This is for new entrepreneurs.
While entrepreneurs has to give a name
to their new business for the purpose of registration, creating a brand name is
quite a different thing.
Branding is magic. It is a very powerful
concept that should be understood and adopted by all entrepreneurs. Whatever a
new entrepreneur is trying to sell, branding makes it sell better and the
business grow faster. The awareness of it is extremely critical.
We walk through lanes and there are
shops lined up on both sides of the road. Most of them we forget. We peep in to
see if there is anything of our interest and then simply walk on. And then
there will be shops in those very lanes where we will walk in just in search of
that particular shop. Or visit shops in search of a particular branded product.
Like the Tanishq showroom for gold jewels. Or the Nokia showroom. Or we scan
shelves for Colgate toothpaste or Sunsilk shampoo. This is called branding. Branding
make a difference.
If you are thinking a little big than
just a shop in the corner of the street, it is called growth. For growth you
need to create trust. The first step towards that would be to create a brand.
An entrepreneur needs to spend time and use technology wisely to advertise the
brand name. The name should reach every target customer. From a simple
paan-masala to the awesome concept of diapers – branding made the product real
and marketable. Today people do not go searching for diapers. They ask for
Pampers or Huggies. What was a household routine till yesterday is now been
packed, sealed, labelled and branded for customers to pick and use.
While some entrepreneurs start a
business as an answer to a particular market demand like ginger-garlic paste,
powered spices and toothpaste, there are some entrepreneurs who creates a
market need like instant noodles, aerated drinks or diapers. In each of these
categories, a very simple idea became a multimillion business interest just
through the power of branding.
What does branding do?
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It makes a promise. It creates quality
assurance. The name itself means excellence and something that can be relied
upon. Because with branding comes in a set of promises among which quality
assurance and services being number one. The name will make customers return,
expand the business base and bring in new customers.
THINK BIG – CREATE YOUR BRAND.
