The Entrepreneurship Forum of Vidarbha Industries Association hosted a program titled ‘Branding & Marketing for B2B’ by Nandita Khaire who is an independent Brand Consultant, operating from Pune & Mumbai.
According to Nandita, B2B not needing Branding is a misnomer as brand creation helps in separating the product and give it a distinct identity. She said that astute branding helps leading brands to impress the buyers and helps in creating demands from end users. According to Khaire , while co-operative branding helps in grabbing market share, ingredient branding is extremely important for B2B.
Khaire advised that if you really wish to create a strong brand presence of your product, you must start by giving an attractive catchy name – it could even be alpha numeric but refrain from giving it the family name. This will surely attract your customers. Even a small change in the name of the Brand can create a big impact in the customer’s mind. This happens because branding is nothing but creating perception. Through proper branding you are actually buying emotions, which is the heart of Branding. So Branding is nothing but the manipulation done by marketing.
In her two decade old experience as a Brand consultant, Khaire feels that it is easier to Brand the B2C market rather than the B2B. However, this is not too difficult if appropriate attention is paid to factors like packaging, the look and feel of the product. While the product is tangible, a Brand is intangible. A logo too is very important in creating the right perception in the mind of the consumers.
According to Khaire to build up the trust with one’s customers, there is no harm in projecting your product to be one of the best. This can be done through impactful name, symbol or tagline. She explained various facets of Branding like product branding, service branding, corporate branding, event branding, destination branding, people branding, retail branding etc. Khaire stressed that B2B must have its presence in social media especially Facebook, Twitter, Linkdin etc., especially if it is a growing company as marketing communication will help it to scale up.
The second speaker for the evening, Neha Raheja spoke on Brand Valuation and said that a Brand is an intangible asset for the company. Through Brand equity a company can create a lot of good will. Brand helps a product communicate with the customer. It helps a company in merger, acquisition as it helps in exceeding the book value. According to her there are several ways of measuring a brand – cost based, income based or market based.
At the outset, guest speakers Nandita Khaire and Neha Raheja were accorded a floral welcome by Dr Suhas Buddhe, Vice President VIA. Newly elected Chairperson of the Entrepreneurship forum CA Poonam Khandelwal in her opening remarks spoke about how branding is the need of the hour for all business. Anita Rao, Joint Secretary VIA, Reeta Lanjewar Chairperson – VIA LEW, Shachi Mallick Past Chairperson – VIA LEW and Manisha Bawankar, Secretary – VIA LEW were the prominent members who attend the program. Newly elected Convenor of Entrepreneurship Forum proposed a vote of thanks. The program was well received by prominent Entrepreneurs, students, academicians etc.
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