Why External Branding is Important for Retail Business?
The retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. In the past few years, Retail sector has seen tremendous growth in the organized segment. Major domestic players have stepped into the retail arena with long term, ambitious plans to expand their business across verticals, cities and formats.
High consumer spending over the years by the young population and sharp rise in disposable income are driving the organized retail sector’s growth. Even Tier I & Tier II cities and towns are witnessing a major shift in consumer preferences and lifestyles, the result of which, they have emerged as attractive markets for retailers to expand their presence.
The retail sector is highly fragmented. However, going forward, the organized sector’s growth potential is expected to increase due to globalization, high economic growth, and improved lifestyle.
External Branding is very important for retailers. External branding is the sum of all marketing activities created to influence the mind-set and purchase behavior of customers and prospective customers for your company’s product or service. Branding if properly articulated and well-defined accretes value to your company in many ways.
One of the key components to branding is messaging clarity and alignment. So, are your consumers and or customers receiving the clear and correct messages in advertising and promotion of your business? Many companies have a point of view on branding. In many cases they are well executed. But many companies have programs that are either incomplete or not creative enough. Some are in need of updating or re-fitting.
Branding is a long term proposition. Over time you should be depositing brand equity into the brand bank. So if you are not making these long term investments you again should be examining what you are doing and look at revitalizing your branding program.
If you are wondering if your products and services need a brand identity that fits hand and glove into your corporate brand identity,give Ameen Ahsan Strategic Consulting a try!
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