TUF aims to raise recognition of its name
Thai Union Frozen Products, Thailand's largest manufacturer and exporter of canned and frozen seafood, is penetrating Asean markets more by enhancing consumers' recognition that TUF is the producer of such brands as Sealect, Chicken of the Sea and Century
"Despite our expertise and experience in canned and frozen seafood for more than 35 years, many consumers know only our brands, not the company’s name. If we want to increase the proportion of our revenue from Asean and even other Asian countries, excluding Japan, we have to increase this recognition," said president Thiraphong Chansiri.
He said this was the first time TUF had worked on building up its recognition among consumers, focusing on the Thai market. It has realised that about 90 per cent of its revenue is from overseas operations, while consumers in its home country know little about the company, though they are familiar with its brands. This will not benefit TUF when it targets more market share in Asean and elsewhere in Asia.
TUF has allocated Bt40 million for advertisements that will boost its name recognition among Thai consumers. This year is different from the past as it plans to spend around Bt200 million for marketing, compared with less than Bt100 million in 2011, added Thiraphong.
"Increasing recognition of TUF is our long-term strategy. We don’t expect results in terms of revenue, but in brand image," he said.
TUF last year generated revenue of US$3 billion (Bt93 billion). It aims to grow revenue by 17-20 per cent this year. By 2020, the company has set itself a challenge to grow its revenue to $8 billion.
The United States is the largest market for TUF, contributing 36 per cent of its revenue, followed by the European Union with 32 per cent. Japan accounts for 10 per cent, similar to Thailand, whereas the rest of Asia contributes only 2 per cent. This is the market where TUF would like to increase revenue contribution, Thiraphong said.
