A 2024 Brand Decalogue: Navigating Global Markets for SMEs

Introduction

As I reflect on 2023, two questions trouble me: first, can small and medium-sized firms still build sustainable brands? Not just merely product offerings but brands with outstanding promises, substantial equity, and deep consumer insights. Or are we relying on products to do all the work?

Second: is the agile, lean, trial-and-error route still viable?

Except for a few outstanding exceptions, too many brands are product offerings relying on short-term promotional incentives to customers, channels, and consumers. They are hacking their growth but not being sustainable in the long term. They are acting — in simple words — like there is no tomorrow.

Conversely, the marketplace is nowadays unforgiving — a relentless arena where only the adaptable thrive. This landscape presents challenges and opportunities for medium-sized companies aiming to build strong international brands. Gone are the days when brands could rely on legacy and familiarity to maintain their market position. Now, the pace at which consumer preferences and global trends evolve is staggering, turning what was once a marathon into a sprint. More agile competitors overshadow companies failing to keep up with risk stagnation and irrelevance.