A Brand! What comes to mind when you read, see or interact with the term as an MSME? Is it your logo? Or the colours of your business? Well, for most business owners, it is as much as the posers while others believe it includes your website, social media presence, etc. But is that all that it is?
It may interest you to know that a brand is far much more than the aforementioned. In fact, for the most part, a brand is more abstract than concrete. A brand of any business is about anything – physical or not – that distinguishes a business from another. Beyond all that has been mentioned above, it will include your culture, value, and even corporate positioning in the minds of every stakeholder in your business; not just your customers but also your employees, regulatory bodies, etc.
In short, branding is the process of building a brand and honestly it revolves around everything you are as a business and it also influences your success or failure as an enterprise.
For most MSMEs, the focus is usually on their actual product or service, and with this comes a tendency to neglect the importance of developing a branding image. Branding is a medium that helps you to sketch your image in the minds of your customers. It separates you from the other businesses in the industry, nation, and the whole world.
Your business will see a significant development when it is deliberate about building a brand. What do people know about your business? Is the perception good or bad? Are you law-abiding? Can your business be trusted enough in any transaction? You can see that it is far bigger than just logos, colours, and websites?
Revenue and growth are the focus of most MSMEs. How does branding impact these? The following statistics provide the answers.
“Your brand is the single most important investment you can make in your business.“
Steve Jobs
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