Business executives at a forum held in HCM City on Thursday discuss the use of technology at their companies. — VNS Photo
Enterprises must adopt new business models and create value beyond the expectations of customers to succeed in today’s competitive, fast-changing environment, delegates said at a forum held in HCM City on Thursday.
Tran Anh Tuan, CEO of Pathfinder, who specialises in market research, brand strategy and communication, said the IT boom had transformed many aspects of daily life, including the way consumers interact with businesses.
“The world changes every day, especially marketing tools. If we only use traditional marketing tools, it will be difficult for us to grow,” he said.
The marketing strategies recently focus on an “omni-channel” since customers interact with businesses via multiple channels, he said.
Previously, customers visited brick-and-mortar shops to buy products. Now, consumers can engage with a company in a physical store, on an online website or mobile app, or through social media.
“The problem is how to turn them into loyal customers,” he said.
The term “omni-channel strategy” refers to a significant shift in which marketers enhance the customer experience, regardless of channel or device.
Though many new Vietnamese businesses have been established, many of them face difficulties because their branding is weak.
They have not developed a long-term strategy and their business models have no competitive edge, Tuan said.
In addition, distribution systems are a crucial weakness of Vietnamese enterprises due to financial limitations
Businesses are losing customers because they have not caught up with new trends and have not applied modern management technologies, among other reasons, he added.
An Ha, CEO of AntBuddy, said that businesses have not employed effective measures to retain customers. The trend today in business is to reach customers at any time or any place.
Tuan pointed out that businesses were still only focusing on products and services and not their business model.
Since products and services can be similar among businesses, companies need to clearly differentiate their offerings to attract more customers.
“Traditional enterprises should look at their business models to improve their competitiveness,” he said.
Nguyen Phi Van, a global franchise expert, said businesses must strive to be different and not settle for the same experiences that competitors are offering.
Companies need to use digital technologies with their existing products and services to create value that extends beyond customer expectations, she said.
“Our internal capacity and management still lag behind foreign firms, but technologies can help us have greater advantages in the future,” she said.
Tuan said that while inexpensive digital tools have been created for small enterprises, the “most important thing is to make the right investment in technologies, process and people.”
Organised by the Business Association of High-Quality Vietnamese Products, the forum included a talk show on young businesspeople, digital technology used in business management, and a discussion on startups. — VNS