Productivity seems to have become the buzzword of the year in Singapore business circles.
With a focus on efficiency, success stories have highlighted the use of business automation, training, process review and re-engineering to improve productivity.
However, even with the most efficient processes - but with inadequate sales any business can still ultimately fail.
Businesses, therefore, need to focus on value creation beyond just becoming more efficient.
They may do this through creating competitive advantage by providing better products and services, identifying niche areas or new markets to expand into.
One such important area in the value creation process leading to sustainable competitive advantage is how businesses build their brand.
A company may have the best products or services in the market, but if it does not brand its offerings well, consumers may not even know of their existence.
In some cases, a company may not even have the best products - but it may generate more revenue by targeting particular groups of customers through its branding efforts.
For example, customers may buy a particular product because the company is well-known for its after-sales service.
Branding is an area in which many local enterprises have not done enough to address.