Banking and technology: Investing in brand
Two sectors that are putting a large focus on investing in brand are banking and technology. From our IBR data, 70% of banking firms and 68% of technology firms are looking to invest in brand over the next 12 months – significantly above the global average of 54%.
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The banking and technology sectors are also both looking to prioritise increasing their brand reputation and visibility through international business. 17% of banking firms consider this as one of the most important factors they’re monitoring as a result of carrying out international business, ranking only behind quality and access to technology. In the technology sector we see an even larger focus on brand reputation and visibility. 21% of companies see it as one of their top two international business goals – only ranking behind access to technology.
Globally, both sectors also see market competition as a key constraint at figures of 62% and 54% respectively. Again, these figures are above the global average of 48%. Companies from these sectors are investing in brand to act as a differentiator in what they view as a highly competitive market. Gaining a foothold with customers and stakeholders through increased brand reputation and visibility is a strong competitive advantage in international business, particularly when attempting to expand into new markets.
International business done differently: Energy’s focus on cost
It’s clear that there’s a focus on investing in brand among the global mid-market looking to conduct business internationally. However, not every sector has the same focus.
While over half of firms in the energy industry are looking to invest in brand, this comes in below the global average of 54%. This indicates that while there’s certainly an appetite for increased brand reputation, this sector’s focus is pointed elsewhere. Similar to the banking and technology sectors, the energy sector also sees competition as a strong constraint on international business (54% versus the global average of 48%). Despite these similarities, the energy industry appears to be looking at alternative ways to stand out amongst competitors.
If we look at the energy sector’s intentions to increase selling prices, there’s been quite a large drop. Only 33% of energy firms are expecting to increase selling prices compared to 52% in H2 2023, and 62% in H1 2023 - clearly, in large part reflecting the stabilisation of global energy prices.
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If we take a closer look at the energy sector’s international business intentions, we can see that access to technology and diversification into new markets are their two highest ranking priorities at 24% and 20% respectively. While developing a strong brand footprint is undoubtedly important when expanding into new markets, the energy sector sees global growth, innovation and efficiency as offering the best competitive advantage.
Using brand to strategically develop international business
Investing in brand and using it as the cornerstone of a cohesive international marketing plan is emerging as a key focus for mid-market companies looking to strategically develop international business. Firms are using brand as a differentiator when entering competitive markets and have prioritised increasing brand reputation and visibility through their global business initiatives.
There’s real energy and drive behind the mid-market’s international intentions, and a need for companies to stand out in their markets. Sector-by-sector we’re seeing how companies are approaching this. Brand has emerged as one avenue, but it’s not the only way to stand out. As the mid-market continues to have a global focus fuelled by global ambitions, multiple ways to gain a competitive advantage will emerge, with brand being one of the more preferred options in the current climate.
For more information on how the mid-market is looking to invest, Grant Thornton’s ‘Mid-market momentum’ article takes a closer look at how business leaders are accelerating investment as they look abroad for growth. Access it now and discover what our latest IBR research has revealed about the latest opportunities for the global mid-market.
"To achieve success and sustainability in the global business environment, investing in branding is a crucial factor that cannot be overlooked. I believe that the growth of a mid-market enterprise relies heavily on building a strong brand and shaping an international marketing strategy. Grant Thornton Vietnam is committed to accompanying businesses in establishing and enhancing their brand value for successful and sustainable international business development. Together, we strive to create and elevate brand value, ensuring successful and sustainable growth in the international market," said Mr Nguyen Chi Trung, CEO and Managing Partner of Grant Thornton Vietnam.
