Why it is a MUST to have Branding for every startup business in Bangladesh
It doesn't matter which part of the word or in what type of market your business or organization based in. If you are planning to start a startup or already own a running business, chances are, your current Branding is not really helping your business to grow as a potential brand. Even if it's just a e-commerce business or a startup that is trying to solve most important social problems, it needs a proper Branding to express it's vision clearly and compete the following market.
In Bangladesh, most of the average business owners don't really understand the fundamentals and advantages of having unique and professional Brand identity. Where as, having a professional branding is very important to get succeeded in business and strategic marketing. So today, I'll talk about it and try to break down the importance of having a strong branding for your small business.
Before starting out, I want to begin from scratch. Here is the summary of all the topics I mentioned in this writing:
- What is Branding?
- Why is Branding so important?
- What are the elements of Branding?
- How Branding affects the small businesses territory in Bangladesh?
- Does YOUR business need Branding?
What is Branding
"Branding is the marketing practice of creating a name, symbol or design that identifies and differentiates a product from other products. An effective Brand Strategy gives you a major edge in increasingly competitive markets." Well, that's what American Marketing Association says! But apart from that bookish words, what actually makes your organization or business a "Brand"?
Your brand, doesn't matter small or big, represents your identity in your market. It's basically who you are to your customers, what you do, what are the products and how you are perceived. It’s how your customers feel when they do business with you. It’s essentially the connection that you make with your audience or customers. It’s your REPUTATION... Something what other people say about you when you’re not in the room.
If you have a product or service that everyone needs but no one else offers, it's easy to be the best. Unfortunately, that's not a reality for most businesses today in Bangladesh. To succeed in the real world, businesses need every advantage they can get. Many CEOs and Business owners agree that the way to win is to build and manage their company's brand. Have you heard the saying, "Build it and they will come?" Well, it might not be that simple, but if you build a strong brand, then customers will be more likely to come. And this is what is called BRANDING!
Why Branding is so important
It helps you to stand out from the competition:
To build a successful business, you need to be recognizable. Both among the customer base and the competitors. The right branding (including designing an impactful logo, website, and other assets.) helps you carve out a distinct style, and it increases your brand recognition in the market. Here is an example: Foodpanda.com
Branding Increases Business Value:
It doesn’t matter what kind of company you have, what industry you’re in, or what type of customer you’re after. If you’re in business, you’ve always got some serious competition. Branding helps you establish the ways in which you’re different, special, and unique. And it shows your customers why they should work with you instead of your competitors. Which in the end, increases your brand value.
Branding Generates New Customers:
Branding makes your business memorable and recognizable in visual form. Think of all the brands you know and love. I bet you can remember their logo, the packaging, the colors they use. It attracts people, practically.
Improves Employee Pride And Satisfaction:
When an employee works for a well branded company and truly stands behind the brand, they will be more satisfied with their job and have a higher degree of pride in the work that they do. For say, if someone works in BRAC, the biggest NGO in the world, and some other person who works in a local NGO that doesn't even have a recognizable name, has a big gap in between them in terms of professional position. Having a team of satisfied mindset boost their performance in a dramatic way and this obviously helps bringing in more revenues for your brand.
Builds Brand Recognition:
Branding makes your business memorable and recognizable in visual form. Think of all the brands you know and love. I bet you can remember their logo, the packaging, the colors they use. This is the most basic and effective way to build trust and recognition in the marketplace. Sometimes, with proper Branding and a mix of clever Marketing Strategy, some brands able to pull up Brand Recognition among the general people with ease.
You might already heard a lot about the "Crimson Cup Coffee" Café in Dhanmondi, right? Whenever someone pulls up a conversation about having a memorable coffee experience, I will be shocked if no-one mentions about Crimson Cup. But is the taste of the coffee there that much good, compared to the pricing of an average of 4-5 Dollars per cup? I have doubt about it. I've never went there to have some coffee. But whenever someone mentions about Crimson Cup Coffee or simply about any café, I can clearly picture their Red and Bold wordmark Logo in my mind. I can even recognize the red one-time cups they provide to their customers. Why? Because, in spite of being comparatively new to the very competitive restaurant and café market in Dhaka, they were able to build their Brand Recognition easily with Powerful Branding and proper marketing.
What are the main elements of Branding
Mission Statement and Brand Values:
Your mission of the brand is the brain of the whole operation. A short and clear statement that defines the present state and purpose of your organization will set your brand position and thus, help people to understand your brand value. And also, having a long term vision is also important for your band to gain trust. It helps to inspire and provide motivation to the team as well as your valuable buyers to use your service or products.
Brand Guidelines or Brand Style Guide is essentially the Bible of your Brand. This can be a 12-20 page printed book or a PDF that contains the brand visuals and aesthetics with proper contexts alongside. This is the guideline which you will follow to create your visual assets, product designs, packaging or even for social marketing. Even your business card should be designed maintaining the guideline created for your brand.
Creating a sophisticated Brand Guideline for your business will bring a visual consistency to your brand elements (products/ Services etc.). A Brand Guideline can contain a variety of items but these are the main basic elements that structures a Brand Guideline or Brand Style Guide:
- Brand Vision
- Logo Usage Guidelines
- Color Palette
- Do's and Don'ts
A Logo is NOT brand, it's part of your branding.
Logo is the face of your brand. No matter what business you have or which market you're in, having a logo that can represent your company or business/ service is a BIG advantage for your brand. Your brand's logo tells your story, and it always creates the first impression to the customers you are offering service to. Don't you want a face that is friendly and attracts potential customers? Of course you want that!
Just as we always say on our Narts website, a professional business needs to have good understandings and relationships with the customers directly in person as well as a strong online presence. Today in the era of Facebook and Instagram in Bangladesh, most of the business is running based on these social platforms and there's a huge crowd. That puts you into higher competition.
So if have a startup, that solves problem for the society and if you consider your business seriously, having a dedicated website for your business or organization will create your own online identity and also, once again- will gain audience's trust and your website will take your business ahead of the game and put you in the top tier territory from your direct competitors.
Branding not only just helps to visualize your organization's work and vision. It tells your brand's story- Both with visual assets like: Business cards, Product Packaging lineup etc. and also through the all important marketing tools and campaigns the brand will create to grow further.
How Branding can affect the sales of small business owners of Bangladesh
Small business owners are like gold miners, who have endless possibilities to win.
Bangladesh is a huge country in terms of population. With a great population, the possibilities are even greater. For the startups and small business owners, it's very challenging to keep up with the highly completive market that is already established out there, especially in Dhaka and Chattogram. Even though more and more organization and startups business owners are getting interested in turning their business intro proper and unique brand, there are still a HUGE amount of organizations and small business owners who don't even know about the huge potentiality in creating a strong branding for their business. In the contrary, as totally unaware of it's existence, most of the business owners who's business can't stand as a brand, miss the opportunity to enhance their customer satisfaction and utilize all the marketing tools. Which is a great bummer.
But if we notice the bright side of this, creating a solid branding for your business right now can DRASTICALLY upscale your business sales, attract more audience and of course, put your brand in a high value position without going into much competition. So in the Bangladeshi market, there is a huge possibilities if you can play it right and strategic way.
So, does your startup need a Branding?
Of course, it does. It really doesn't matter how big/ small or what type of your startup business is. Creating a solid branding and validating your business or service as a Brand isn't that hard or costly. Considering how much you're getting back within a very short time. Now a days, a lot of professional Creative Agencies offering quality branding services in very inexpensive prices or packages. Our agency Narts Studio offers outstanding branding service too! Simply do a little research on Google and choose the perfect Branding Agency by yourself, it's that easy! Choose those who will be able to understand the fundamentals of your brand's vision better and of course, who has the professional expertise to study your market better.
And that's all you need to know about Branding and it's co-relation between your organization or startup business. All that’s left to do? Get out there and get branding!