With Prime Minister’s Make In India initiatives, Indian SMEs are undergoing a humongous change. They have opportunities to showcase themselves and do business across the globe. However to attain success in the international business branding becomes a very important factor.
Many think that branding is not important for established companies and believe it is required only for new entrants. Though they may not need much of branding, it is very much required to ward off competition or while evaluating new markets opportunities. New markets do not know business and hence the trust level will be low. To gain better reputation businesses should resort to branding activities.
“The SMEs in India, treat branding as a trivial part of their business. But in reality branding acts as an effective catalyst for business growth in today's market.” Says Vinitha Suraj, Creative Director, Brand Equity Design Quadrant.
A good branding exercise builds trust, encourages loyalty and increases value. For a stronger presence, SME's should invest in branding. Businesses should change and innovate themselves to get recognized. At the core branding is nothing but identifying your businesses or products to particular category/segment. For example many people do not know the concept of Adhesive bandages, but they know Band-Aid very well and even when it is that of some other company, it is still considered as Band-Aid. The same way with Google. It is the brand for search engines.
Branding does not mean advertising in print media, radio or television alone. In today’s day and time, technology plays an important role. Branding has evolved into the world of internet and social media. They are today’s platforms for efficient communication.
“SME’s should promote its products through the internet and social media” says veteran advertisement guru Prahlad Kakkar.
It is very cost effective and can provide immense opportunities for the businesses. A simple campaign on facebook of Rs. 5000 could generate 1000 target audience following you.
Online branding or e-branding solutions are a perfect way for an SME to improve their brand value in the internet. There are 3 major areas for SMEs to brand themselves
Branding shall help in building a better reputation and the trust among people. However before doing anything related to e-branding, SMEs need to know where all they have to invest to do branding. At TESTIMONIALSFOR, we help in assessments and identify the areas where branding is necessary for the business.