Building a brand

The word brand means a product, service or concept that is evidently distinguished from other products, services or concepts so that it can be simply communicated and frequently marketed.

Brand is the emotional and psychological connection that our customers have with our business, product, or service. It is their collective perception and impression. Building a brand is the act of shaping that perception, which is essential if we want to compete.

In Bangladesh, the life of small and medium enterprises (SMEs), and their pursuit for growth and recognition is perpetual. Being in the competition, standing out is not just an option now, rather it is an obligation. This is where branding appears as the inspiration, guiding these enterprises towards success.

The transformative power of effective branding can't be overlooked if we really want to flourish as a business entity, and it is really indispensable for us to know how enterprises in Bangladesh can embrace branding literacy and craft winning strategies for sustainable growth.

At its core, branding is more than just a logo or a catchy tagline -- it is the soul of our business and spirit of the entity. It is what sets us apart from competitors and establishes a connection with our audience. We must know why branding is indispensable for enterprises seeking stable growth.

Firstly, in a crowded marketplace, a strong brand helps us stand out. It communicates our unique value proposition and builds trust with customers. Setting ourselves apart from competitors doesn't have to cost much, but it can significantly impact how our brand is perceived.

Secondly, a well-defined brand inspires confidence in the offerings. It signals professionalism and reliability, which are extremely crucial factors for attracting and retaining customers.

A real brand evokes emotions and elevates loyalty. When customers' compares with our brand, they're more likely to remain loyal, becoming advocates who spread the good word to others.

Lastly, often a dependable brand commands higher prices. Customers are willing to pay a premium for products or services they perceive as valuable and trustworthy.

Self-exploration is compulsory to embark on a remarkable and cost-effective brand journey. We should start by defining the brand's identity. What values do we stand for? What makes our offering unique? This clarity will guide all our branding efforts.

Understanding the target audience inside out is eventually essential. What are their needs, preferences, and pain points? We should tailor the products and the communication of our brand must echo with them effectively.

Consistency is key to building a strong brand. We must ensure the brand elements i.e. logo, colours, tone of voice, etc. are consistent across all touchpoints, from our physical store to website and social media.

Every brand has a story. Share that with an art of effective communication. Whether it's our journey, mission, or commitment to quality, storytelling cultivates the brand and creates a spiritual connection with customers.

We should leverage digital platforms to amplify brand's reach. Establish a strong online presence through social media, website, and email marketing. Engage with the audience regularly and authentically. We must stay relevant to evolving customer needs.

Branding isn't a luxury reserved for big corporations, rather it is a strategic imperative for enterprises looking for sustainable growth. By embracing branding literacy and crafting a robust brand strategy, Bangladeshi entrepreneurs can elevate their enterprises from obscurity to distinction.

We should remember, building a brand isn't a one-time effort; it's an ongoing commitment to authenticity, consistency, and customer-centricity. So, embark on branding journey today and unleash the full potential of our enterprises.

The author is a banker.