DO YOU HAVE IT IN YOU TO BUILD A BRAND?
Entrepreneurship is growing dynamically. It
is the process of designing, launching and running a new business or turning
around an existing one. Entrepreneurs are innovators and risk bearers, they identify,
understand and convert the market.
Today, India currently has more than 48 million small businesses. Large Indian conglomerates have tasted great success in the form of Tata, Reliance, Birla group, Infosys, Wipro among many others.
How did these people distinguish their business from a million other businesses?
What strategies did they use? What training did they undertake?
How a small startup converted into a multibillion Industry?
Let's take small steps towards understanding these questions.
- what Branding is all about in today's times.
- the way forward towards transforming your brand, and
- survey analysis on Digital Luxury Branding.
CHANGE IN MINDSET
When you start a business, you are already
well versed with all the odds that your business might face, but that is not
all, Growing your business is as
important as saving or sustaining your business. The world keeps changing,
new technologies take over the old ones, if you do not evolve with the change,
you sabotage yourself. So what is the current trend?
What is taking over all the industries in today’s time?
IT’S THE DIGITAL REVOLUTION!
Soon after that, a lot of luxury brands started using digital media to promote their businesses. But the question is how do you use digital platforms to brand yourself? Before we get into that let’s take a look on what branding is all about.
BUT WHAT MAKES A BRAND?
Starting a brand or even Rebranding an
existing business should be a very well-thought process. You must know your market, and evolve with it. No form of branding
is more demanding than luxury branding. Why? Because for a startup enterprise
to be considered a luxury brand, you first have to differentiate yourself from
all the local brands and small businesses and then compete in the national or global
market to stand out as a successful luxury brand. Specially at a time when the
valuation bubbles are bursting, the need for organic and ethical growth among
the capital dumping and scams, could not be any more.
growth rates define success, not revenues. Growth hacking is the new mantra.
Digital media and data analytics is the main enabler to growth hacking.
Online community, content and commerce have re-defined how we live, learn and work. Technology is growing rapidly, every day we are coming across new platforms to advertise and brand ourselves. From Orkut to Facebook to Whatsapp to Instagram and now Tiktok. Social media is revolutionizing. So when the world is there on these digital channels, why isn’t your brand?
VALUE BASED MINDSET
adapting to the latest trends and tech, you also need to ensure that your
Luxury brand is continuously customer focused. You need to create a core set of
values and systemise them in every aspect of decision making.
- At every level a thought should be put out on how you can serve your customer better. How can your products be more convenient and bring more utility? Why the quality of your product should matter more? Long term goals and customer centric values should be given priority to make your products desirable. That is what branding is all about.
- News of Disruptions of businesses and industries created so much hype, but did not sustain. Established companies sustained the disruption and in fact not only took back the top position but have also grown substantially. HUL and Nestle are such examples who adapted and took back their market position. After being temporarily disrupted.
- Businesses today are perceived to be in a race. However, we need to understand that it will always be a marathon. You cannot play your cards and settle down, you need to keep rethinking, re-learning and re-adapting. To achieve this, patience and perseverance is paramount.