Brand - The power of great success in business

Brands have become valuable assets that play a central role in differentiating the products and services to catch the attention of the customers. This research examines the significance of branding strategies for companies' growth and survival. For this paper, models and theories from previous researches are used to give an in-depth understanding of the different brand strategies and SMEs. The data was collected through qualitative interviews with 10 companies of which five were conducted in Kampala, Uganda and the other five were in Ho Chi Minh city, Vietnam. Although SMEs play a significant role in economic development, they are facing challenges of building brands due to the scarce resources. Financing was shown among the key prohibitions to brand establishment. The research identifies the need for SMEs to adapt branding strategies. Research findings pointed out the benefits of brand recognition in both countries. The respondents indicated that brand communication was an effective tool in creating brand recognition in SMEs. Besides price, quality, innovation, and a clear vision among others are enabling factors for building strong brands.