THE entrepreneurial spirit of Filipinos, although we constantly fall short in terms of the entrepreneurial index of some ASEAN Nations, can never be discounted. We have been seeing local businesses and brands that have withstood the tests of time. The Philippine business environment is unstable and fluctuating, much more during the COVID-19 pandemic wherein hefty numbers of businesses have no choice but to close their operations affecting thousands of Filipino workers.
On top of other external factors which may impact the viability of the business, several brands and companies have risen to the occasion, so to speak. The longevity of the business in the Philippines is a true testament of a company’s ability to navigate through these economic turmoil, as well as the ever-changing trends and preferences of consumers along with the rapidly evolving business environment.
When I conceptualize this article about businesses who have possessed market longevity, the two brands that came across my mind are Reno Liver Spread and CY Gabriel Whitening Soap. Undoubtedly, Reno is a household brand which already has been a staple whether as a “sahog” for dishes or as a “palaman sa pandesal” during breakfast. I am actually always in awe knowing that this brand has yet to underwent a single rebranding effort over the decades. Even its signature and epic packaging look has never gone a minor facelift, if my memory serves me right. Few years back, Reno faced a possible an issue when Food and Drug Administration (FDA) issued a public warning because it was not a registered processed product. But Reno patrons were only dismissive on the issue and seemed to instead still put the brand into the pedestal.
I have been a fan of CY Gabriel Whitening Soap for years (siguro dahil hiyang sa aking balat). I have also known this brand since time immemorial. And until now, the brand is still thriving and even has mall and overseas distribution networks while its contemporaries are slowly dying. One thing I noticed about the current line-up of CY Gabriel is that it is incomparable to other whitening soap brands in terms of product depth. And the all the variations heed to various consumers’ needs. This exemplifies a targeted marketing approach called niche product strategy wherein this soap company continuously innovates products tailored to specific consumer needs, on top of course of its high-quality products which are proven to be effective for decades.
But what is the secret behind the staying power of some of our well-loved household brands? In the universities, students are required to memorize the mission and vision statement, as well as the core values. In a business environment, a strong foundation of long term aspirations can be attributable to a well-defined mission, vision and core values which serve as a guiding light for them during difficult times. I would always tell my students that after graduation, they should never work for a company that doesn’t have a clear foreseeable future guided by a well-defined mission statement which will help the company attain the goals that it has set. No wonder the mission and vision statement are the first two things that a well-structured company teaches its newly-hired employees.
Businesses should also be adaptable to changes and capable of innovation. It is crucial for all of them to embrace changes. Take a look at what happened to companies who did not go with the recent trend and market changes and preferences, specifically the unfortunate demise of Nokia Corporation when it failed to adopt the operating system (Android) that has become the staple for mobile phone consumers up to this date. Sometimes, being unique and different could be too costly. We can learn from the death of once the most popular cellphone brand Nokia that getting along with others could save you from the brink of total obsolescence, or bankruptcy at worst.
Apart from having a long term goal from which they anchor they daily operations and the innovative capabilities of companies and brands, resilience amidst uncertainty and market volatility could also be one of the secrets behind their staying power. For decades, the Philippine economy has been ravaged seriously, but there are brands that remained to be steadfast, learned from setbacks and emerged to be stronger as ever. These companies are worthy of an emulation not just to existing ones but also to those who aspires to be have a successful business venture while contributing to the country’s economy and providing jobs for the Filipinos.|
