Anisha has done MBA in Marketing from NMIMS And Executive Management(PMNO) from Harvard Business School. She has been instrumental in growing CATKing Digital with her experience with Marico and Henkel in the past.
Building a strong brand is an art as well as a science in the fast-paced digital environment of today. Young entrepreneurs frequently find themselves at a crossroads attempting to combine their passion with market need as social media and constantly changing customer behavior become more important. We call on seasoned marketing and brand management expert Dr. Jones Mathew, Director of PGPM at Great Lakes Institute of Management, Gurgaon, to help clarify this complex process. Drawing on his great expertise and observations, Dr. Mathew offers priceless ideas on how to negotiate the road from a simple idea to a vibrant brand.
Finding a market gap is one of the first actions in creating a strong brand. Young entrepreneurs should be sharp viewers of customer behavior and trends, advises Dr. Mathew. This calls for in-depth market research and first-hand observations, not just for social media activity. Dr. Mathew notes, "even at my age, I make it a point to visit retail stores, car showrooms, and apparel outlets to understand what consumers are doing." Observing actual customer interactions enables businesses to spot unmet requirements and creative potential.
Dr. Mathew counsels would-be business owners to match their enthusiasm with consumer needs. Passion is important, but it also has to be practical and fit a real market need. He issues a warning against exploring fields without a clear product-market fit as this can cause major losses.
A typical strategy among Indian companies is local market adaptation of successful worldwide models. Models like Ola (based on Uber) and Flipkart (similar to Amazon) show how this approach may produce notable success. Although duplicating successful models might be useful, Dr. Mathew emphasizes the need of carefully adjusting them to the local setting. This modification should solve certain local demands and preferences, therefore rendering the product or service particularly relevant to the target market.
Being an entrepreneur comes with many difficulties, hence long-term success depends on a solid basis. Dr. Mathew lists five important actions to lay this basis:
1. Resource Management: Many times, entrepreneurs struggle with constrained resources. Crucially important are strategic alliances and good resource management. To prevent early failures, Dr. Mathew emphasizes the need to obtain money and careful financial management.
A good startup calls for a varied staff with complimentary abilities. Dr. Mathew emphasizes the significance of drawing expertise in several fields, including operations, finance, and marketing. A capable team can negotiate the challenges of a company’s growing and expansion driving force.
Three are learning and adaptation; these are crucial. Dr. Mathew exhorts new business owners to learn from the errors and accomplishments of others. Participating in startup networks, going to seminars, and meeting mentors may all provide insightful analysis and encouragement.
Attracting investors and drawing consumers depend on good branding and presentation. Dr. Mathew counsels business owners to precisely define their value proposition and set their products apart from rivals. The basic issue "Why should a consumer choose your product over others?" is satisfactorily addressed by a strong value offering.
Establishing this difference depends much on branding. It entails developing a distinctive brand and story fit for the target market. Dr. Mathew underlines that a wonderful concept by itself is not sufficient; successful companies need strong branding and efficient communication to be realized from that idea.
Real-world experience and formal education both are very important for getting businesses ready for the demands ahead. Dr. Mathew gives instances of students who have effectively juggled commercial endeavors with academic interests. Without the great stakes of the real world, educational institutions may provide a conducive setting for trying ideas and learning from mistakes.
Programs pushing students to create and test business concepts, for example, might be very helpful. These programs help to develop an entrepreneurial attitude in addition to useful knowledge. Dr. Mathew notes that students at Great Lakes Institute of Management get bonus credit for entrepreneurial initiatives as they understand the need for practical knowledge.
Finally Establishing a strong brand call for a combination of enthusiasm, knowledge of the industry, creative ability, and lifelong learning. Emphasizing the need to see market gaps, laying a sound basis, and using experience and education, Dr. Jones Mathew's observations provide a road map for would-be entrepreneurs. "This is the right time to venture out," says Dr. Mathew, very rightly. Young entrepreneurs may convert their creative ideas into successful businesses that satisfy the changing demands of today's customers with the correct plans and help.
Also read: List of Banks with their taglines, headquarters, current heads and logo
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