Branding, for most of the SMEs in India, is often relegated to the backseat as other areas of business operations such as finance, export, investment, trading policy and product development, among others assume paramount importance. However, creating a brand is imperative for small businesses to carve a niche in the highly competitive world of today.
Benefits of having a brand
Many SMEs in India hold the misconception that a brand name is required only for newly-established businesses, while veterans in the corporate world need not worry about it. However, businesses of all sizes, small, medium or large need to establish an effective brand name that defines the values they stand for and can help push their products and services in the marketplace.
"Corporate branding strategies are vital to enable small firms create a well-established brand image," said Kishore Tapre, media coordinator Prana PR, a Mumbai-based PR firm.
In order to succeed in creating an effective brand, an SME has to focus on what customers want and consequently devise ways to guarantee that they meet customer requirements and ensure complete customer satisfaction. To strengthen the position of a brand in the market, it is crucial for small businesses to certify that the products and services are consistently in conformity with their brand values.
"Building a credible brand is not enough, the company also has to ensure that their services and products are capable of matching with the brand image that they have created before the public," said H Ajmera, proprietor of Marble Kingdom, a mid-sized marble exporting unit in Chennai.
Defining the company's brand values is only the first step towards building the brand, but living up to the image of the brand and delivering as per the set standards are also very crucial, which help the company in creating an edge over other competitors in the market.
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