Sonar｜Further tapping into the consumption potential of time-honored brands
2024-08-17
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Image source: Visual China
Brand is a comprehensive reflection of the competitiveness of enterprises and even countries. Promoting brand building is conducive to optimizing the supply structure, promoting high-quality development, and constantly meeting the people's growing needs for a better life. As a carrier of national independent brands and the excellent cultural achievements of the Chinese nation, time-honored brands are the epitome of the high-quality development of my country's industry and commerce. They embody profound historical and cultural heritage and unique national memory, and have both the economic value of prospering the market economy and the cultural value of spreading China's excellent traditional culture. In June 2024, the National Development and Reform Commission and other departments issued the "Measures on Creating New Consumption Scenarios and Cultivating New Growth Points for Consumption", which clearly proposed to tap the consumption potential of Chinese time-honored brands and intangible cultural heritage. How to strengthen the protection and inheritance of time-honored brands and further tap the consumption potential of "trendy products" represented by time-honored brands is of great significance to cultivating and expanding new growth points for consumption and promoting stable growth of consumption.
Time-honored brands are "golden signs" that represent high-quality supply, which is consistent with the direction of upgrading the structure of consumer demand to become more quality-oriented. According to the time-honored brand recognition standards, relevant brand companies need to provide products, skills or services with high economic and cultural value for residents' lives. The essence of time-honored brands lies in their adherence to the ingenuity, their commitment to the pursuit of excellence, and their extreme demands for quality, thus becoming a model of consumer trust. According to data released by the Ministry of Commerce, there are 1,461 time-honored brands in existence and that have passed the review in the country, with an annual operating income of more than 2 trillion yuan, showing the important role of the "golden signboard" of time-honored brands in enhancing consumption capacity.
The emergence and development of time-honored brands are closely linked to the consumption needs of consumers. With the rapid development of my country's economy, people's demand for a better life is growing, and the consumption environment and consumer objects faced by time-honored brands are also undergoing tremendous changes. From the perspective of the consumption upgrade trend of residents, my country's residents' consumption demand has gradually shifted from quantitative expansion to qualitative improvement, from survival-oriented consumption to development-oriented and enjoyment-oriented consumption, and from material consumption to service-oriented consumption. The main contradiction restricting the release and upgrading of consumption potential has also shifted to the supply side. From the perspective of the distribution of consumer groups, young consumers have become the main force of consumption. The purchasing power of the new generation of consumer groups born in the 1990s and 2000s is increasing, bringing unprecedented new opportunities for the development of my country's consumer market. Against the background of intensified market competition and the upgrading of residents' consumption structure, time-honored brands can only achieve their own sustainable development and further release consumption potential by adapting to the needs of the masses, determining corporate development strategies based on the direction of consumption upgrades, and creating more products that meet market demand.
Compared with the development requirements of high-quality consumption, the development of time-honored enterprises in my country still has some shortcomings. First, the brand image is aging and the positioning is unclear. The brand image of some time-honored brands may appear aging due to lack of innovation and renewal, and it is difficult to resonate with the aesthetics and values of modern consumers. The brand positioning is not clear enough, and there is a lack of in-depth research and accurate judgment on market segmentation, resulting in the failure of products and services to accurately meet the needs of specific consumer groups, especially the neglect of the young consumer market. Second, there is insufficient innovation in products and services. Time-honored enterprises usually have unique traditional products and skills, but in the increasingly competitive modern market, the single supply of traditional products may not be able to meet the growing and diversified needs of consumers, thereby limiting the release of consumption potential. Third, the brand communication strength needs to be improved. Although time-honored enterprises have high business reputation and popularity, some time-honored enterprises lack active brand publicity and promotion strategies, resulting in brand awareness limited to the regional market and unable to attract more potential consumers. Fourth, the expansion of marketing channels is ineffective. The marketing methods of some time-honored brands still remain in the traditional mode, and they fail to make full use of new media and digital platforms for marketing, resulting in limited market coverage and inability to reach a wider range of consumer groups.
The key to further tapping the consumption potential of time-honored brands lies in adapting to the trend of consumption structure transformation, complying with the characteristics of personalized, diversified and multi-level consumer market changes, and achieving effective expansion of quantity and effective improvement of quality in the consumption field. First, we must reshape the brand image and clarify the brand positioning. Relying on big data and artificial intelligence technology, we can accurately grasp the real-time market dynamics and consumer behavior preferences, clarify the target consumer groups, re-sort and position the brand image, clarify the core value and differentiated advantages of the brand, and promote production and supply to be more in line with the aesthetics and needs of modern consumers. Second, we must strengthen product and service innovation and improve the quality of supply. In combination with modern technology and market trends, we can achieve an organic combination of tradition and modernity while maintaining respect for and inheritance of traditional skills, continuously launch new products and services that meet consumer needs, and enhance the competitiveness and attractiveness of products. Third, we must increase brand communication efforts and enhance brand awareness. Time-honored brand enterprises should formulate systematic brand communication strategies and enhance brand awareness through advertising, public relations, activities and other means. At the same time, they should actively participate in various exhibitions and selection activities to demonstrate brand strength and product advantages and attract more attention from potential consumers. Fourth, we must innovate marketing methods and expand market coverage. In line with the development trend of the digital age, digital technology and the real economy will be continuously and deeply integrated. Modern marketing methods will be actively introduced, and multi-mode cooperation with various channels will be strengthened. The focus will be on expanding online sales channels, such as e-commerce platforms and live streaming, so as to attract more potential consumers with a wider market coverage and stimulate new vitality in the consumer market.
[Author: Xu Zheng, Source: Study Times]
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