New Delhi (India), June 28: MSMEs are growing at an unprecedented rate. In 2021 alone, micro, small & medium enterprises (MSMEs) in India contributed nearly 8% of the total GDP. 45% of manufacturing output and 40% of the country’s exports. They can arguably be called the “backbone of the corporate economy.†However, while a vast reservoir of opportunities lies out there for MSMEs, it is also true that 96% of MSMEs have closed in the last 3 years, according to available data.Â
Branding is the need of the hour. With a lack of technology, capital expertise, and talent being the top culprits of failure, branding has the potential to grab the attention of prospects, venture capitalists, and other major stakeholders.
Brand building involves rigorous. It involves dealing with the media’s attention. Naturally, the process might seem like a daunting task, as being in the spotlight brings responsibility and demands discipline. MSMEs believe investing in branding is useless for them. Unfortunately, such myths prevent them from reaching their full potential.
Branding transcends the general view of marketing, contrary to general marketing. It is the first interaction a person has with your business. Branding can be considered an opportunity to shape your brand in the minds of consumers.
It’s never too late to start building your brand, and the easiest way to do so is to hire a PR firm. A robust PR strategy can significantly impact your business and ultimately secure your spot in the MSME industry. Here are some key points about what PR can do for your brand:
It helps in creating brand awareness
By carefully planning and implementing a PR strategy, it is very easy to create curiosity in the mind of the consumer. This will get them to notice the brand and the services it provides. The simplest form of advertisement is word-of-mouth brand awareness, achieved through creating a positive brand perception.
Helps in building brand credibility
Credibility is a challenging quality to achieve and can only be achieved if customers know and trust your products. Public relations is a simple and transparent technique that ensures brands stay clear of any misrepresentations. PR helps the brand build credibility through media opportunities that target the right population, including potential investors.Â
Thought leadership can be built
PR is the bridge of communication between the brand and its audience. As a result of the PR audio, they get to know the spokesperson for the brand, which gives an impression of well-thought-out leadership. This can also sometimes help in grabbing the attention of the spokesperson.
Establishing a strong brand image through consistent PR across different media platforms can easily lead to brand loyalty. Examples include upcoming product launches, constant spokesperson outreach, and establishing partnerships and collaborations. All these activities contribute to enhanced brand loyalty.
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