country is set to overtake the United States by the year 2020. However, people and consumers still underestimate Chinese companies and brands and still prefer American made products. Below are examples of Chinese brands and companies that are up and coming and might overtake the leaders of their respective industries.
Qingdao Haier is a home appliance company that engages in the manufacturing of refrigerators, microwaves, air conditioning units, televisions, and much more. The company is currently number 730 on the Forbes Global 2000 list. The company’s latest big acquisition was acquiring the home appliance department of General Electric.
Lenovo is currently ranked number 690 in the Forbes Global 2000 list of The World’s Most Valuable Brands 2017. It is a consumer electronics company that manufactures, develops and markets electronics products and services. Products that the company sells are laptops, tablets, desktops, smartphones, accessories, and software. The Chinese brand has been founded in 1984 and one of its biggest business moves was the acquisition of IBM’s computer manufacturing sector.
Alibaba is an e-commerce company that provides consumers a platform to shop and buys products at the comfort of their homes. The company provides online marketplaces for business to business, business to consumer, and consumer to consumer trade. Alibaba is currently number 140 on the Forbes Global 2000 list. The company is considered the number one fastest growing company in the world today.
Huawei is another consumer electronics company that is Chinese owned and is to be a world leader in its industry. It is one of the leading Chinese companies that cracked the top 100 of the Forbes Global 2000 list. Huawei is ranked number 88 is the only Chinese company in the top 100. The company now is one of the world’s leading telecommunications provider.
Chinese brands are currently making a good image of themselves. The importance of branding is increasing in China. Consumers now are more sophisticated and expect value off of the brands they buy. The next move for Chinese companies is to continuously improve the development and execution of their marketing strategies. Also, Chinese brands must take care of the image of their brands. Controversies could spread through social media and hurt the image of the company. An example is a Japanese CEO who broke the image of its hotel company by releasing books that say false claims about the Nanjing massacre. This led to Chinese people being angered and damaged the image of the CEO’s company. If Chinese companies continue to grow in the positive direction and keep away from the negative press, the gap between how Chinese brands and multinationals are perceived by consumers would be a lot less.