BRANDING FOR GLOBAL SUCCESS

Sohan Jayasena explains why branding is critical to global competitiveness

With some 305 million startups entering the global tech arena annually, the market is shifting from solely product centric to larger brand focussed communications, as products battle to stand out and acquire real estate in the minds of customers.

With a long history of being an agro economy, Sri Lanka has broadened its scope to apparel, business process outsourcing (BPO), technology and other areas. However, it has yet to be identified as a trusted and reliable global hub for innovation and tech products.

Presently, not all Sri Lankan brands are trusted because they’re considered to be from the wrong side of the world and viewed with scepticism by foreign clients in comparison to leading global brands. The island is also healing from the ripple effects of the 2022 economic crisis with its unprecedented power outages and shortages of basic necessities.

This hit to the national brand caused many local companies to relocate their operations to Singapore, Australia and Dubai among others, and shift resources offshore. In the process, enterprises lost credibility and prospective clients, some of which were near finalising.

Therefore, a well-planned approach is essential for Sri Lankan tech brands to thrive in the global market.

Firstly, a strong national brand campaign is both necessary and critical to position the island as the next big place for techno­logy products.

Secondly, effective brand strategies by individual companies to differentiate their products are needed. This process will assume the role of assuring quality, reliability, competence, compliance and reputation, and assist Sri Lankan tech brands in taking on the global market in better and stronger ways.

In terms of building the national brand, Sri Lanka is equipped with professional entities such as the Sri Lanka Association of Software and Service Companies (SLASSCOM), which plays a part in assisting technology brands in diverse areas.

It’s also necessary to build a narrative around the national brand and communicate it concisely, consistently and effectively, so that Sri Lanka can position itself as an incubator for world-class technology products and services. This will encourage both local and global tech companies to relocate or locate their headquarters to the island.

Even as global trade dynamics take unexpected twists and turns, markets are fast maturing. For instance, the original BPO sector has evolved from simply being a cost cutting centre to procuring specialised talent.

Similarly, the global tech market has shifted from merely seeking cost benefits to identifying specialised products and services with competence, compliance, quality and reliability.

Therefore, product brands should employ a combination of strategies. The initial steps would be to pick a niche, and build a differentiator, unique value proposition, brand personality, identity and voice, and execute through strategic design, storytelling and thought leadership.

Moreover, effective brand building around the product will help de-commoditise it. The brand will ensure that a product isn’t a mere commodity that serves a basic purpose, bringing a whole new experience of satisfaction and assurance that provides many benefits including the licence to premium pricing.

As the world economy faces unprecedented dynamics and uncertainties such as rising costs – including higher salaries, uti­lities and taxes – and exchange rate fluctuations, a strong brand will act as a buffer during market fluctuations against risks of price competition especially during periods of inflation and economic volatility.

A brand takes on different roles and one key aspect is playing the voice of affirmation in a client’s mind.

This voice will help when the leadership shortlists its final three potential vendors and discusses the best among them. The brand’s strength and different facets – especially how it relates, emotional connection and assurance – will play a key role in it being selected.

Another obstacle that Sri Lankan technology products face is the lack of investment. Strengthening the brand to be visible in the global market will enable it to increase its financial and stock values, and create opportunities for investment – and even mergers and acquisitions.

Bolstering our national brand and individual product brands has many benefits that have yet to be realised.

Currently, Sri Lanka has a handful of tech brands that have taken on the international market. But the garden of global market opportunities needs more tending as more seeds can be sowed in the effort to build the nation and Sri Lankan tech products as global leaders.

The country certainly has an edge and a brand led approach is certainly the way forward for its tech products.