‘Branding can be used to create a niche market’

Source: The Hitavada      Date: 28 Jan 2018 09:01:12


 

Business Bureau,

THE Entrepreneurship Forum of Vidarbha Industries Association organised a programme on ‘The power of product and personal branding for growth of your business’ by Suhasini Kirloskar recently at VIA, Civil Lines. Kirloskar is a Marketing Strategist, Corporate Trainer and Co-founder of Market Axis Consultancy, Pune.
Kirloskar spoke on the significance of product and personal branding for SME’s.


“Branding is not a new phenomenon but dates back to age old times when cattle owners branded their cattle to differentiate them and show their ownership. Branding can safely be said to be as old as about 400 years. Since then branding has come a long way and is now used to differentiate products and make them recognisable. Today many SME’s have intelligently used branding as a tool for creating a highly successful niche market for themselves”, she said.


Honoured with a citation as the ‘One of the 100 most Influential Marketing Technology Leaders’ in the World Marketing Concept Congress in Mumbai in 2016, Kirloskar explained how branding offers intangible benefits like satisfying the emotional needs of the buyers, their functional and the exponential needs and that the self expressive nature of successful branding always create a place in the hearts and minds of the buyers.


“A brand is a promise to the consumer for quality, experience, service, availability, image and personal ethics. It is a complex theory in the minds of the consumer. A brand personifies a product and acts as a strong barrier to competition. SME’S who are struggling for market share should go for branding as this will help them to create a protected market,” said Kirloskar.


According to her, in case of strong brands, the sales are normally consistent. But it imperative that at the time of establishing a brand, one must be armed with a sound strategy otherwise there is a possibility that the brand may flop, further jeopardising the business.


She defined personal branding as the change in the perception of others about oneself. According to her some of the best methods of personal branding are leadership among peer groups, command over the language, online brand creation mainly through social media, interpersonal skills, winning awards and accolades, display of positive energy, sharing knowledge, press coverage, overcoming inhibitions etc.


Chairman of the forum Akash Agrawal said that in the era of cut throat competition brands help to create a niche market which is the sustainability factor for several leading companies, hence the SME’s should also focus on branding. Ashit Sinha delivered the welcome address. Kirloskar was accorded a warm welcome by Dr Suhas Buddhe, Secretary of VIA. The programme was conducted by Anita Rao, who also proposed the vote of thanks.