3 Thai industries noted as having global potential
The Singapore head of brand consultancy giant Interbrand has said food-and-beverage, hospitality and medical-services companies in Thailand had high potential to grow and become top global players because of their good reputation internationally.
Julian Barrans yesterday said the 130 high-profile participants who took part in Interbrand’s latest survey across its global network were asked to define Thailand as a brand, and most said beaches, food, temples, people or beautiful places.
He said that while most respondents said they didn’t know much about Thai brands, some of them mentioned Thai Airways, Singha or Chang.
Thailand’s best brand creditability was generated by food-and-beverage, hospitality and health-services companies.
“With such a good reputation in those areas, Thai businesses need to know and understand how to manage their brands for the international market,” Barrans said.
He said that while Thai Airways seemed to have good brand recognition, it faced intense competition from big players and new low-cost carriers.
As such, he said many Thai food-and-beverage, hospitality and medical-services companies might have a brighter future than the national carrier.
Barrans said Dusit International was a good example of what he was saying.
M&A strategy
He said the 65-year-old Thai hotel chain, the operator of more than 20 properties worldwide under a number of brands, placed more emphasis on overseas expansion via investments and joint ventures as it aimed to run 100 properties within six years.
Barrans said mergers and acquisitions were a way for a company to become a global brand quickly, with Thai Beverage an example of that.
ThaiBev, the owner of the Chang brand, could position itself globally through its overseas network after acquiring shares in leading Singapore-based food-and-beverage company Fraser and Neave after it was listed on the Singapore Stock Exchange last year.
Barrans said good governance was a key to global success. Brands needed to be protected in international markets, market research to determine customer tastes had to be conducted, messages needed to be adjusted in response to market demand, and working out the best way to leverage a brand’s heritage was also key.
Different strategies also needed to be implemented when going international.
He said a company had to offer unique products and services and hone its background story to enhance the authenticity of a brand.
It also needed to focus on ensuring a brand’s value was on a par with business earnings.
Interbrand has a network of 33 offices in 27 countries.
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