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SINGAPORE: Quality products must deliver what they promise, says a leading Singapore businessman, and this has helped turn his company's product, Tiger Balm, into an international brand.
But Haw Par Corporation, the company behind the product, has faced several challenges during its 100 years.
Its success story kicks off the latest "Asian Dragons Rising" series on Channel NewsAsia.
Speaking at a forum on "The Rise of Asian Brands", Haw Par's Executive Director said changing the brand's perception from an old man's Chinese concoction to a product relevant to young people has been difficult.
But compromising on quality has never been an option, and that has seen the company through tough economic times when consumers tightened their belts.
Executive director of Haw Par Corporation Limited, A K Han, said: "You will buy the brand that you know, and you know what the product can do for you, (so) that is what you will fall back on.
"And that is to us our strong point... We make sure our quality is there and our efficacy is there - that way during the bad times, people know they can rely on the brand that has always been there."
Another panelist stressed that while branding is important, it is only part of the solution to surviving in today's economy.
Regional creative and management partner of Saatchi & Saatchi, John Kyriakou, said: "What we've seen recently, Lehman and Merril Lynch - obviously great brands, but look what's happened to them because they didn't have a long-term vision of their balance sheets worked out... so the company part of their business collapsed."
Nine companies will feature in this third series of "Asian Dragons Rising". They range from educational institutes to real estate investment companies. The first episode airs on Wednesday.
- CNA/yt
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