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Tiger Balm: Becoming King Again
Bryan Teo Yisen,Haris Thong,Lucas Tan Jen Sen,Stephanie Lim Yan Qing,Ashok Charan Academy of Asian Business (AAB) 2020 Academy of Asian Business Review Vol.6 No.1
This case study aims to analyse the success story of Tiger Balm, an analgesics company best known for its remedy for all pain ailments. The brand’s ability to transform a heritage product into a popular remedy for all modern pains offers insights for business leaders trying to rejuvenate age-old products while staying true to tradition. Despite the maturity of the analgesic industry (Euromonitor, 2018), Tiger Balm’s growth-leading brand turnaround proves that breakthroughs in a mature category is not impossible. Instead, this case offers readers with the tools to replicate that success. Our analysis uncovered a complementary set of influences that ultimately led to Tiger Balm’s success. First, a strong management team and company culture focused on visionary leadership, an appetite to try new things, and an unwavering persistence enabled the company to execute long-term strategies. Second, the company fiercely protected the core elements of its heritage while adopting modern branding techniques that appealed to the next generation of analgesics users. Finally, the company committed itself to constant innovation that saw its products pioneer many breakthroughs in the pain-relieving industry and beyond. The case magnifies three significant points in time that pivoted the course of Tiger Balm, each drawing useful lessons for the reader. At the beginning, the Aw Brothers’ decision to re-base in Singapore and aggressively expand across Asia through innovative marketing techniques drove sales to its peak at $10 million. However, in its next turning point in the 1970s, the company was sold to a holding company that knew very little about the balm’s historic value, leading to its neglect and decline. Our last section looks at the re-emergence of the balm in 1991 when it was recovered by its original holding company, renamed Haw Par Corporation. Led by executive director AK Han and his team, the brand was carefully re-invented to meet the demands of the modern analgesics market while keeping to its roots. That strategy proved to be widely successful both in the East and West, with Tiger Balm expanding its presence to over 100 countries with its reinvigorated portfolio of more than 20 products including pain-specific patches, sprays, rubs and gels. This case study, by analysing the undying determination of a heritage company, hopes to offer insights for established Asian enterprises. Moreover, the various uniquely Asian-specific strategies, present valuable lessons for Asian businesses looking to remain successful over the long haul. Tiger Balm’s visionary leadership, unique marketing strategies and unwavering commitment to its heritage and values are fascinating aspects of its success that are worth examining.
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