Bangkok--3 Aug--Absolute PR
Myanmar, one of the emerging CLMV markets along with Cambodia, Laos and Vietnam, has become a prime target of investors from around the world, Thailand included, especially now that the Asean Economic Community has been formed. The CLMV markets today feature an increasingly attractive commercial environment suitable for entrepreneurs to test their potential before they expand further throughout the 10-country AEC. Myanmar is one such market with high potential for success because of consumers' confidence in the quality and image of products from Thailand.
Santiphong Pimolsaengsuriya, Chief Executive Officer of Havas Riverorchid, the leading marketing communication specialist in the CLMV markets, said the potential of Myanmar was clear from a survey the group did in May this year. It involved 504 respondents in Myanmar —who rated their trust in products made locally and from major exporters including Thailand, Singapore, China, Japan, the United States, South Korea, Europe, and Australia and New Zealand.
The study showed Myanmar consumers' trust in the quality of Thai products was the same as for products from Japan and Singapore. In terms of trust in the image, Thai products were rated as high as those from Japan.
"Given the above-mentioned advantage of Thai products in Myanmar, we suggest that leading Thai brands enter the market when they are ready," said Mr. Santiphong. "Makers of products without brand names or brands that are not yet well-known, including producers who make merchandise for branded products, can also expand their businesses in Myanmar. However, despite the competitive advantage, all producers need to consistently build their brands together with carrying out marketing activities."
Mr. Santiphong added that social values also have a great influence on consumer behavior in Myanmar. This was underscored in a study Havas Riverorchid conducted last year, titled "Ten Consumer Megatrends in Myanmar". One notable example is the "fear fatigue" that has accompanied the rapid opening up of the country to the outside world. The rapid influx of new things naturally makes people suspicious and even a bit fearful. Consequently, it's important for entrepreneurs to make the extra effort to gain consumers' trust in products and services that are new to them. An effective approach is helping consumers to understand their problems, and clearly demonstrate how your products or services can respond to such problems.
The search for authenticity is another transformational trend, which Havas Riverorchid described as "From K-Pop to My-Pop". Myanmar consumers are quickly adapting fashions, modes of communication and content to express their self-image and their desire to be accepted. This is an opportunity for entrepreneurs to associate their brands or products with self-confidence. Another interesting trend is that men are beginning to question their identity and search for more meaning as women take on increasingly important roles in Myanmar society.
"In sum, Thailand's products have a great opportunity in the Myanmar market compared with merchandise from other countries," said Mr. Santiphong. "What Thai entrepreneurs should do is consumer insight study so as to provide products and services that respond appropriately to consumers' needs. We want to assure Thai entrepreneurs that if they do this, they have good opportunities to grow their businesses in Myanmar."