Branding for Small and Medium Businesses
Small Business, Big Brand Small and Medium Businesses (SMBs) form a major part of India’s industry as well as employ the largest number of the country’s workforce. Yet the contribution of SMBs to overall GDP remains small largely because SMBs have so far focused on serving local markets without aiming to expand markets and grow. With liberalisation of the Indian economy many multinational companies as well as imports from China and South East Asia have entered domestic markets. How does this bode for SMBs in general? Why do they need to focus on building their brands now more than ever? And what can they do? Leveraging their strengths Branding is a long-term and ongoing process. Ideally, the process of creating and building a brand should begin at the stage when the business is conceptualized. However, it is never too late for existing businesses. SMBs benefit from simpler decision making processes compared to larger corporations making the process of brand development much f