Vidarbha Industries Association (VIA) organized a Panel Discussion on “Power of Branding” on 3rd May 2024 at Hotel Centre Point, Nagpur. The event was sponsored by Nuvama Private, Mumbai. VIA initiated this programme for the first time with the primary objective of facilitating the growth and promotion of industries and businesses.
Renowned Industrialists of Vidarbha were eminent panellists of the session viz. Devesh Pendharkar, Director of VICCO Laboratories, Siddhesh Sharma, President of Shree Baidyanath Ayurved & Founder of Shunya Drinks, Vishal Agrawal, Chairman of Plasto Group, Mayank Jain, Director of Suruchi Spices.
They shared their stories and insights about the brand building journey. They covered the importance of personal brand building in today’s times from leveraging digital platforms to cultivating brand loyalty. Session was designed to equip the industrial fraternity with actionable takeaways to elevate their own brand endeavours.
Initially in his welcome address, VIA President, Vishal Agrawal, emphasized the significance of showcasing the area of ‘brand’. He said that when the brands of Vidarbha will grow, then the industries of Vidarbha will also be able to make their mark at the national and international levels, hence brainstorming is necessary.
He further said Branding is an important aspect in the success of any company. Branding plays an important role in connecting brands with the public. When the brand connects with the public, the company reaches new heights of success. Branding costs less, while the benefits are higher. A certain amount must be spent on branding. The above views were expressed by the eminent panelists, which headed by leading companies.
Brand identity is influenced by the 4P framework :
Siddhesh Sharma expressed what is the difference between marketing and advertising. He described advertising as an effective medium of communication. 4P viz. Price, Product, Place, Promotion are important for effective branding of your product. He said, that passion is even more important. Along with this, he advised to establish relations with people i.e. people. Explaining what a brand is, he said that one’s feeling, attachment and reputation towards a product is a brand.
The key to success is being patient :
Mayank Jain added that his grandfather had started selling turmeric, coriander and chilli powder on a bicycle. Success was achieved in taking the journey abroad. He said that ups and downs are natural in business. There is a need to have patience in this.
Practicing patience improves decision-making & prevents impulsivity :
Devesh Pendharkar said that this journey, which started with a product named ‘Vajradanti’ by his grandfather, has remained firmly established for more than 80 years. Its main reason is to expand the product range and maintain quality. Emphasis on branding is a mirror of the product.
Achieve a remarkable 20% increase in profits with just a modest 2% investment, maximizing your financial gains :
Vishal Agrawal said that by working as the first salesman of his own company, he brought the loss-making company for 15 years into profit. Then established among the leading companies of the country. He talked about differentiating his production from the competition, innovation in product, expansion as well as expansion in advertising. He said that by branding one’s product the business starts running at 100 percent advance. It costs only 2 percent but there is a possibility of 20 percent increase in profits and growth of upto 25 percent.
Earlier, Shagun Khosla, Practice Head of Nuvama Wealth & Investment Limited, Mumbai also addressed and briefed about Nuvama. Mementos were also given to the speakers and sponsorer of the event. Gaurav Sarda, Vice President – VIA summed up the session and also proposed a vote of thanks.