Many SMEs make the common mistake of believing that branding is not for them, and that it’sbest left to large organisations and conglomerates. Plus, the kind of investment that is required to build the brand – it’s not something that an SME loan can be taken for really, can it?
Nothing could be further from the truth. Neither is a brand limited to large organisations aloneand nor does it cost an arm and a leg to build a brand.
Before we talk more, let us first understand what a brand is. Some believe it is the right logo, the tagline and a website. That is half the truth.A brand is so much more than that. It is the perception of your company; it is the trust it enjoys; its reputation; the complete package of its unique offerings. In fact, in the formative years of the business, it is a mixture of these things that count and help build your brand.
Here’s why it is more crucial than ever for SMEsin Indiato consider building their brand.
1. Increases awareness in the market
If your business has made a name for itself, it is something a prospective client can look up and read about.Your reputation precedes you and you become known among existing as well as potential customers.
2. Branding increases the reach of your business
Once there is better awareness and a reputation, it automatically opens up doors to a bigger market. More people are talking about your brand. Curiosity is built around your name and this extends your reach into areas not possible without the backing of a strong, reliable brand.
3. Builds trust within the customers’ community
A trusted name is built upon a foundation of reliability and dependability. When people begin to associate these desirable business traits with your brand, your customer community comes to rely upon you even more. Recommendations follow, and your satisfied client becomes your spokesperson.
4. Leads to evolution and longevity
A better brand has far greater stability than smaller businesses that are not known brands. There is greater recall, which leads to better business and growth. All these factors contribute to a business that has more endurance and can withstand the ups and downs in the market that a smaller business would not be able to weather.
5. Brand building is a necessity, not a luxury
Unless you offer a niche service or product, chances are there is competition in the market. Besides a price advantage, why should anybody associate with your business? This is where the brand image makes all the difference.
If people believe you offer better service, are more reliable and go beyond the call of your duty to satisfy customers, you are already on your way to building a great brand. And with social media in your hands, you don’t even need to take an SME loan for to create a successful brand for your organization.
How does this affect SMEs in India?
Asia is currently in the throes of economic growth that will have far-reaching impacts on the world. We believe that startups and SMEs from India, China and the Asian region as a whole will be leading global conglomerates in the next decade. The more renowned your brand, the better your chances of making the most of this next wave.
Alice Williams has been working with writing challenged clients for over five years. She provides Business profile writing and small and large business press editing services Her educational background in science and journalism has given her a broad base from which to approach many topics. She especially enjoys writing business trends and upcoming technologies used in businesses.