The Success Formula of a Dynamic Entrepreneur Revealed & Exposed!

Last Thursday, a SME prospect walked into my office and wanted to embark on brand building project for one of his new car product. From that meeting, I gathered and listened very carefully on his understanding on brand strategy and later share some of my insight too. Before he left, he stressed on the important of cost. In the good spirit of supporting local brand, I actually prepared a quotation which is 40% below our usual agency rate and emailed him on Friday. The next day, he replied:

From: Kenny XXX [mailto:kennyxxx@xxxxxxx.com.sg]
Sent: Saturday, August 25, 2007 5:23 PM
To: ken@justmedia.com.sg; ‘grace xxx’
Cc: ‘cynthia’
Subject: RE: Brand Strategy and Communication Quotation

Dear Ken,

After seeing the quotation, it is now clearer why Singapore has so few of her own products.

The cost of professional help is too high.

Of course high is subjective, but the amount quoted is too much for us.

We thank you for your time.

Regards,
Kenny

XXXXXXX Pte Ltd
Blk X XXXTech #XX-08
XXX XXX Street 24
Tel: (65) XXXX 5210
Fax: (65) XXXX 5510
Mobile: (65) XXXX 4529

Below is my reply and I hope all the budding entreprenuers can use this example as a good case study on why there are only handful of local successful brands around,

From: Ken Chee [mailto:ken@justmedia.com.sg]
Sent: Sunday, August 26, 2007 12:33 PM
To: ‘kennyxxx@xxxx.com.sg’; ‘grace xxx’
Cc: ‘cynthia’
Subject: RE: Brand Strategy and Communication Quotation
Importance: High

Dear Kenny,

Thank you for the email and the feedback.

Your statement echo a belief that exist commonly in the local SME scene: most local entrepreneurs view brand building with a narrow perspective and choose to see it as a cost center rather than an strategic investment for the mid and longer term. This worried me. That is the key reason why we have only a handful of successful local SME brand like Charles and Keith, Blush!, Breadtalk, Creative Technology etc because their founders are minority that view brand building as strategic investment and took action with COURAGE. One good book to recommend, “The End of Advertising as We Know It”, written by the former ex Chief Marketing Officer from Coke.

In regards to your concern on the cost is too high. High as compare to what? A company invested hundred of thousands for R&D, buy materials, set up production line etc and yet not investing in communication and strategy (research, marketing, IP etc). This usually end up selling to the wrong target audience or producing product/services no competitive advantage or reduce to a commodity product fighting on price in the long run. This is due to lack of clarity in customer understanding, their hot buttons (pain and pleasure) and company strategic direction. Thus wasting all the initial investment and resources. This is what I really called a HIGH BUSINESS COST.

It is like having a baby, you and loved one (business team) plan carefully to conceive for months (R&D and planning), buy the best tonics during the expectation (raw materials), prepare new fittings (equipments) and scout for the best environment at home (production plant) for the newborn, arranged nanny help (manpower resources). How’s about the delivery team then? Would you engage a specialist doctor and team of highly trained nurses (brand agency with ROI track record) to ensure the delivery is smooth and the mother (company) and baby (product) is safe and sound or do you rather go for bargain hunting for free lance or teenage mid wife whom is the cheapest in town and HOPE that everything is ok? Remember the SARTEX client that I share with you and Grace which they invested tons producing FUNCTIONAL PRODUCTS with no brand strategy in mind in the beginning? Same thing here and I might be wrong. In fact, I hope I am wrong for your case because I am supportive of local entrepreneurship spirit since I am a fellow entrepreneur myself.

The key challenge is not the cost; it is your perspective and belief on brand building and it’s value contribution to your organization. That is why; I’ve shared during the meeting that the key challenge of any brand building exercise lies in the founder themselves with limiting belief and mindset. At least, I prove my point here.

They are many ways to work together. Let me know how we can support.

All the best in your new business venture. Lastly, I would like to share one famous quote by my mentor who went through business bankruptcy before and made millions since, “If you think education/professional expertise is expensive, try IGNORANCE”.

P/S: When you target at mass driver or just female driver (you mention in our meeting), you target at none. In fact, I suspect no insight research done on your end before this product came onboard. This is what I classified as one of my 21 business killers in my own Brand Mastery program, called a “CHINA SYNDROME”, assuming a certain market is homogenous with common identity and issues. You will be in a rude shock if you do that.

PP/S: If you interested, you can sign up for my “Brand Mastery” program, which will be conducted on 20 – 21 Oct 07. Cheaper to learn. I have attached the program brochure.

Warmest regards,
Ken Chee

Group CEO (IMG)
Spirit of Enterprise Honoree Award 2005
Blog: www.kenchee.com (Bookmark it!)

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